Grant date Vesting date Expiry date Exercise  price Options  granted Options  lapsed/  cancelled Options  exercised Number of options at end of period On issue Vested 6 September 2007 6 September 2008 31 August 2011 35 cents 1,700,000  (1,000,000) - 700,000  700,000  31 March 2008 31 March 2009 31 March 2012 36 cents 1,850,000  (1,625,000) - 225,000  225,000  17 July 2008 17 July 2009 31 July 2012 45 cents 1,250,000  (250,000) - 1,000,000  1,000,000  1 June 2009 1 June 2010 30 June 2013 13 cents 500,000  (500,000) - - - 27 November 2009 6 July 2010 30 November 2013 13 cents 3,100,000  (250,000) - 2,850,000  2,850,000  Total 8,400,000   (3,625,000) - 4,775,000  4,775,000  2011 2010 Grant date Nil 27 Nov 2009 Expected Volatility (%) n/a  85% Risk-free interest rate (%) n/a  4.80% Expected life of options (yrs) n/a  2.5 Options exercise price ($) n/a  $0.13 Share price at grant date ($) n/a  $0.11 Fair value at grant date ($) n/a  $0.050 The effects of early exercise have been incorporated into the calculations by using an expected life for the option that is shorter  than the contractual life based on historical exercise behaviour, which is not necessarily indicative of exercise patterns that may  occur in the future. The expected volatility was determined using a historical sample of the Company’s share price over a 12 month  period. The resulting expected volatility therefore reflects the assumptions that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. The following table gives the assumptions made in determining the fair value of the options granted: The outstanding balance as at 30 June 2011 is represented by the following table: The weighted average remaining contractual life for the share options outstanding as at 30 June 2011 is 1.73 years (2010: 2.08  years). The range of exercise prices for ESOP options outstanding at the end of the year was $0.13 - $0.45 (2010: $0.13 - $0.45). As the range of prices is wide, refer to section (c) above for further information in assessing the number and timing of additional  shares that may be issued and the cash that may be received upon exercise of those options. The weighted average fair value of options granted during the year was nil (2010: $0.13). The fair value of the equity-settled share options granted under the EOS is estimated at the date of grant using a Black & Scholes  model, which takes into account factors including the options exercise price, the volatility of the underlying share price, the risk- free interest rate, the market price of the underlying share at grant date and the expected life of the option. 10 0 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 (d) Weighted average remaining contractual life (e) Range of exercise price (f) Weighted average fair value (g) Option pricing model