WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Notes: (ii)  The value at the exercise date of options that were granted as part of remuneration and were exercised during the year has been  determined as the intrinsic value of the options at that date. (i)  The value at grant date calculated in accordance with AASB 2  Share-based Payment  of options granted during the year as part of  remuneration. (iii)  No director’s options or senior executive options lapsed during or since the end of the financial year. (iv)  400,000 options exercised at $1.50 and 600,000 options exercised at $1.00. No amounts were unpaid on any shares issued on the exercise of options. Value of options granted, exercised  or lapsed in 12 months ended 30 June 2011  Name  Percentage of Amount remuneration Granted  (i)  Exercised  (ii) Lapsed  (iii)  paid per share consisting of options  $  $  $  on exercise Non-executive directors  Neil Fearis  -  -  256,000  -  $1.50 Executive directors  Mark Calderwood  -  -  900,000  -  $1.50 Colin Carson  -  -  453,600  -  $1.50 Rhett Brans  -  -  1,168,000  -  (iv) Senior executives Susmit Shah  7%  267,881  -  -  - Kevin Thomson  3%  357,175  -  -  - Jeffrey Quartermaine  60%  1,019,044  -  -  - 28 Directors’ Report REMUNERATION REPORT - continued Table 5 - Value of Options