33. SHARE-BASED PAYMENTS (CONTINUED) (h) Directors options In addition to the EOS, the Company has issued options to Directors.  Other relevant terms and conditions applicable to the options granted to Directors include: (i)  The options issued to Directors vest immediately; (ii)  The option issue has no direct performance requirements; (iii)  The options are issued for nil consideration; (iv)  The options will not be quoted on the ASX; (v)  The exercise price of the options is equal to 120% of the weighted average closing sale price of the Company’s fully paid  ordinary shares on ASX over the 20 trading days immediately preceding the day on which the members resolve to offer that  Option; (vi)  Any options that are not exercised by the third anniversary of their grant date will lapse; and (vii)  Upon exercise, these options will be settled in ordinary fully paid shares of the Company. (i) Summary of options granted to Directors  The following table illustrates the number and weighted average (WAEP) of, and movements in, share options issued to Directors: 2011 Number 2011  WAEP 2010  Number 2010  WAEP Outstanding at the beginning of the year 6,500,000  0.337 4,000,000  0.460 Granted during the year - - 2,500,000  0.140 Exercised during the year - - - - Lapsed/cancelled during the year (4,000,000) 0.460 - - Outstanding at the year end 2,500,000  0.140 6,500,000  0.337 Exercisable at the end of the year 2,500,000  0.140 6,500,000  0.337 The outstanding balance as at 30 June 2011 is represented by the following table: 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 27 November 2009 27 November 2009 30 November 2012 14 cents 2,500,000  - - 2,500,000  2,500,000  Total 2,500,000  - - 2,500,000  2,500,000  (j) Weighted average remaining contractual life (k) Range of exercise price (l) Weighted average fair value (m) Contractors options The weighted average remaining contractual life for the share options outstanding as at 30 June 2011 is 1.42 years (2010: 1.19). The exercise price for options outstanding at the end of the year was $0.14 (2010: $0.14 - $0.46). The weighted average fair value of options granted during the year was nil (2010: $0.14). In addition to the EOS, the Company has issued options to Contractors.  Other relevant terms and conditions applicable to the options granted to Contractors include: (vii)  Upon exercise, these options will be settled in ordinary fully paid shares of the Company. (vi)  Any options that are not exercised by the expiry date as determined by the Directors at their grant date will lapse; and (v)  The exercise price of the options is equal to 120% of the weighted average closing sale price of the Company’s fully paid  ordinary shares on ASX over the 5 trading days immediately preceding the day on which the members resolve to offer that  Option; (iv)  The options will not be quoted on the ASX; (iii)  The options are issued for nil consideration; (ii)  The option issue has no direct performance requirements; (i)  The options issued to Contractors vest immediately; 101 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011