Ann: Appendix 3B , page-2

Black Range Minerals
Limited advises that it has issued 30,000,000 director incentive options (Incentive Options)
with an exercise price of $0.012 and expiry date of 10 January 2018.

(i) 7,500,000 will vest immediately; $0.012 options exercisable on or before 10
January 2018,

**(i)Not much incentive there the SP hit .011 with the 2nd CR

(ii) 7,500,000 will vest after Mr Haynes
has completed 12 months of service as
Managing Director;

**(ii) SH should be happy with that

(iii) 7,500,000 will vest upon the Company
reaching a market capitalisation of
$30,000,000; and
(iv) 7,500,000 will vest upon the Company
reaching a market capitalisation of
$50,000,000.

**(iii)and(iv) No SP incentive but a market cap incentive, IMO thats alot more CR and share dilution to come.