re: salty / ann Hi SaltyPosted here too in case you can't get to...

re: salty / ann Hi Salty
Posted here too in case you can't get to the megamail at the moment - but I have added more there.
Cheers



6 April 2005

The Manager

Company Announcements Office

Australian Stock Exchange Limited

Exchange Centre

20 Bond Street

Sydney NSW 2000

Dear Sir,

RE: Sylvania Resources Limited Share & Option Plans

Sylvania Resources Limited (“Sylvania”) has established a Share Plan and an Option Plan to

ensure that Sylvania has appropriate mechanisms in place to continue to attract and retain

the services of directors and employees of a high calibre. Shareholder approval of the Share

and Option Plans will be sought at a forthcoming general meeting of shareholders.

Sylvania has today made offers to apply for shares, under the terms of the Sylvania Share

Plan, to certain Sylvania directors, employees and consultants. This includes offers of

750,000 shares to each of the following directors, Mr Edward Nealon, Mr Grant Button, Ms

Melissa Sturgess and Mr Evan Kirby, and an offer of 500,000 shares to Mr Adrian Paul. The

issue price of the shares offered under the Share Plan is 50 cents per share. The weighted

average trading price of the shares on ASX during the 5 trading days immediately before the

date of the offer was 48.70 cents.

The shares offered under the Share Plan may not be transferred or otherwise dealt with, and

will not be quoted on ASX, until any loan in respect of the shares has been repaid and either

12 months (in relation to half of the shares offered) or 24 months (in relation to the other half

of the shares offered) has passed from the date of issue.

Sylvania has today also made offers to acquire options, under the terms of the Sylvania

Option Plan, to Sylvania directors, employees and consultants, including Mr Scott Huntley, a

director of Sylvania. Mr Huntley has been invited to apply for a total of 250,000 options.

The options will be granted for no consideration but will be exercisable at 50 cents each.

The Options will be exercisable on or before 30 June 2009, but an option holder may not take

delivery of any underlying shares until either 12 months (in relation to half of the options

offered) or 24 months (in relation to the other half of the options offered) has passed from the

date of grant.

Offers to apply for shares under the terms of the Sylvania Share Plan and for options under

the terms of the Sylvania Option Plan are, where required under the Corporations Act

and/or the ASX Listing Rules, subject to shareholder approval.

In addition to the 3,750,000 shares and options offered to directors, Sylvania proposes to

offer up to a total of 2,250,000 shares or options to employees or consultants, on the terms

referred to above. No shares will be issued or options will be granted until after shareholder

approval of the plans has been sought. As referred to above, the purpose of the grant of

options and issue of shares under the Share and Option Plans is, amongst other things, to

reward the recipients for their past performance and to provide long term incentives for

participation in Sylvania's growth.

Full details of the terms of the share and option offers will be set out in the Notice of General

Meeting seeking approval of the Share and Option Plans and, where required, of offers under

those plans.

Yours faithfully

Sylvania Resources Limited

Grant Button

Managing Director

For further information please contact:

In Australia:

Grant Button

Sylvania Resources Limited

(+618) 9481 8711

Our visit: http://www.sylvaniaresources.com