fyiTERMS OF OPTIONSCluff Resources Pacific NL The following is a...

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TERMS OF OPTIONS
Cluff Resources Pacific NL The following is a summary of the more significant rights attaching to Options. This summary is not exhaustive and does not constitute a definitive statement of the rights and liabilities of Shareholders in the Company. To obtain such a statement, persons should seek independent legal advice.

Each Option entitles the holder to acquire one ordinary fully paid share in the Company ( Share ) on the following
terms and conditions:
a) The Options shall expire at 5.00pm on 31 July 2011 ( Expiry Date );
b) The Options have an exercise price of $0.01 each;
c) The Options are freely transferable;
d) If the Option holder holds more than one Option, all or any of the Options may be exercised from time to time
by notice given in writing to the Company received prior to the Expiry Date together with the exercise price
paid in full by cheque, or such other means of payment acceptable to the Directors;
e) The Options can be exercised wholly or in part by notice in writing to the Company, however allotment of
Shares will occur on the last day of any month up to and including the expiry date, unless Directors approve
otherwise;
f) Any notice of exercise of Options received by the Company prior to any of these dates will be deemed to be a
notice of the exercise of the Options as at such of those dates as next succeeds the date of receipt of the
notice;
g) There is no inherent right in the Options to participate in any new issue of securities which may be offered to
shareholders of the Company from time to time prior to exercise of the Options. The Company will ensure that
during the exercise period, for the purpose of determining entitlements to any such new issue, the books
closing date will be at least 10 Business Days after such new issue is announced and that the holder will be
given written notice on the day of such announcement. This will give the holder an opportunity to exercise the
Options prior to the books closing date of any such new issues;
h) In the event of any reorganisation of the capital of the Company, the number of Options or the exercise price
of the Options or both shall be reorganised (as appropriate) in accordance with the Listing Rules;
i) Upon exercise of the Options the shares issued will rank pari passu with existing ordinary fully paid shares;
j) The Options are quoted on ASX;
k) If there is a pro rata issue (except a bonus issue) to holders of Shares, the exercise price of an Option may be
reduced in accordance with the formula set out in Listing Rule 6.22.2; and
l) If there is a bonus issue to holders of Shares, the number of Shares over which the Option is exercisable may
be increased by the number of Shares which the holder of the Option would have received if the Option had
been exercised before the record date for the bonus issue.