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TASMANIA MINES LIMITED ABN 45 009 491 990 Level 33 Aurora Place 88 Phillip Street Sydney NSW 2000 Australia Telephone (02) 9251 4244 Facsimile (02) 9247 2322 In reply please refer: 1877 SECURITIES DEALING POLICY 1. BACKGROUND (a) This Policy Statement is issued by Tasmania Mines Ltd (“Tasmines”) in accordance with the requirements of the Australian Stock Exchange (ASX) Listing Rules 12.9 to 12.12 (inclusive) and Tasmines’ commitment to good Corporate Governance. (b) It prescribes restrictions on dealing in securities, not only by those who are employed by Tasmines, but also those who are associated with Tasmines. This Policy should enhance market confidence in the integrity of dealings in Tasmines’ shares and any other securities Tasmines may issue. If you do not understand any part of this policy, or if you are uncertain or unclear as to how it applies to you, you should discuss the issue with the Company Secretary before dealing in any Tasmines’ securities. While this document is primarily designed to meet ASX requirements, it also has legal implications under the provisions of the Corporations Act. (c) (d) (e) 2. POLICY If you have “inside information” which may affect the value of securities, you must not:- 1 (a) Deal in those securities; or (b) Communicate the information to other person(s). This prohibition applies regardless of how you learned the inside information. It applies to:- Tasmines’ securities; and Securities of other companies. 3. APPLICATION This Policy is effective from 1 January 2011 and applies to all Tasmines’:(a) executive and non-executive Directors; (b) full-time, part-time and casual Employees; and (c) contractors, consultants and advisors to Tasmines. The restrictions on dealings by a Director or an Employee of Tasmines are likewise applicable to any dealings:(a) by their Spouses or De Facto Spouses; (b) by or on behalf of a dependant under 18 years of age; and (c) any other dealings in which, for the purposes of the Corporations Act, the Director or Employee are to be treated as interested. 4. SECURITIES This policy applies to:(a) Tasmines’ shares; (b) any other securities which Tasmines may issue from time to time; (c) derivatives (such as exchange-rated options and warrants) and other financial products issued by third parties in relation to Tasmines’ shares, debentures and options; and 2 (d) securities of any other company or entity that may be affected by inside information. 5. DEALING For the purposes of this Policy, dealing in securities includes:(a) trading in securities (e.g. subscribing for, buying, selling or entering into an agreement to do any of those things); and (b) advising, procuring or encouraging any other person to trade in securities. Communicating information includes passing information on to any other person including: a family member, friend, associate, colleague, broker, financial planner, investment advisor, family company or family trust. 6. INSIDER TRADING IS PROHIBITED AT ALL TIMES In broad terms, insider trading arises where you:(a) (b) deal in Tasmines’ securities (or securities of another entity) while you have inside information; or communicate inside information to another person knowing (or where you should reasonably have known) that the other person would, or would be likely to use that information to deal in, or procure someone else to deal in, securities. Individuals who contravene the insider trading provisions of the Corporations Act are liable to prosecution or a civil penalty action by the Australian Securities and Investments Commission (ASIC). If you engage in insider trading, you may be sued by Tasmines or another party in a civil action for any loss suffered as a result of the insider trading. 3 7. INSIDE INFORMATION Inside information, however obtained, must not be used, where such information:- (a) is generally unavailable to people who commonly invest in securities; and (b) if it was generally available, may influence experienced investors in deciding whether or not to subscribe for, purchase or sell securities of Tasmines. 8. SPECULATIVE DEALING Directors and employees must not engage in short term or speculative dealing in Tasmines’ securities. 9. PERMITTED DEALING Dealing in Tasmines’ shares is allowed:(a) other than during a prescribed “blackout period”; (b) provided that you do not have inside information; and (c) provided that you are not involved in short term or speculative dealing. 10. BLACKOUT PERIODS Directors, employees and contractors, consultants and advisers, of Tasmines are not permitted to deal in Tasmines’ securities during the following “blackout periods”:Blackout Periods Commences First quarter March) (to 31 14 days prior to release 4 Ends 2 clear release days after Activity Report Second quarter (to 30 14 days prior to release June) Activity Report 2 clear release days after Half yearly results (to 30 One month prior to release June) 2 clear release days after Third quarter (to 30 Sept) Activity Report 14 days prior to release 2 clear release days after 31 14 days prior to release 2 clear release days after Full year results (to 31 One month prior to release 2 clear Dec) of preliminary results (or if release no preliminary release of results, one month prior to actual results being released. days after Fourth quarter Dec) Activity Report (to Annual General Meeting 14 days prior to meeting Other times As determined Directors by 1 clear day after AGM the These Blackout Periods may be changed by the direction of the Board of Tasmines. 5 11. SPECIAL CIRCUMSTANCES If there are exceptional circumstances, then prior approval for trading during a “blackout period” may be given to:(a) an employee, by the Managing Director, or if absent, or if no current incumbent, the Company Secretary, in their discretion; (b) a Director, by the Chairman, or if absent, the Chairman of the Audit Committee, in their discretion; (c) the Chairman of the full Board, by the Chairman of the Audit Committee or the Directors as a whole, in their discretion. Any deals for which special approval is given is subject to Insider Trading Rules and the Prohibition on Speculative Trading in Tasmines’ Securities. 12. DEALING IN TASMINES’SECURITIES Provided that you are not a Tasmines Director or a Senior Executive, you are not required to notify Tasmines if you intend to deal, or have dealt in Tasmines’ securities. If however, you are a Tasmines Director or a Senior Executive:(a) before you deal in Tasmines’ securities, you must first notify the Company Secretary in writing of your intention to deal. (If you are the Company Secretary, you must notify the Chairman, or if absent, the Chairman of the Audit Committee). (b) if you subsequently deal in those securities, you must confirm the dealing in writing to the Company Secretary within 3 business days after the dealing. (If you are the Company Secretary, you must notify the Chairman, or if absent, the Chairman of the Audit Committee). (c) The notification must include:- your name; and if the Securities are being transacted in another name, that name; 6 - the name of any nominee who dealt on your behalf; - details of your interest in the Tasmines’ securities, the subject of the dealing; - the date of the transaction; - the number of Tasmines’ securities bought or sold; - the amount paid or received for those securities; and - the number of Tasmines’ securities held by you (both directly and indirectly) before and after the dealing. 13. ASX DISCLOSURE OBLIGATIONS The acquisition or sale of Tasmines’ securities by Directors of Tasmines must be disclosed to the ASX under Listing Rule 3.19A within 5 business days of the transaction taking place. The information described under 12 above must be provided to the Company Secretary within 3 business days of the transaction to allow the Company Secretary adequate time for any follow up, completion and release of the notification to ASIC on the Director’s behalf. Details of any changes in Directors’ interests in Tasmines’ securities are required to be recorded in the Register of Directors’ interests and noted in the minutes of the next Board meeting. In accordance with the provisions of section 671B of the Corporations Act, when there is a change in Directors’ or employees’ substantial shareholdings (e.g. more than 5% of issued share capital) in Tasmines’ securities, they must notify ASX and Tasmines in the prescribed form within 2 business days of the change. 14. OBLIGATIONS TO TASMINES If the Securities Dealing Policy applies to you, in addition to the insider trading and other restrictions in this policy, you also owe a duty of confidentiality to Tasmines. You must not reveal any confidential information concerning Tasmines, use that information in any way that may injure or cause loss to 7 Tasmines or use that information to gain an advantage for yourself. Under the Corporations Act, a breach of these duties may result in:(a) liability for a civil penalty; (b) criminal liability if recklessness or dishonesty is involved; and/or (c) liability to compensate Tasmines for any damage it suffers as a result of the disclosure. 15. COMPULSORY APPLICATION Strict compliance with this Policy is mandatory for all Tasmines and associated personnel. Contravention of the Corporation Law is a serious matter which may result in criminal or civil liability. In addition, breaches of this Policy may damage Tasmines’ reputation in the investment community and undermine confidence in the market for Tasmines’ securities. Accordingly, breaches will be taken very seriously by Tasmines and will be subject to disciplinary action, including possible termination of a person’s employment, appointment or other arrangements. If in doubt, you should communicate with the Secretary of Tasmines. Any perceived breaches of this Securities Trading Policy will be forwarded to the Tasmines Audit Committee for appropriate action. 8