Pan Andean Resources PLC
17 December 1999
Pan Andean Resources announces that the directors of the company were granted
the following options on 17 November 1999 for nil consideration:
Directors No. of shares Exercise Date from which Expiry
under option price exerciseable date
Dr John Teeling 500,000 22p 17 November 1999 17 November 2006
David Horgan 1,000,000 22p 17 November 1999 17 November 2006
David Bramhill 100,000 22p 17 November 1999 17 November 2006