AUSQUEST LIMITED — Board/Management Information 2008

Dec 10, 2008

11[th] December 2008

ABN 35 091 542 451

The Manager Company Announcements Office Australian Stock Exchange

By Electronic Lodgement

6 Kearns Crescent, Ardross WA 6153 Telephone: 08 9364 3866 Facsimile: 08 9364 4892 Email: graeme@ausquest.com.au Web: www.ausquest.com.au

APPOINTMENT OF CLIFFS AUSTRALIA NOMINEE TO BOARD OF DIRECTORS

The Company is pleased to advise that Richard Mehan has been appointed as a non-executive director of AusQuest with immediate effect.

The appointment is pursuant to the Strategic Alliance Agreement with Cliffs Australia Pty Ltd (“Cliffs”) whereby Cliffs is entitled to appoint a nominee to the AusQuest Board.

The Board welcomes Richard and looks forward to working with him in the future.

An Appendix 3X is attached

Yours sincerely AUSQUEST LIMITED

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Darren Crawte Company Secretary

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity: AusQuest Limited

ABN:43 106 093 305

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Richard Mehan
Date of appointment	10thDecember 2008

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Nil

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

	Name of holder & nature ofinterestNote: Provide details of the circumstances giving rise tothe relevant interest.	Number & class of SecuritiesNil

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Nil
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
No. and class of securities towhich interest relates	N/A

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002