GRANGE RESOURCES LIMITED. — Director's Dealing 2005

May 16, 2005

FRANGE RESOURCES LIMITED A.C.N. 009 132 405

STOCK EXCHANGE ANNOUNCEMENT

RESIGNATION OF DIRECTOR

17 May 2005

The directors of Grange Resources Limited ("Grange" or "the Company") regret to announce the resignation of Mr Adam Rankine-Wilson as an executive director of the Company.

Mr Anthony Bohnenn, Chairman of Grange, said today that Mr Rankine-Wilson had made a valuable contribution to Grange during the past three and a half years.

"Adam has been instrumental in guiding the Company, in particular the acquisition of the Southdown Magnetite Project." Mr Bohnenn said.

"His vision has seen Grange poised to become a significant player in the iron ore pellet industry."

Mr Rankine-Wilson stepped down as Managing Director of Grange following the appointment of Mr Geoff Wedlock in February 2005. Mr Wedlock's extensive experience in minerals exploration and project management will be essential to Grange achieving its ambition of developing the Southdown Magnetite Project. Mr Rankine-Wilson has resigned as executive director to pursue personal business interests.

Attached is an Appendix 3Z being the Final Director's Interest Notice for Mr Rankine-Wilson.

About Grange Resources Limited

Grange is a Western Australian based mining and exploration company listed on the Australian Stock Exchange. Grange's major interest is the development of the Southdown Magnetite Project. Other projects include a 30% interest in the Reward Deeps underground copper mine in Oueensland and gold royalties from the Freshwater and Red Hill projects in Western Australia. Grange's objective has been to grow through the acquisition, development and exploration of resource projects.

For further information in relation to this announcement or the Company, visit the Grange Resources Limited website at www.grangeresources.com.au or alternatively contact Mr Alec Pismiris on (+618) 9321 1118.

ALEC PISMIRIS Company Secretary

Appendix 3Z

Rule 3.19A.3

Final 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	Grange Resources Limited
ABN	80 009 132 405

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Adam Rankine-Wilson
Date of last notice	17 May 2005
Date that director ceased to be director	17 May 2005

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.

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

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.

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 of interest Note: Provide details of the circumstances giving rise to the relevant interest	Number & class of securities
Bayonet Investments Pty Ltd	1,543,806 - Fully Paid Ordinary Shares
Bayonet Investments Pty Ltd Adam Rankine-Wilson is sole director & shareholder	2,000,000 - Fully Paid Ordinary Shares

Part 3 - Director's interests in contracts

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

$+$ See chapter 19 for defined terms.