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MGX RESOURCES LIMITED Board/Management Information 2005
65331_rns_2005-01-23_db8d6008-35c4-437d-804e-cdc3d3524ed9.pdf
Board/Management Information
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Mount Gibson Iron Limited ABN 87 008 670 817
First Floor, 7 Havelock Street West Perth 6005, Western Australia
PO Box 55, West Perth WA 6872
Telephone: 61-8-9485 2355 Facsimile: 61-8-9485 2305 E-mail: [email protected]
VIA: WWW.ASX.ONLINE.COM
24 January 2005
No. Pages $=$ $\overline{2}$
The Manager Company Announcements Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000
SUBJECT: MOUNT GIBSON IRON EXTENDS MANAGING DIRECTORS CONTRACT FOR THREE YEARS
Mount Gibson Iron Limited (ASX code: MGX) advises that the service contract of its Managing Director, Mr Brian Johnson, has been extended to 31 December 2007.
With the Company's Tallering Peak hematite mine now operating profitably at 2 Mtpa and with the potential to expand to 2.5 Mtpa later this year, Mr Johnson's future focus will be on finalising the corporate structuring announced earlier today in relation to Asia Iron Holdings Limited, and the development of the iron pellet project in China.
Subject to Shareholder's approval, Mr Johnson will be provided with an incentive in the form of Mount Gibson fron Limited share options with the following conversion dates and exercise price;
No Options 5.0 million 5.0 million
Vesting Date 31 December 2005 31 December 2006
Expiry Date 31 December 2007 31 December 2008 Exercise Price 50 cents 55 cents
Mr Bill Willis, Chairman of Mount Gibson Iron Limited said that the Group was keen to retain the services of Mr Johnson for the next critical phase of its corporate development as he had proven on numerous occasions during his career, the capability to successfully develop projects and lead management teams from their conceptual stage through to production.
The Company also advises it's General Manager Operations, Mr Kevin Malaxos, has been appointed as Chief Executive Officer of Mount Gibson Mining Limited, the mining arm of the Group.
Yours sincerely MOUNT GIBSON IRON LIMITED
John Arbuckle Company Secretary
Enquiries: Mr Bill Willis Chairman Telephone: 61 8 9485 2355 Email: [email protected]