MGX RESOURCES LIMITED — Board/Management Information 2011

Nov 15, 2011

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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: 61-8-9426-7500 Facsimile: 61-8-9485-2305 E-mail: admin@mtgibsoniron.com.au

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VIA: WWW.ASXONLINE.COM

16 November 2011

The Manager Company Announcements ASX Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Independent Director Appointments

Mount Gibson Iron Limited ( Mount Gibson ) has today appointed Mr Russell Barwick and Mr Paul Dougas as independent non-executive directors, with effect from after today’s Annual General Meeting ( AGM ).

Mount Gibson Chairman Mr Geoff Hill said the appointment of the two experienced mining and engineering professionals would provide the Board with strong independent input and goes a significant way towards restoring a balance of independent directors to the Board.

“I am delighted that the company has been able to recruit such well-credentialed directors. They will significantly expand our Board capabilities to the benefit of all shareholders,” Mr Hill said.

“Russell and Paul bring outstanding local and international mining and engineering skills to the table. They will also enhance our Board’s corporate governance supervisory and risk management expertise.”

Mr Barwick is a mining engineer with 38 years technical, operational, managerial and corporate experience in international mining companies covering various commodities. He has worked for Bougainville Copper Limited (CRA), Pancontinental Mining Ltd (Jabiluka Uranium) and CSR Limited (coal). He then spent 17 years with Placer Dome Asia Pacific in key development, operational and corporate roles in numerous countries culminating in his appointment as Managing Director of Placer Niugini Ltd. He then served as Managing Director of Newcrest Mining Limited (2000 to 2001). For the four years to the end of 2006, Mr Barwick was the Chief Operating Officer of Wheaton River Minerals Ltd and Goldcorp Inc., based in Vancouver. He was subsequently the Chief Executive Officer of Halifax-based Gammon Gold Inc. He returned to Australia in 2008 and he is currently the Chairman of Red Metal Ltd (ASX:RDM).

Mr Dougas has 40 years of design, process, project engineering, managerial, commercial and corporate experience. Mr Dougas began his career in the Melbourne & Metropolitan Board of Works before joining Sinclair Knight Merz ( SKM ) in 1978. From initial technical roles he soon assumed leadership roles in Sydney before returning to Melbourne as Associate Director and Victorian Branch Manager in 1985. In 1995 he was appointed Managing Director Elect and Director of Marketing before becoming Chief Executive Officer and Managing Director in 1996. For the next 15 years, he led a significant expansion of SKM locally and internationally involving more than 50 local and international acquisitions. He also oversaw the company’s expansion into South-East Asia with the opening of offices in Shanghai and Hong Kong. During his leadership SKM developed strong project alliances with major mining companies including BHP Billiton, Rio Tinto and Vale Metals Group. Mr Dougas was a Non-Executive Director of ConnectEast Ltd from 2009 until its takeover in September 2011 and on the SKM Board from 1990 until 2011.

The appointments of Mr Barwick and Mr Dougas are the outcome of an extensive search process undertaken by Mount Gibson that was announced to the ASX on 2 May 2011. The recruitment process. assisted by leading board recruitment firm Heidrick and Struggles, continues in respect of an additional independent director to replace Ian Macliver, following his retirement from the Board at the end of today’s AGM.

Yours sincerely MOUNT GIBSON IRON LIMITED

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David Berg Company Secretary

For further information:

Len Eldridge Mount Gibson Iron Limited +61-8-9426-7500 www.mtgibsoniron.com.au

David Griffiths Gryphon Management +61 8 9382 8300

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