MGX RESOURCES LIMITED — Capital/Financing Update 2002

Nov 10, 2002

TO ASX ANNOUNCEMNT

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: admin@mtgibsoniron.com.au

11 November 2002

Mount Gibson Iron

1300 300 021 VIA FACSIMILE:

The Manager Company Announcements Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

SHARE PLACEMENT RE-SCHEDULED SUBJECT:

Mr Brian Johnson, Managing Director of Mount Gibson Iron Limited, has advised that at the request of Mr Richard Granier, the Granier Family Trust has sought to further extend the subscription date for 18.9 million shares in Mount Gibson Iron Limited at 25 cents each $(S4,725,000).$

It has been proposed that funds will be remitted by the Trust on 18 November 2002. Mr Granier has advised that this further extension was sought to coincide with funds coming available to the Trust on 16 November 2002.

Mr Johnson advised that Mount Gibson Iron Limited had accepted the revised subscription date on the basis of advise from senior management of a major French bank which handles part of the Trust's finances, who confirmed the financial capacity of the Trust and that funds should be available as indicated by Mr Granier.

Yours sincerely, MOUNT GIBSON IRON LIMITED

Angela Dent Company Secretary

Mr Brian Johnson, Enquiries: Managing Director Telephone: 08-9485 2355 brianjohnson@mtgibsoniron.com.au E-mail:

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