MGX RESOURCES LIMITED — Capital/Financing Update 2005

Mar 21, 2005

MARKET RELEASE

21 March 2005

MT GIBSON IRON LIMITED

TRADING HALT

The securities of Mt Gibson Iron Limited (the "Company") will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Thursday, 23 March 2005 or when the announcement is released to the market.

Security Codes: MGX

MGXO

Brendan O'Hara MANAGER COMPANIES

Mount Gibson Iron Limited

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First Floor, 7 Havelock Street
West Perth 6005, Wastern Australia

PO Box 55, West Perth WA 6872

Telephone: 61-8-9485 2355 Facsimile: 61-8-9485 2305 E-mail: admin@mtgibsoniron.com.au

FAX NO. $\mathbf{f}$ 9221 2020

Mount Gibson Iron

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• TO Marian Tang, Australian Stock Exchange Limited $\mathbf{1}$ .
• FROM $\mathbf{L}$ Brian Johnson
• DATE : 21 March 2005
• SUBJECT : Request for Trading Halt

Dear Marian

Mount Gibson fron Limited (ASX Code "MGX") requests an immediate trading halt on its securities, to remain in place pending the release of an announcement to the market regarding a proposed capital raising.

Yours sincerely, MOUNT GIBSON IRON LIMITED

Brian Johnson Managing Director