MGX RESOURCES LIMITED — Capital/Financing Update 2009

Apr 2, 2009

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Mount Gibson Iron Limited

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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

3 April 2009

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

Iron Ore Offtake Update

In its December 2008 quarterly report, Mount Gibson Iron Limited ( Mount Gibson ) reported that it had referred a dispute with one of its offtake customers to arbitration, as a result of that customer’s failure to collect iron ore cargoes allocated to it under its long term contract.

Mount Gibson is pleased to announce that a mutually acceptable agreement has now been reached with that customer. As a consequence of this agreement, the customer will, amongst other settlement obligations, continue to purchase hematite ore from Mount Gibson in accordance with its existing long term contract.

Of Mount Gibson’s forecast production for the next 12 months, it is estimated that 43% will be sold to customers other than Shougang Concord International Enterprises Company Limited and APAC Resources Limited.

Yours sincerely

MOUNT GIBSON IRON LIMITED

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David Berg Company Secretary

Luke Tonkin or Alan Rule Mount Gibson Iron Limited +61-8-9426-7500 www.mtgibsoniron.com.au

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