MGX RESOURCES LIMITED — Director's Dealing 2005

Dec 8, 2005

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	MOUNT GIBSON IRON LIMITED
ABN	87 008 670 817

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Craig Leslie Readhead
Date of last notice	11 November 2005

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	1. Direct
	2. Indirect
Nature of indirect interest	Hengolo Pty Ltd
(including registered holder)	(of which Mr Readhead is a Director and
Note: Provide details of the circumstances giving rise to the relevant interest.	shareholder)
Date of change	2 December 2005
No. of securities held prior to change	1. A: 10,000
	2. A: 787.500
	B: 500,000
Class	A. ordinary shares
	B. unlisted options exercisable after 31
	December 2005 (providing continuing as
	a Director on that date) and on or before
	31 December 2006 at 25 cents
Number acquired	Nil
Number disposed	2. A: 100,000
Value/Consideration	\$82,500
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	1. A: $10,000$
	2. A: 687,500
	B: 500,000

⁺ See chapter 19 for defined terms.

Nature of change	Sale of shares
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation.
Interest after change

$+$ See chapter 19 for defined terms.