MGX RESOURCES LIMITED — Director's Dealing 2005

Jul 4, 2005

Appendix 3X

Rule 3.19A.1

Initial 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.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Alan David Rule
Date of appointment	1 July 2005

Part 1 - Director's relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

Nil

⁺ See chapter 19 for defined terms.

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

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

Name of holder & nature оf interest Note: Provide details of the circumstances giving rise to the relevant interest.	Number & class of Securities
Rebecca Rule - options over unissued shares in Asia Iron Holdings Limited (63% owned by Mount Gibson Group of companies)	1,000,000 options exercisable at HK\$1.50 each after 31 Dec 2005 expiring 31 Dec 2009 500,000 options exercisable at HK\$1.50 each after 31 Dec 2006 expiring 31 Dec 2009 500,000 options exercisable at HK\$1.50 each after 31 Dec 2007 expiring 31 Dec 2009 500,000 options exercisable at HK\$1.50 each after 31 Dec 2008 expiring 31 Dec 2009

Part 3 – 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	nil
Nature of interest	nil
Name of registered holder (if issued securities)	nil
No. and class of securities to which interest relates	nil

$+$ See chapter 19 for defined terms.