MGX RESOURCES LIMITED — Director's Dealing 2005

May 26, 2005

VIA: WWW.ASX.ONLINE.COM

27 May 2005

Mount Gibson Iron Limited

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

ARN 87 008 670 817

PO Box 55, West Perth WA 6872

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

No. Pages $=$ 9

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

SUBJECT: CHANGE IN DIRECTORS SHAREHOLDINGS

Attached are Appendix 3Y's updating the relevant interests of all Directors in Shares and Options of the Company following the issue of Options approved by Shareholders on 3 May 2004 and 16 March 2005. The Appendix 3B in relation to this issue was lodged with ASX on 8 April 2005, the delay in providing the attached details has been administrative.

Yours sincerely, MOUNT GIBSON IRON LIMITED

Angela Dent Company Secretary

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	William B Willis
Date of last notice	26 July 2004

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	Direct ĺ.
	2. Indirect
Nature of indirect interest	William B Willis <cameron wallacea)
(including registered holder) Note: Provide details of the circumstances giving rise to the relevant	A/c
interest.	William B Willis $\triangleleft$ Willis A/ $\epsilon$ > b)
	William B Willis $\langle$ Trey Dawson A/c $\rangle$ c).
	William B Willis and Rhonda M Willis d).
	$\le$ Willis Super Fund A/c $>$
Date of change	8 April 2005
No. of securities held prior to change	1: A. 180.000
	B. 20,000
	2a): A. 40,000
	2b) A. 40,000 2c) A. 40,000
	2d) B. 1,420,000
Class	A. ordinary shares
	B. options exercisable at 22 cents on or
	before 15/10/05
	C. 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	2d) C: 1,000,000

⁺ See chapter 19 for defined terms.

Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil
No. of securities held after change	1: A: $180,000$ B: 20,000 $2a$ ): A: $40,000$ 2b) A: $40,000$ $2c)$ A: $40,000$ 2d) B: 1,420,000 2d) C: 1,000,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of options under the Mount Gibson Iron Limited Directors, Officers, Employees and Other Permitted Persons Option Plan as approved by Shareholders 3 May 2004

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.

Rule 3.19A.2

Appendix 3Y 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	Brian Godfrey Johnson
Date of last notice	31 December 2004

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	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	8 April 2005
No. of securities held prior to change	Nil
Class	A: unlisted options exercisable after 31 December 2005 (providing continuing as a Director on that date) and on or before 31 December 2007 at 50 cents B: unlisted options exercisable after 31 December 2006 (providing continuing as a Director on that date) and on or before 31 December 2008 at 55 cents
Number acquired	A: $5,000,000$ B: 5,000,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil

⁺ See chapter 19 for defined terms.

No. of securities held after change	A: $5,000,000$ B: 5,000,000
Nature of change	Issue of options as part of remuneration
Example: on-market trade, off-market trade, exercise of options, issue of	package as approved by Shareholders 16
securities under dividend reinvestment plan, participation in buy-back	March 2005

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.

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	26 July 2004

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	I. Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interesi.	2. Indirect Hengolo Pty Ltd (of which Mr Readhead is a Director and shareholder)
Date of change	8 April 2005
No. of securities held prior to change	1. B: 10,000 2. A: 177,500 B: 710,000
Class	A. ordinary shares B. options exerciseable at 22 cents on or before 15 October 2005 C. 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	2. C: 500,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil

⁺ See chapter 19 for defined terms.

No. of securities held after change	1. B: 10,000 2. A: 177,500 B: 710,000 C: 500,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of options under the Mount Gibson Iron Limited Directors, Officers, Employees and Other Permitted Persons Option Plan as approved by Shareholders 3 May 2004

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notiliable 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.

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	Ian Alexander Macliver
Date of last notice	11 March 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	a) Cornela Pty Ltd
(including registered holder)	b) Grange Consulting Group Pty Ltd
Note: Provide details of the circumstances giving rise to the relevant interest.	c) Daybreak Nominees Pty Ltd
	(of which Mr Macliver is a Director and
	shareholder)
Date of change	8 April 2005
No. of securities held prior to change	I. B: 10,000
	2a) A:1,200,000
	2a) B: 720,000
	2b) B:10,000
	2c) B: 10,000
Class	A. ordinary shares
	B. options exercisable at 22 cents on or
	before 15 October 2005
	C. 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	2a) C: 500,000
Number disposed	Nil

⁺ See chapter 19 for defined terms.

Value/Consideration	Nil
Note: If consideration is non-cash, provide details and estimated
valuation
No. of securities held after change	I. B: 10,000
	2a) A:1,200,000
	2a) B: 720,000
	2a) C: 500,000
	2b) B:10,000
	2c) B: 10,000
Nature of change	Issue of options under the Mount Gibson Iron
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Limited Directors, Officers, Employees and
	Other Permitted Persons Option Plan as
	approved by Shareholders 3 May 2004

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.