MGX RESOURCES LIMITED — Director's Dealing 2005

Mar 13, 2005

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
JABN	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
l Date of last notice	27 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

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	7 March 2005
No. of securities held prior to change	1.C: 10,000
	2a) A: 833,334
	B: 694,444
	C: 720,000
	2b) A: 248,332
	C: 10,000
	2c) C: 10,000
Class	A: Ordinary Shares
	B: Unlisted options exercisable on or before 28
	February 2006 at 15.84 cents
	C: Options exercisable at 22 cents on or before
	15 October 2005
Number acquired	2a) A: 694,444
Number disposed	2a) A: 327,778
	2b) A: 248,332
Value/Consideration	Purchase: 2a) A: Exercise of Options \$110,000
Note: If consideration is non-cash, provide details and estimated valuation	Sale 2a) A: \$233,404
	2b) A: \$176,832

⁺ See chapter 19 for defined terms.

No. of securities held after change	I. C: 10,000
	2a) A: 1,200,000
	2a) C: 720,000
	2b) C: 10,000
	2c) C: 10,000
Nature of change	Purchase: Exercise of Options
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Sale: On-market trade

Part 2 - Change of director's interests in contracts

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
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	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Date of this Notice: 11 March 2005

$+$ See chapter 19 for defined terms.