MGX RESOURCES LIMITED — Director's Dealing 2006

Dec 7, 2006

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	28 April 2006

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	Indirect
Nature of indirect interest	Cornela Pty Ltd
(including registered holder)	(of which Mr Macliver is a Director and
Note: Provide details of the circumstances giving rise to the relevant	shareholder)
interest.
Date of change	8 December 2006
No. of securities held prior to change	A:1,000,000
	B: 500,000
Class	A. ordinary shares
	B. listed options exercisable on or before 31
	December 2006 at 25 cents
Number acquired	A: $500,000$
Number disposed	$B: 500,000$ (exercised)
Value/Consideration	\$125,000
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	A:1,500,000

⁺ See chapter 19 for defined terms.

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

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.