MGX RESOURCES LIMITED — Director's Dealing 2007

Jul 4, 2007

Mount Gibson Tron Limited

ABN 87 008 670 817

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

PO Box 55, West Perth WA 6872

Telephone: 61-8-9426-7500 Facsimile: 61-8-9485 2305 E-mail: admin@mtgibsoniron.com.au

VIA: WWW.ASX.ONLINE.COM

Pages = $6$

04 July 2007

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

SUBJECT: Mount Gibson Board Restructure

On 24 April 2007 Mount Gibson Iron Limited ("Mount Gibson") (ASX Code MGX) announced the restructure of its Board of Directors. Consistent with that announcement:

• Mr Brian Johnson's resignation from the Mount Gibson Board took effect from 30 June $\bullet$ 2007:
• Mr Alan Rule has stepped down as an Executive Director to become Chief Financial Officer and has become an alternate Board member for Managing Director Mr Luke Tonkin as of 30 June 2007; and
• Mr Mark Horn, a representative of major shareholder Gallagher, has joined the Board from 30 June 2007.

Yours sincerely, MOUNT GIBSON IRON LIMITED

Angela Dent Company Secretary

For further information: Luke Tonkin Mount Gibson Iron Limited 08 9426 7500 www.mtgibsoniron.com.au

David Griffiths Gryphon Management Australia 0419 912 496 www.gryphon.net.au

About Mount Gibson Iron Limited (ASX Code: MGX)

Mount Gibson is Australia's leading independent iron ore producer, and a driving force behind the development of the Mid West iron ore industry in Western Australia. Mount Gibson is leading the consolidation of the junior iron ore industry, and with the successful takeover of Aztec Resources, will build a sustainable platform for future shareholder growth. Mount Gibson has a hematite mining operation at Tallering Peak operating at its targeted production rate and has commenced production from Koolan Island hematite mining operation. Mount Gibson's plans to develop the Extension Hill hematite project are well advanced. Current production rates from Mount Gibson exceed 3Mtpa with forecast production of 10Mtpa in 2010. Mount Gibson has firm commercial relationships with major Chinese steel industry customers, and with continued strong demand and prices the Company and its shareholders are ideally leveraged to benefit from further commodity price rises. The Company is generating strong cashflow and has a stable and experienced management team focused on delivering returns to shareholders.

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.

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	Mark M. P. Horn
Date of appointment	1 July 2007

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

Number & class of securities NIL.

$\sim$

.
. . . . . . . . . . . . . . . . . . .

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 of interest Note: Provide details of the circumstances giving rise to the relevant interest.	Number & class of Securities
NIL.

⁺ See chapter 19 for defined terms.

Part 3 - Director's interests in contracts

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.

Appendix 3Z

Rule 3.19A.3

Final 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.3 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	25 September 2006
Date that director ceased to be director	30 June 2007

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.

5,000,000 unlisted options exercisable on or before 31 December 2007 at 50 cents

5,000,000 unlisted options exercisable on or before 31 December 2008 at 55 cents

⁺ See chapter 19 for defined terms.

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

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.

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 of interest Note: Provide details of the circumstances giving rise to	Number & class of securities
the relevant interest
N/A

Part 3 – Director's interests in contracts

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates

$+$ See chapter 19 for defined terms.