MGX RESOURCES LIMITED — M&A Activity 2006

Nov 22, 2006

Aztec Resources Limited ABN: 45 078 548 562 Suite 4. Level 5. South Shore Plazza 85 The Esplanade, South Perth WA 6151 T: 61 8 9423 0800 F: 61 8 9423 0801 E: azr@aztecresources.com.au W: www.aztecresources.com.au

23 November 2006

TAKEOVER UPDATE

The Board of Aztec Resources Limited (ASX and AIM code: AZR) ("Aztec") notes Mount Gibson Iron Limited (ASX: MGX) ("Mt Gibson") this morning has announced a relevant interest in Aztec of 50.52% of Aztec shares.

As a result of Mount Gibson obtaining a relevant interest in Aztec of greater than 50%, the Mount Gibson Offer has been automatically extended by two weeks and is now scheduled to close at 5pm (Western Standard Time) on Wednesday 6 December 2006.

Aztec directors will be in contact with Mount Gibson at the earliest opportunity to discuss this development. Aztec will keep shareholders fully informed and will make a further announcement with advice to shareholders well in advance of the new scheduled close of the Mount Gibson Offer on Wednesday 6 December 2006.

In the meantime, Aztec shareholders are advised to take no action until the Aztec Board makes a further announcement.

For further information contact:

Australia

Media Enquiries:
UK Fiona Owen, Grant Thornton:	+44 (0) 870 991 2318
Aztec Shareholder Information Line	1800 602 244 (Australian callers) +61 8 6218 4220 (International callers)
Ian Gregory, Company Secretary:	+61 8 9423 0800
Peter Bilbe, Managing Director:	+61 8 9423 0800

Warrick Hazeldine Purple Communications Tel: +61 8 9485 1254 Mob: +61 (0) 417 944 616