MGX RESOURCES LIMITED — Major Shareholding Notification 2004

Jan 29, 2004

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ACORN CAPITAL

ACN 082 694 531 Level 12, 90 Collins Street, Melbourne. Vic., 3000.
Telephone (03) 9639 0522 Facsimile (03) 9639 0515

The Australian Stock Exchange To:

The Manager Attn:

Facsimile No: 1 900 999 279

Acorn Capital Limited - Chris Simpson From:

30 January 2004 Date:

ABN 51082694531 FSA Licence 227605 Acorn Capital Limited ACN 082 694 531 Level 12, 90 Collins Street Melbourne 3000 Vic. Australia Telephone +61 3 9639 0522 Facsimile +61 3 9639 0515 Website acorncapital.com.au

30 January 2004

The Manager Australian Stock Exchange Limited 18 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

Ċ

Notice of initial substantial share holder Mount Gibson Iron Limited

Acorn Capital Limited has today lodged a Form 603, Notice Of Initial Substantial Shareholder, with the above named company.

A copy of that Notice is herewith lodged with the Australian Stock Exchange.

Yours sincerely

Douglas Loh Portfolio Manager

ABN 51 082 694 531 FSA Licence 227605 Acorn Capital Limited ACN 082 694 531 Level 12, 90 Collins Street Melbourne 3000 Vic. Australia Telephone $+61396390522$ Facsimile +61 3 9639 0515 Website acorncapital.com.au

30 January 2004

Ms Angela Dent Company Secretary Mount Gibson Iron Limited Level 1, 7 7 Havelock Street West Perth WA 6005

Dear Ms Dent

Notice of Initial substantial share holder

Enclosed is a Form 603, Notice Of Initial Substantial Holder.

A copy of this Notice has been lodged today with the Australian Stock Exchange.

Yours sincerely

Douglas Loh Portfolio Manager

		FORM 603 Corporations Act 2001 Section 671B
		NOTICE OF INITIAL SUBSTANTIAL HOLDER
To:	Company Name/Scheme	Mount Gibson Iron Limited
	ACN/ARSN	008 670 817
1.	Details of Substantial Holder(1)
	Name	Acorn Capital Limited
	ACN/ARSN (If applicable)	082 694 531
	The holder became a substantial holder on	29-01-04

Details of Voting Power $2.$

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant Interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities 14.	or of Securities Number	$\overline{\phantom{a}}$ : Votes (5, Person's	- 161 Vatina u Poweri
Ordinary	MARINE 20,167,650	20.167.650 ----	.43%
$\cdots$	---		-----

$\mathbf{3}$ Details of Relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of Relevant Interest	Nature of Relevant Interest (7	Class and Number of Securities
Acorn Capital Limited	Power to (or to control) exercise vote and/or	20,167,650
	dispose of the shares as discretionary
	Investment managers or advisers to
	superannuation funds, pooled superannuation
	trusts, managed investment schemes and
	investment management agreements.

Details of Present Registered Holders 4.

The persons registered as holders of the securities referred to in Paragraph 3 above are as follows:

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be Registered as Holder (8)	Class and Number of Securities
Quaensland Investment Corporation	Queensland Investment Corooration		1.574.500
Qantas Superannuation	National Nominees		2.300.000
Catholic Superannuation Fund	National Nominees		2.534,999
Sunsuper Fund	National Nominees		2.565,001
Emergency Services Superannuation Scherne	National Nominees		2,633,900
Acorn Capital Microcap Trust	National Nominees		3.559,250
Commonwealth Bank Officers' Superannuation Fund	National Nominees		5,000,000

Consideration 5,

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

____ Holder of Relevant † Interest	Date of Acquisition	(9) Consideration	CAMER	Class and Number of Securities _
		Cash	Non-Cash	---
$\cdots$ ı Capital Limited Acorn (	21-03-02 to 29-01-04	773.36 \$3.243		.167.650 20
----	---			an mara

$6.$ Associates

The reasons the persons named in Paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Name of Association

$\bar{L}$ Addresses

The addresses of persons named in this form are as follows:

	Address
Name	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Queensland Investment Corporation
Qantas Superannuation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Catholic Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Malbourne Victoria 3000
Sunsuper Fund
Emargency Services Superannuation Scheme	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Acorn Capital Microcap Trust	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Malbourne Victoria 3000
	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Commonwealth Bank Officers' Superannuation Fund

Signature

Print Name

DOUGLAS LOH

Sign Here

Hengles

$\hat{\boldsymbol{\beta}}$

Capacity PORTFOLIO MANAGER

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Date 30-01-04