MGX RESOURCES LIMITED — Major Shareholding Notification 2005

Mar 29, 2005

Link Traders [Aust] Pty Ltd

ABN 40 002 065 849 Suite 405 25 Lime Street Sydney NSW 2000

Tel: 02 8235 1111 · Fax: 02 8235 1122

23 March 2005

Australian Stock Exchange Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Please find attached the Notice of ceasing to be a substantial holder - Form 605 - required by the Corporations Act 2001 Section 671B for the holding of Link Traders (Aust) Pty Limited with respect to Mount Gibson Iron Limited.

I apologise for the incorrect submission of a Form 604 instead of the correct Form 605.

Yours sincerely

Laurence Freedman

Form 605

Corporations Act Section 671B

Notice of ceasing to be a substantial holder

To Mount Gibson Iron Limited ABN 87 008 670 817

14 Outram Street West Perth Western Australia 6005

1. Details of substantial holder (1)

Link Traders (Aust) Pty Ltd

ABN 40 002 065 849

The holder ceased to be a substantial holder on	15/3/2005
The previous notice was given to the company on	2/10/2002
The previous notice was dated	2/10/2002

1. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Person whose relevant Date of interest changed change	Nature of change (4)	Consideration given in relation to change $(5)$	Class(6) and number of securities affected	Person's votes affected
----------------------------------------------------------------	----------------------------	-------------------------------------------------------	--------------------------------------------------------	----------------------------

See Annexure A

1. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN / ARSN (if applicable)	Nature of Association
	$\cdots$

None

1. Addresses

The addresses of persons named in this form are:

Name	Address
Link Traders (Aust) Pty Ltd	Unit 405, 25 Lime St, Sydney, 2001

Signature

Print name Laurence S. Freedman

Capacity Director

Sign here

Date 23/3/2005

ACQUISITION / DISPOSAL OF MOUNT GIBSON IRON LIMITED ORDINARY SHARES
	Date of Change	Person whose relevant interest changed	Nature of Change	Number of Ordinary shares affected	given in relation Consideration	Holding	% Holding	Person's Votes affected
reported on record with ASX Previous shareholding		E 2/10/2002 Link Traders (Aust) Pty				6,725,000	5.33%
Change in holding		Ĕ 23/10/2002 Link Traders (Aust) Pty	Acquisition on ASX	606,940	\$97 644 51	7,331,940	2.11%	$-3.22%$
		모 n E 21/01/2003 Link Traders (Aust) Pty 25/02/2003 Link Traders (Aust) Pty	Off market acquisition Rights Issue 1 for 1	7,331,940 80,000	\$659.874.60 \$18,800.00	14,743,880 14,663,880	425% 423%	211% 0.02%
		욕 20/10/2003 Link Traders (Aust) Pty	Off market disposal	$-500,000$	\$6,567.29	14,243,880	4.11%	$-0.14%$
		g 23/02/2005 Link Traders (Aust) Pty	Disposal on ASX	$-1,000,000$	\$542,002.50	13,243,880	382%	$-0.29%$
		Ε 2/03/2005 Link Traders (Aust) Pty	Disposal on ASX	$-300,000$	\$217,795.50	12,943,880	3.73%	0.09%
		Ξ 2/03/2005 Link Traders (Aust) Ply 2/03/2005 Link Traders (Aust) Ply	Disposal on ASX	$-200,000$	\$145,197.00	12,743,880	3.67% 3.39%	$-0.29%$ $-0.06%$
		ਥ	Disposal on ASX Disposal on ASX	500,000 $-1,000,000$	\$338,130.00 \$701,122.50	1,743,880 1,243,880	3.24%	$-0.14%$
		٢q 3/03/2005 Link Traders (Aust) Pty		$-1,000,000$	\$662,512.69	10,243,880	2.95%	$-0.29%$
		Ξ 모 4/03/2005 Link Traders (Aust) Pty 7/03/2005 Link Traders (Aust) Pty	Disposal on ASX Disposal on ASX	$-1,000,000$	\$700,713.10	9,243,880	2.67%	$-0.29%$
		E 10/03/2005 Link Traders (Aust) Pty	Disposal on ASX	500,000	\$382,882.50	8,743,880	2.52%	$-0.14%$
		1/03/2005 Link Traders (Aust) Pty	Disposal on ASX	$-500,000$	\$394,816.50	8,243,880	238%	$-0.14%$
		呂 5/03/2005 Link Traders (Aust) Pty	Disposal on ASX	250,000	\$223,762.50	7,993,880	231%	$-0.07%$
Total Holding						7,993,880		$-3.02%$
Current Total Issued Share Capital						346,803,093
% Holding						2.31%
This is Annexure A of 1 page referred to in Form 605 - Notice of ceasing to be a substantial holder
				Date: 23 March 2005

Page 1

Annexure A

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