MGX RESOURCES LIMITED — Major Shareholding Notification 2005

Mar 23, 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 change of interests of substantial holder -Form 604 - required by the Corporations Act 2001 Section 671B for the holding of Link Traders (Aust) Pty Limited with respect to Mount Gibson Iron Limited.

Yours sincerely

Laurence Freedman

Form 604

Corporations Act Section 671B

Notice of change of interests of substantial holder

To Mount Gibson Iron Limited ABN 87 008 670 817

1. Details of substantial holder (1)

Link Traders (Aust) Pty Ltd ABN 40 002 065 849

There was a change in the interests of the substantial holder on 15/3/2005 2/10/2002 The previous notice was given to the company on 2/10/2002 The previous notice was dated

1. Previous and present voting power

The total number of votes attached to all voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest $(\vec{3})$ in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of	Previous Notice	Previous Notice	Present Notice	Present
securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power 5)
Fully Paid Ordinary Shares	6,725,000	$5.33\%$ *	7,993.880	$2.31\%$ *

• The Issued Share Capital of the Company changed from 126,281,908 to 346,803,093 ٠ shares.

• Link Traders (Aust) Pty Ltd has added to and depleted its holding through share purchases and sales.

• Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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:

Date of Person whose relevant interest changed change	Nature of change (6)	L Consideration aiven in relation to change $(7)$	Class and number of securities affected	Person's votes affected
----------------------------------------------------------------	----------------------------	---------------------------------------------------------	--------------------------------------------------	----------------------------

See Annexure A

1. Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person's
relevant	holder of	to be registered	relevant	number of	votes
interest	securities	as holder $(8)$	interest $(6)$	securities
Link Traders	Link Traders	Link Traders	Power to	Ordinary	7,993,880
(Aust) Pty	(Aust) Pty Ltd	(Aust) Pty Ltd	vote &	shares
Ltd			dispose	7,993,880

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

None

6. Addresses

The addresses of persons named in this form are:

------------- Name ---------------------------------------	--------------------------------------
⊤raders (Aust) Ptv Ltd ink I	2001 25 Lime St. Sydnev. 2 Unit 405 --------------------------------------- . .

Signature

Print name

Laurence S. Freedman

Capacity Director

Sign here

23/3/2005

Date

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	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		2/10/2002 Link Traders (Aust) Pty Ltd				6,725,000	5.33%
Change in holding		23/10/2002 Link Traders (Aust) Ply Ltd 21/01/2003 Link Traders (Aust) Pty Ltd 25/02/2003 Link Traders (Aust) Pty Ltd 20/10/2003 Link Tradors (Aust) Pty Ltd 23/02/2005 Link Traders (Aust) Pty Ltd 2/03/2005 Link Traders (Aust) Pty Ltd 2/03/2005 Link Traders (Aust) Pty Ltd 2/03/2005 Link Traders (Aust) Pty Ltd 3/03/2005 Link Traders (Aust) Pty Ltd 4/03/2005 Link Traders (Aust) Pty Ltd 7/03/2005 Link Traders (Aust) Pty Ltd 10/03/2005 Link Traders (Aust) Pty Ltd 1/03/2005 Link Traders (Aust) Pty Ltd 5/03/2005 Link Traders (Aust) Pty Ltd	off market acquisition Rights Issue 1 for 1 Off market disposa Acquisition on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX Disposal on ASX	1,000,000 $-200,000$ $-1,000,000$ -500,000 1,000,000 250,000 -500,000 $-500,000$ $-1,000,000$ 7,331,940 606 940 -500,000 $-300,000$ 80,000	662,512.69 1394,816.50 1223,762.50 \$6,567.29 145,197.00 \$701,122.50 \$338,130.00 6700,713.10 \$18,800.00 \$542,002.50 382,882.50 \$659.874.60 \$217,795.50 \$97 644 51	8,243,880 9,243,880 8,743,880 2,743,880 1,743,880 1,243,880 0,243,880 14,743,880 993,88C 14,663,880 4,243,880 3,243,880 2,943,880 7,331,940	8 539% 5324% 295% 2.67% 2.52% 2.38% 2.31% 4.11% 3.82% 3.73% 2.11% 123% 4.25%	0.14% 0.07% 0.14% $-0.14%$ 0.29% 0.29% $0.74%$ $0.79%$ $0.06%$ $0.06%$ 0.29% 2.11% 0.02% 3.22%
Total Holding						7,993,880		3.02%
Current Total Issued Share Capital						346,803,093

% Holding

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder

Date: 23 March 2005

2.31%

$\frac{1}{3}$

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