MGX RESOURCES LIMITED — Major Shareholding Notification 2005

Jan 5, 2005

FORM 604 Corporations Act 2001 Section 671B

NOTICE OF CHANGE OF INTERESTS OF 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
	There was a change in the interests of the substantial holder on		30-12-04
	The previous notice was given to the company on		05-02-04
	The previous notice was dated		05-02-04

$\overline{2}$ . Previous and present voting power

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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	Previous notice		Present Notice
	Person's votes	Voting power (5)	Person's votes	Votina power (5)
Ordinarv	26.267.650	9.68%	26.662.650	8.57%

$3.$ 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	Nature of	Consideration given in	Class and number of	Person's votes
Change	interest changed	change $(6)$	relation to change $(7)$	securities affected	affected
17-03-04 to 24-12-04	Acom Capital	Purchase	\$750,796.00	3.195.000	3195,000
06-05-04 to 30-12-04	Acom Capital	Sale	\$720,481.59	2,800,000	2.800.000
25-02-04 to 29-12-04	Acom Capital	Dilution by issue of new securities by company	n.a.	0	0

$\ddot{4}$ . Present relevant interests

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

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be Registered as Holder (8)	Nature of relevant interest (6)	Class and Number of Securities	Person's Votes
Queensland Investment	Queensland Investment			843.500	843.500
Corporation Military Superannuation & Benefits Board	Corporation National Nominees			940.000	940.000
Queensland Local Government Superannuation	JP Morgan Chase Nominees			1,325,000	1,325,000
Catholic Superannuation Fund	National Nominees			1,776,999	1.776.999
Sunsuper Fund	National Nominees			1.994.001	1,994,001
Qantas Superannuation	National Nominees			3.265.000	3.265.000
Commonwealth Bank Officers' Superannuation Fund	National Nominees			5,300,000	5.300.000
Acom Capital Microcap Trust	National Nominees			5,418,150	5.418.150
UniSuper	National Nominees			5.800.000	5.800.000

5. Changes in Associates

The persons who have become associates (2) of, ceased to be associates, or have change 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)	Name of Association

6. Addresses

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

Name	Address
Queensland Investment Corporation	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Military Superannuation & Benefits Board	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Queensland Local Government 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
Sunsuper Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Qantas Superannuation	C/O Acom Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Commonwealth Bank Officers' Superannuation Fund	C/O Acom Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
Acom Capital Microcap Trust	C/O Acom Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper	C/O Acom Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Signature

Print Name	DOUGLAS LOH		Capacity Portfolio Manager
Sign Here		Date	06-01-05