MOUNT RIDLEY MINES LIMITED — Director's Dealing 2005

Feb 1, 2005

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity:	AXG MINING LIMITED
IABN:	93 092 304 964

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	ROBERT NICHEVICH
Date of last notice	24 December 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest	The registered holder is WRF Securities Limited.
(including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Mr Nichevich is a director and substantial shareholder of WRF Securities Limited.
Date of change	31/1/2005
No. of securities held prior to change
Ordinary fully paid shares	15,010,000
Listed 20 cent $31/08/10$ options	13,510,000
Class	Listed 20 cent $31/08/10$ options
Number acquired	Nil
Number disposed	1,500,000
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation 31/1/2005	\$15,000
No. of securities held after change
Ordinary fully paid shares	15,010,000
Listed 20 cent $31/08/10$ options	12.010.000

⁺ See chapter 19 for defined terms.

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Offmarket Transfer
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Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	Nil
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

$\div$ See chapter 19 for defined terms.