MOUNT GIBSON IRON LIMITED

The Koolan Island hematite mining operation is located approximately 140 kilometres north of Derby in Yampi Sound, off the northern Kimberley coast of Western Australia. Almost 70-million tonnes of high-grade (Fe @ 67%) iron ore were mined by BHP from Koolan Island from 1963 to 1993. MGX acquired the mine and re-established production in early 2007, and has since exported in excess of 40Mt of high grade ore from the operation.

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The Koolan Island hematite mining operation is located approximately 140 kilometres north of Derby in Yampi Sound, off the northern Kimberley coast of Western Australia. Almost 70-million tonnes of high-grade (Fe @ 67%) iron ore were mined by BHP from Koolan Island from 1963 to 1993. MGX acquired the mine and re-established production in early 2007, and has since exported in excess of 40Mt of high grade ore from the operation.

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