Mr Neil Hamilton, the Chairman of Mount Gibson Iron Limited has advised the Board that he will not stand for re-election as a director at the upcoming Annual General Meeting on November 17th 2010.

Mr Hamilton’s decision follows discussions with Mount Gibson’s major shareholders, APAC Resources and Fushan who have both indicated a desire to see a reduction in the size of the Board. Mr Hamilton has been unable to solicit a definitive commitment from either shareholder to ensure that any reduction in the number of independent directors on the Board will be matched with a reduction in the number of nominee directors, thereby preserving the independence and balance of the Board.

The Independent Non-Executive Directors of Mount Gibson remain committed to maintaining corporate governance principles and recommendations, and will await the results of the AGM resolutions and the appointment of a replacement Chairman