STOCK EXCHANGE ANNOUNCEMENT
Dated: 11 October 2002

End of Share Escrow Arrangements - Eureka Capital Partners

Eureka Capital Partners (Eureka) is Magnesium International Limited’s largest individual shareholder, with a current holding of 44,940,503 shares (10.8%). Most of these shares were issued to Eureka in November 2000 when Magnesium International Limited acquired Eureka’s 20% holding in SAMAG Limited.

All the shares issued to Eureka in connection with the SAMAG transaction were subject to escrow arrangements of varying duration.

Escrow arrangements on 21,051,563 of these shares will expire on 25 October 2002, at which time Eureka will be able to trade freely its entire holding in Magnesium International Limited.

For further information contact:

Gordon Galt (Managing Director)
Magnesium International Limited