Magnesium International Limited
A.C.N. 003 669 163

STOCK EXCHANGE ANNOUNCEMENT
Dated: 16 June 2003

PRESS RELEASE

EXTENSION OF OFFER PERIOD - ENTITLEMENTS ISSUE

The directors of Magnesium International Limited (MIL) have decided to extend the offer period for the company’s entitlements issue by one week. The issue will now close on 30 June 2003.

Explaining the decision to extend the offer, MIL’s Managing Director, Gordon Galt, said “Over the past couple of weeks I have conducted a number of presentations around the country, for our shareholders. These presentations have provided shareholders with an update on our progress and have given the opportunity for detailed questioning. The response to these presentations has been exceptional. There has been considerable demand, particularly among our South Australian shareholders, for a further presentation and the only way this can be accommodated prior to the closing date of the entitlements issue is by extending the offer period”.

He added “We are in the process of arranging at least one further presentation in Adelaide and will notify shareholders within the next couple of days”.

MIL’s entitlements issue is a non-renounceable 1:5 offer to raise up to $8.3 million. Funds raised will be used to advance the company’s SAMAG project and to meet cash commitments under the magnesium sheet venture with the CSIRO.

For further information:

Gordon Galt
Managing Director

In accordance with Australian Stock Exchange listing requirements, the geological information in this report has been based on information provided by geologists who are corporate members of the Australian Institute of Mining and Metallurgy or Australian Institute of Geoscientists and who have had in excess of 5 years experience in their field of activity