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

STOCK EXCHANGE ANNOUNCEMENT
Dated: 20 June 2003

MEDIA RELEASE

CHANGE IN CLASSIFICATION

Magnesium International Limited (MIL) today received notification that the Australian Stock Exchange (ASX) classification of its shares will move from “mining” to the broader “industrials” class. The move is expected to be effective in the week commencing 23 June 2003.

Mr Gordon Galt, Managing Director of MIL, said the change is important for a number of reasons.

“First, it reflects the Company’s broader activities and evolution from its original exploration focus; second, the new classification brings MIL into line with most of its industry peers; and third, the industrial classification should make MIL’s shares more accessible to industrial specific fund managers. We are very pleased that the ASX has decided to make the change.

“I believe this change will make our shares more accessible to European investors in particular. On a recent trip to London, a number of fund managers indicated to me that they had limited scope to invest in Australian mining shares and that an industrial classification would be preferrable”, Mr Galt said.

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.