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

STOCK EXCHANGE ANNOUNCEMENT
Dated: 22 December 2003

MEDIA RELEASE

Magnesium International Ltd (MIL) is pleased to announce the results of its Shareholder Share Purchase Scheme (SSPS) which closed on 17 December 2003. An amount of $1.454 million has been raised and approximately 29.09 million shares will be issued at 4.998 cents per share.   It is anticipated that the shares will be allotted on 30 December 2003.

Directors believe this is a very good result and wish to thank all shareholders who have participated in the scheme.  

MIL is currently conducting a site review for its proposed magnesium smelter.   Initial results of the review, which should see the number of sites being considered as alternatives to the current approved smelter site at Port Pirie in South Australia being reduced from the current four down to two, will be released by the end of January 2004.   The sites being considered will then be reduced to one site by the end of March 2004 and this alternative site will then be thoroughly compared to Port Pirie.

For further information contact:

Gordon Galt

Managing Director

Magnesium International Limited