Magnetite Mines Limited (ASX:MGT) is pleased to announce the extension of the closing date for its current 1 for 6 pro rata non-renounceable Entitlement Offer from Friday 12 July to Friday 19 July due to the release of material new information for shareholders.

Magnetite Mines Chairman, Jim McKerlie said: 'Yesterday's announcement of the heads of agreement reached between MGT and JFE Shoji is enormously positive for the Company and its future. Accordingly, the Board believes that extending the closing date of the Entitlement Offer to give all shareholders additional time to fully consider the implications of the announcement before deciding to participate is appropriate. 'Shareholders need to consider the validation of our project this announcement brings and the longterm value creation potential. On behalf of the Board, I encourage all eligible shareholders who wish to participate in the Entitlement Offer to do so as soon as possible' A copy of the Offer Booklet for the Entitlement Offer, the Company's ASX announcement with respect to JFE Shoji and a personalised Application Form are available from the offer website at www.computersharecas.com.au/mgtoffer.

If you have any questions in relation to any of the above matters, please contact the Magnetite Mines Offer Information Line on 1300 850 505 (from within Australia) or +61 3 9415 4000 (from outside Australia) from 8.30am to 5.00pm (AEST), Monday to Friday, until the Closing Date. For other questions, you should consult your stockbroker, accountant or other independent professional adviser.

Contact:

Gemma Brosnan

General Manager

Tel: +61 8 8427 0516

Email: gemma.brosnan@magnetitemines.com

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