Lake Giles iron ore project

Macarthur Minerals Ltd has secured the services of a number of consultants and employees for their Lake Giles iron ore project in Western Australia. As the Company transitions from exploration to early stage development of the iron ore at its Lake Giles project, the board of directors of MMS has considered it prudent to better secure the services of key personnel to deliver the Project. In August, the Company announced the commissioning of Engenium to work through a detailed study program designed to advance the development of the Lake Giles project. Key personnel being the President and CEO, CFO and Company Secretary and Senior Project Manager will each be retained on 3 year fixed term consultancy contracts at fees of AUD 240,000 per annum. These personnel will continue to be eligible to be offered stock options under the Company’s stock option plan as determined by the Board from time to time. The Company’s independent directors have determined compensation arrangements based upon various factors including companies of similar size, the Company’s stage of development and taking into account the financial and other resources of the Company.

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