Xe-129 MRI is applied to cage molecules in which hyperpolarized xenon exhibits a specific spectral signature. In a few tens of seconds a net spatial discrimination is achieved between xenon in two different hosts dissolved in two immiscible media at submillimolar concentrations by using a gradient echo sequence with interleaved frequency selection. This high sensitivity is afforded not only by the hyperpolarized state of xenon but also by the continuous xenon in-out exchange that enables replenishment of the detected signal. Moreover in this direct approach, simultaneous detection of xenon in two different cage molecules is possible. This experiment on a model, system is an important step toward in vivo multiplexed MRI using laser-polarized xenon.