This letter reports the results of a search for top and bottom squarks from gluino pair production in 4.7 fb^-1 of pp collisions at sqrt(s) = 7 TeV using the ATLAS detector at the LHC. The search is performed in events with large missing transverse momentum and at least three jets identified as originating from a b-quark. Exclusion limits are presented for a variety of gluino-mediated models with gluino masses up to 1 TeV excluded.