IRON BEAR RESOURCES LTD — Board/Management Information 2003

Dec 18, 2003

INTERNATIONAL GOLDFIELDS LIMITED

International Goldfields Limited ABN 71 095 047 920 Ground Plaor 18 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 141 PO Box 144 West Penth Western Australia 6872 www.internationalgokillelds.com

19 December 2003

Company Announcements Office Australian Stock Exchange Limited Level 4 Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Via: E Lodgement

Dear Sir/Madam

BOARD RESTRUCTURE

The Company wishes to announce the resignation of Mr Clive Jones as Executive Director, and from all positions within the Company. The Company appreciates the efforts and contribution that Mr Jones has made during his tenure.

Mr Robert Annett has been appointed to the position of Executive Director - Technical, and will provide the Company with additional operational and development expertise to assist in the development of the company's resources. Mr Annett is a professional geologist with over 20 years expertise throughout Australia and South East Asia.

Yours faithfully,

Kent Hunter Company Secretary