IRON BEAR RESOURCES LTD — Board/Management Information 2003

Nov 25, 2003

INTERNATIONAL GOLDFIELDS LIMITED

International Colofeids Landed ABN 71 095 047 920 Gonant Ploton 18: Owlean Observington in Perih Wastern Australia 6007 Telephone +619 9388 0744 Facassis +618 9382 141 PO 802 194 West Pertit Western Australia 6877 www.mierrashralgetskeich eem

26^th November 2003

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

Via: E Lodgement

Dear Sir/Madam

METALLURGICAL TESTWORK RESULTS, BALDOCK DEPOSIT NEW APPOINTMENT - RESOURCE & DEVELOPMENT MANAGER

The Company has now received results from metailurgical testwork on samples taken from the Baldock deposit as conducted by Ammtec Limited. The results are highly favourable with gold recoveries of around 95% being recorded.

The mineralisation at Baldock may be classified into two categories based upon its mineralogy. The core of the high grade shoot contains high copper values (~3-5% Cu) as a result of a close association with chalcopyrite. Surrounding this is a low copper zone (<1% Cu). As a result, the recently announced feasibilty study utilised an arbitrary gold recovery of 85%. The results of this recent study however, show that this value may be regarded as being too conservative.

Gravity-leach gold extraction testwork was conducted on two high grade copper samples and one low grade copper sample. Total gold and copper extractions may be summarised as follows;

SAMPLE		Calc. Grade Calc. Grade	% GOLD (Copper) EXTRACTION			Reagent Cons (kg/T)
	a/t Au	Cu%	Gravity	24 hr Leach	48 hr Leach	NaCN	Lime
Sample 1	42.9	3.14	$43.3(-)$	93.0(3.9)	96.6(5.0)	4.32	0.27
Sample 2	21.8	4.96	$39.8(-)$	92.2(3.4)	94.0(4.3)	6.23	0.94
Sample 3	14.2	0.74	$37.1(-)$	95.9(6.0)	96.8(8.0)	3.85	0.45

GOLD - COPPER EXTRACTION; BALDOCK DEPOSIT

In summary, the following conclusions from the testwork may be made;

• $\mathbf{1}$ Overall gold recoveries are high (94 - 96.8%) at acceptable leach rates.
• $\overline{2}$ . Gravity recovery is high from all samples (35 - 45%).
• $\overline{3}$ . Copper extraction was low $(4.3 - 5.0\%)$ for the high Cu grade ores.
• $\overline{A}$ Cyanide consumption is moderate and is acceptable.

The results are similar to those previously obtained from testwork completed from the adjacent Whinnen shoot. The Whinnen ore body displays similar ore characteristics to Baldock and is currently being mined through a tribute arrangement the Company has with a private mining group. The ore is being treated in batch lots at the Sons of Gwalia mill situated approximately 110 kilometres away at Leonora.

Appointment of Manager - Resource and Development

The Company would like to announce the appointment of Mr Bob Annett to the role of Manager -Resource and Development.

Mr. Annett will provide the Company with additional operational and development expertise to assist in the development of the company's resources. Mr Annett was recently employed by one of Australia's larger gold producers with a specific role of bringing resources into production. This specific expertise will be highly beneficial to the Company's current goal of becoming a gold producer. Mr Annett is a professional geologist with over 20 years expertise throughout Australia and South East Asia.

Yours faithfully.

Tony Sage Executive Chairman