IRON BEAR RESOURCES LTD — Board/Management Information 2010

Jul 8, 2010

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9 July 2010

RESIGNATION OF MANAGING DIRECTOR

West African iron ore explorer and developer, DMC Mining Limited (ASX: DMM ) (“ DMC ” or the “ Company ”) wishes to advise the market of the resignation of Mr David Sumich as Managing Director.

Mr Sumich’s resignation follows on from Cape Lambert Resources Limited (ASX: CFE) (“Cape Lambert”) obtaining control of more than 92% of DMC’s issued capital. Cape Lambert set out in its Bidders Statement dated 7 April 2010 that it intended to replace some or all of the Board members upon achieving control (Refer Section 7.2).

The Board of DMC wishes to thank Mr Sumich for his dedication and hard work over the past three years in founding DMC, acquiring the Mayoko Project and increasing the market capitalisation of the Company. Further, the Board wishes Mr Sumich all the best in regard to his future endeavors.

In the period following Mr Sumich’s resignation and the closure of Cape Lambert’s offer on 8 July 2010, nonexecutive directors Mr Kim Bischoff and Mr Joe Ariti will oversee the day-to-day operation of the Company.

Yours sincerely DMC Mining Limited

Joe Ariti Non-Executive Director

a Level 1, 2 Ord Street, West Perth 6005 pa PO Box 764, West Perth 6872 p 08 9211 0600 f 08 9322 2631 dmcmining.com.au