IRON BEAR RESOURCES LTD — Capital/Financing Update 2003

Nov 30, 2003

INTERNATIONAL GOLDFIELDS LIMITED

International Goldfields Limited: ABN 71-095-047-920. Ground Floor 18 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 141 PO Box 144 Wed Pectb Western Australia 6872 www.internationalgoidfields.com

1 December 2003

Optionholder name Optionholder Address Register Holder No. No. Options Held Shares to be allocated Amount payable

Dear Shareholder

OPTION EXPIRY

Notice is hereby given that the final date for exercising the Company's 20 cents, 31 December 2003 listed options is 5.00 WST on 31 December 2003. The exercise price is \$0.20 per option. Optionholders will be issued with one new fully paid ordinary share in International Goldfields Ltd for each option exercised.

Options not exercised by 5.00pm 31 December 2003 will expire. Quotation of the options will cease at the close of trading on 22 December 2003. Failure to exercise the Option will result in the forfeiture of any rights that the Optionholder may have in relation to the Ordinary shares.

To convert your Options to Ordinary Shares (Exercise of Options) please complete the option exercise form attached and forward with your payment to:

International Goldfields Ltd PO Box 144 West Perth WA 6872

or deliver to:

18 Oxford Close Leederville WA 6007

Cheques and or bank drafts should be made payable to International Goldfields Ltd. Receipt for payment will not be forwarded.

During the three months preceding the date of this notice the highest sale price and the lowest sale price of Ordinary Shares in International Goldfields Ltd was \$0.445 on 20 November 2003 and \$0.26 on 3 September 2003 respectively. The latest available market sale price on the Australian Stock Exchange Ltd before the date of this notice was \$0.39 on 27 November 2003.

The Company has on Friday 28 November 2003 executed a Mandate to appoint Bell Potter Securities Limited to act as Underwriter for the tranche of 17,445,005 listed IGL options expiring on 31 Dec 2003 (IGLO) with an exercise price of 20c each. Bell Potter will be paid an underwriting fee of 4% of the amount underwritten.

For Enguiries regarding the Market in your Options, and what you may do, please contact:

Michael Thomson Senior Adviser - Equities and Derivatives Bell Potter Securities Ltd.

Direct Tel: (+618) 9326 7607 0418 948 365 Mobile:

If you wish to clarify any taxation consequences relating to the exercise of options, please consult your solicitor, accountant or professional adviser.

Yours faithfully

A W P SAGE EXECUTIVE CHAIRMAN