IRON BEAR RESOURCES LTD — Capital/Financing Update 2003

Nov 26, 2003

INTERNATIONAL GOLDFIELDS LIMITED

ktemasna Codieta Umber ABV /1 (25 04 / 930) Grand Robe 18 Oxford Obset Leaters the Photo Waygan Agamby (2007) Taksphores +619 9369 0744 bacambe +578 9382 141 PO Sox 144 West Perch Western Australia (SP) www.magmation.clgcliffiel.do.com

27 November 2003

PRIVATE PLACEMENT TO EUROPEAN INSTITUTIONAL INVESTORS

The Directors would like to announce that the Company has today issued and allotted to European institutional investors 1,621,000 new ordinary fully paid shares at 37 cents per share. The issue forms the final part of the placement previously announced on 3 October 2003

The Directors would also like to welcome to the register prominent international investor Sogeposte, one of Europe's largest asset managers with in excess of 100 billion (Euro) under management.

Following this placement a total of 23% of the issued capital of the Company will now be held by foreign institutional investors. These investors are all considered long term and have a great appreciation of the assets held by International Goldfields Limited.

Yours faithfully

AWP (Tony) Sage FCA FCPA Executive Chairman