IRON BEAR RESOURCES LTD — Capital/Financing Update 2003

Nov 11, 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 Fausimile +618 9382 141 PO Box 144 West Perth Western Australia 6872 www.internationalgoidfields.com

12th 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

FEASIBILITY STUDY COMPLETED BALDOCK DEPOSIT, MOUNT IDA PROJECT

International Goldfields Limited is pleased to announce the results of a feasibilty study into the mining of the high grade Baldock deposit situated at the Company's Mount Ida project in the goldfields of Western Australia.

The study was conducted in-house by the company and has been revised and audited by independent mining consultants Golder Associates Pty Ltd. In summary, Golders have indicated that "... the Baldock Project is a robust project that has the potential to generate healthy returns for International Goldfields' shareholders."

Revisions have been made to the original mine plan resulting in a reduction in the amount of tonnes mined whilst increasing the overall recoverable grade. Key parameters of the study are as follows;

Proven Reserve:	67,594T @ 21.2 g/t Au
Net Cash Generated:	A\$8.12 million
Mine Life:	24 months
Maximum Capital Exposure:	A\$2.5 million
Cash cost per ounce:	A\$266

The mine is planned to be carried out in two phases. Phase one will see the refurbishment of the nearby Timoni shaft followed by the development of a drive across to the orebody and the extraction of a 3,000 tonne bulk sample. On completion of this, further metallurgical testwork will be undertaken on

the bulk sample. Phase two will see the extension of the shaft and the installation of a haulage system followed by the commencement of mining.

It is believed that the project also displays some significant upside potential. The mine design at this stage is considered to be conservative with some of the existing resource not included in the design. Additionally, the lode clearly extends further southwards and a programme of early underground diamond drilling is planned to test the extent of the lode. Gold recoveries used in the modelling have been conservatively estimated at 85% whilst recent testwork indicate that +90% recoveries are likely.

The company intends to shortly further increase its in-house mining expertise in order to facilitate the development of the project.

The project clearly has the potential to generate a significant cashflow to the company. The company is well positioned to sole-finance the project with a current cash position of approximately \$4M with further funds due to the company through the expiration of options due at the end of this year.

Yours faithfully,

Tony Sage Executive Chairman