IRON BEAR RESOURCES LTD — Capital/Financing Update 2003

Oct 15, 2003

INTERNATIONAL GOLDFIELDS LIMITED

International Coldéekis Limited A8N 71 095 047 920 Ground Ploor 18 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 141 PO Box 144 West Perth Western Australia 6872 www.internationalgoidfields.com

16 October 2003

PRIVATE PLACEMENT TO EUROPEAN INSTITUTIONAL INVESTORS

The Directors of International Goldfields Limited are pleased to announce that the Company has today issued and allotted to European institutional investors 7,797,405 new ordinary fully paid shares at 37 cents per share as part of the placement announced 3 October 2003.

The Directors are pleased to welcome prominent international investors Gold 2000 Ltd, Credit Agricole, and Global Gestion to the Company's register.

The placement has so far raised the company AUD\$2,885,040 of the total placement of AUD\$3,500,000. The Balance of the placement is expected to be completed within the next two weeks.

The funds raised through the placement will be utilised for the continued exploration and development of the Company's Mt Ida Project as well as increased exploration on the Evanston project where a Reverse Circulation drilling programme is currently being conducted to follow up on recent excellent results.

Yours faithfully

AWP (Tony) Sage FCA FCPA Executive Chairman