IRON BEAR RESOURCES LTD — Capital/Financing Update 2003

Jul 29, 2003

INTERNATIONAL GOLDFIELDS LIMITED

Wemstond Coldfelds United ABN 71 095 047 920 Ground Roof 18 Oxford Close Leedsryke Perth Western Australia 6007 Telephone +618 9388 0744 Factinde +618 9392 (4) PCI Box 144 West Parth Western Australia 6872 mono la diferenzi les vigote diferents in out

BY ELECTRONIC LODGEMENT

30th July 2003

COMPANY ANNOUNCEMENT

UPDATE ON PLACEMENT

The Company is pleased to announce that as part of the recently announced capital raising it has issued a total of 5,070,000 shares at an issue price of \$0.30 per share to the following shareholders;

• JPMorgan Fleming $\bullet$
• Rothschild & Cie Gestion $\bullet$
• First Equity Ltd. $\bullet$

BOARD RE-STRUCTURE

Following the recent merger of Hamill Resources Ltd ("HML") and International Goldfields Ltd ("IGF") the company wishes to announce the following changes to the Board structure.

• 1. Mr AWP (Tony) Sage has been appointed Executive Chairman.
• $2.$ Nathan McMahon has resigned as Managing Director and will take on the role of General Manager -Operations for the Company.

Kent Hunter Director