IRON BEAR RESOURCES LTD — Capital/Financing Update 2004

Jun 29, 2004

INTERNATIONAL GOLDFIELDS LIMITED

International Goldfields Limited ABN 71 095 047 920. Ground Floor 18 Oxford Close Leederville Penth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 1411 PO Box 144 West Perth Western Australia 6872 www.internationalgoldfields.com

Via: E Lodgement

LATEST DRILL RESULTS LEAVE METEOR LODE OPEN AT DEPTH Drilling extends Dave Line to the South

Deep Reverse Circulation (RC) drilling fails to close off the down plunge extensions of the Meteor Lode at International Goldfields Ltd (ASX:IGL) Mount Ida Gold Project in the Eastern Goldfields of Western Australia.

The deepest hole at the Meteor Lode returned 1m @ 33.6g/t Au from 309m (TIC253) and confirms high grade mineralisation to extend to over 250m beneath ground surface (see Figure 1). At these depths the lode appears to extend over a strike length of at least 80m where previous drilling returned 2m @ 16.7g/t Au from 283m (TIC110); further drilling to confirm over 150m of strike extent was unsuccessful when TIC 254 was abandoned due to water inflows.

Future drilling of the down plunge extensions of the Meteor, Baldock and Baldock South Lodes to depths beyond 350m below surface will require diamond drilling techniques to help combat the water flows which recently resulted in holes (TIC242, 254 and 258) being abandoned before reaching the desired target depth.

The Company is confident that the newly discovered Meteor Lode is at least similar in size to the Baldock Lode (43,000oz), and will significantly extend the mining operations at Mount Ida. A feasibility study into the mining of the high grade Meteor Lode is underway. The Meteor Lode is in close proximity to the Baldock Lode and will be easily accessed from the existing mining operations.

At the Baldock Lode south of the 'A fault' drill hole TIC256 returned 1m @ 9.28g/t Au from 287m which, together with significant intersections of 1.2m @ 51.1g/t Au from 339.7m (TID014) and 1m @ 7.0g/t Au from 325m (TIC233) could potentially outline a new lode of high grade gold mineralisation.

Regional exploration utilising Rotary Air Blast (RAB) drilling techniques was undertaken at the West Nell prospect which is located on the eastern side of the anticline in an area that is similar in both structure and

geology to that of the Timoni Mine Area (see Figure 2). Outstanding results were obtained over a strike length of 300m (north-south) and 120m width and included best results of MIB559 10m @ 1.47g/t Au from 20m, including 4m @ 2.17g/t Au from 20m, MIB566 9m @ 2.41g/t Au from 32, including 2m @ 6.95g/t Au from 33m and MIB567 6m @ 1.29g/t Au from 32m, including 2m @ 4.78g/t Au from 33m. These results are typically accompanied by elevated copper values of over 0.3%Cu and represent copper sulphide mineralisation.

The results are regarded as very significant, and better than the assay results that were obtained at the time of the discovery of the copper-rich Baldock Lode, when RAB drill intersections included 4m @ 1.54g/t Au from 16m, 2m @ 1.51g/t Au from 26m and 3m @ 2.33g/t Au from 46m. Further RAB and RC drilling will be undertaken to identify the full extent of the significant drill intersections.

Should there be any queries on this matter please do not hesitate to contact the writer.

Yours faithfully

Tony Sage Executive Chairman The results from the RC drilling programme are summarised below:

Hole	Northing	Easting	From	To	Interval	$m$ $\omega$	Au g/t	LODE/REMARKS
TIC235	110,244	10,048	250	251		m @		Hit Structure NSV
TIC238	110,198	10,065	268	269		动食		Hit Structure NSV
TIC227	110,454	10,221	130	131	f.	m @	12.5	W2
TIC238	110,402	10,188	137	138	像	m @	3.30	W2
TIC239	110,349	10.159	154	186	÷	m @	18.8	W2
TIC240	110,500	10,221	143	146	ã	m @	3.74	W2
TIC244	110,346	10.046	243	244	像	hr @	\$.\$8	W2
TIC242	110,250	10,147	161	162	Ť.	m @	2.25	W2
TIC243	110,250	10,100	215	216		hr 食		Hit Structure NSV
TIC244	109,200	10,120	168	169	÷	797 @	2.33	W2
TIC245	108,300	10,151	347	148	Ť.	m @	4.36	W2
			162	184	Ż	m @	2.80	W2
TIC246	110,300	10.102	210	211	羹	m @	10.8	W2
TIC247	110,300	10,080	244	245	塗	m @	40.3	W2
TIC248	110,350	10,103	224	222	ą.	m @	\$2.0	W2
TIC249	110,350	10,083	253	254	f.	m @	1.00	$\forall \forall 2$
TIC2SQ	110,400	10,163	156	160	遽	m @	11.8	W2
		including	167	159	2	m ©	20.8	W2
TIC284	110,400	10,117	214	216	f.	m @	20.6	W2
TIC252	110,450	10,198	155	156	1	m@	2.29	W 2
TIC253	110,250	10,010	309	310	1	$m$ $@$	33.6	W 2
TIC254	110,116	10,030						Abandoned
TIC255	109,733	10,113	208	209	1	$m$ $@$	0.88	W 2
TIC256	109,700	10,066	287	288	1	m@	9.28	W 2
TIC257	109,957	10,230	182	183	1	$m$ $@$	0.94	W 2
TIC258	109,825	10.020						Abandoned

$NB$

1. Drill holes marked in light grey have been previously reported.

2. All drill holes were drilled towards an azimuth of grid east (090) at a declination of 60 degrees.

3. Down hole intersections approximate to 75% of the true width.

4. Samples were analysed at the Leonora Laverton Assay Laboratories using Fire Assay with an AAS finish.

5. No Significant Value (NSV)

Significant results from the RAB drilling programme are summarised below:

Hole	Easting	Northing	From	To	Interval		Au	LODE/REMARKS
						m@	g/t
MIB556	256913	6783704	17	22	5	m@	0.61	West Nell
		including	17	18	1	$m$ $@$	1.45
MIB558	256952	6783704	22	29	7	m@	0.87	West Nell
		including	24	27	3	$m$ $@$	1.09
MIB559	256972	6783703	20	30	10	m@	1.47	West Nell
		including	20	24	4	$m$ $@$	2.17
			29	30	1	m@	4.32	West Nell
MIB560	256987	6783703	18	27	9	$m$ $@$	0.45	West Nell
		including	19	20	1	$m$ $@$	1.05
MIB561	257009	6783702	29	32	3	m@	1.01	West Nell
MIB563	256888	6783601	24	25	1	m@	1.61	West Nell
MIB564	256909	6783601	29	32	3	$m$ $@$	0.70	West Nell
MIB565	256930	6783602	35	36	1	$m$ $@$	1.11	West Nell
MIB566	256949	6783602	32	41 EOH	9	m@	2.41	West Nell
		including	33	35	2	$m$ $@$	6.95
MIB567	256971	6783601	19	25	6	m@	1.29	West Nell
		including	21	22	1	$m$ $@$	4.78
MIB568	256990	6783601	33	37	4	m@	0.73	West Nell
		including	33	35	2	$m$ $@$	1.00
MIB569	257009	6783597	41	47	6	m@	0.78	West Nell
		including	42	46	4	m @	0.94
MIB576	256990	6783498	44	45	1	$m$ $@$	1.22	West Nell
			53	54 EOH	1	m@	1.23
MIB578	256890	6783401	26	27	1	m@	1.76	West Nell
MIB580	256928	6783396	29	30	1	m@	1.12	West Nell

NB

1. All drill holes were drilled towards an azimuth of grid west (270) at a declination of 60 degrees.

2. Down hole intersections approximate to 75% of the true width.

3. 1. Samples were analysed at the Leonora Laverton Assay Laboratories using Fire Assay with an AAS finish.
4. 1. Coordinates are MGA 94 Grid.
5. 1. EOH equals End of Hole.

MOUNT IDA MINE AREA – DAVE IINE (Long Section Looking East)