IRON BEAR RESOURCES LTD — Capital/Financing Update 2004

Jun 8, 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

HIGH GRADE RESULTS EXTEND METEOR LODE FOR INTERNATIONAL GOLDFIELDS LIMITED

Infill drilling and feasibility study to commence for resource estimation

International Goldfields Ltd (ASX:IGL) is pleased to announce high grade assay results from its drilling programme at the Company's Mount Ida Gold Project in the Eastern Goldfields of Western Australia.

It is evident that the Meteor Lode, where drilling took place, is at least similar in size to the Baldock Lode which is expected to produce 43,000 ounces over a mine life of 20 months, although further infill and step-out drilling will be necessary to determine the full extent of the mineralisation

At the Meteor Lode the high-grade gold mineralisation has now been confirmed to extend over a strike length of 200m and a vertical height of 80m, and remains open down plunge (refer long section attached). Best results include 1m @ 18.8g/t Au from 154m (TIC239); 1m @ 10.8g/t Au from 210m (TIC246); 1m @ 10.1g/t Au from 244m (TIC247); and 1m @ 92.0g/t Au from 221m (TIC248). The Company is confident that this newly discovered resource will significantly extend the mining operations at Mount Ida. A feasibility study into the mining of the high grade Meteor Lode will commence immediately. The Meteor Lode is in close proximity to the Baldock Lode and will be easily accessed from the existing mining operations.

Mining of the Meteor Lode will also provide access to the remnant resource in the lower portion of the Whinnen Lode, which has not been incorporated into the current mine plan or mine reserves. Contract mining of the upper portion of the Whinnen Lode has recently been completed. The final parcel of 1200 tonnes of ore assayed 27.7g/t Au, and confirms the excellent continuity and nature of the gold mineralisation at Mount Ida.

Drilling of the down plunge extensions of the Baldock and Baldock South Lodes is underway and results from this step-out drilling programme are expected within the next 2-3 weeks.

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 drilling programme are summarised below:

Hole	Northing	Easting	From	To	Interval		Au	LODE/REMARKS
						m@	g/t
TIC235	110,244	10,048	250	251		m@		Hit Structure NSV
TIC236	110,198	10,065	268	269		m@		Hit Structure NSV
TIC237	110,454	10,221	130	131	1	m@	12.5	W 2
TIC238	110,402	10,186	137	138	1	m@	3.30	W 2
TIC239	110,349	10,159	154	155	1	m@	18.8	W 2
TIC240	110,500	10,221	143	146	3	m@	3.74	W 2
TIC241	110,346	10,046	243	244	1	m@	9.98	W 2
TIC242	110,250	10,147	161	162	1	$m$ $@$	2.25	W 2
TIC243	110,250	10,100	215	216		$m$ $@$		Hit Structure NSV
TIC244	109,200	10,120	168	169	1	$m$ $@$	2.33	W 2
TIC245	109,300	10,151	147	148	1	m@	1.35	W2
			152	154	$\overline{\mathbf{2}}$	m@	2.80	W 2
TIC246	110,300	10,102	210	211	1	m@	10.8	W 2
TIC247	110,300	10,080	244	245	1	m@	10.1	W 2
TIC248	110,350	10,103	221	222	1	$m$ $@$	92.0	W 2
TIC249	110,350	10,083	253	254	1	m@	1.00	W 2
TIC250	110,400	10,163	156	160	4	m@	11.5	W 2
		Including	157	159	$\overline{2}$	$m$ $@$	20.9	W 2
TIC251	110,400	10,117	214	215	1	m@	20.5	W 2
TIC252	110,450	10,198						Await Results
TIC253	110,250	10,010						Await Results
TIC254	110,116	10,030						Await Results

NB

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

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

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

4. No Significant Value (NSV)

MOUNT IDA MINE AREA - DAVE LINE (Long Section Looking East)