IRON BEAR RESOURCES LTD — Capital/Financing Update 2004

Apr 15, 2004

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 Facsimile +618 9382 1411 PO Box 144 West Perth Western Australia 6872 www.internationalgoldfields.com

April 16, 2004 Company Announcements Office Australian Stock Exchange Limited

Via: E Lodgement

POLARIS METALS NL SUCCESSFULLY LISTS ON ASX

The Directors of International Goldfields Limited (IGL) wish to congratulate Polaris Metals NL (ASX code: POL) on its successful listing on the ASX. Polaris raised approximately \$3.5 million and issued approximately 17,500,000 shares at \$0.20.

As part of IGL's business plan to focus on core projects, the British Hill Gold Project was divested to Polaris for \$155,000 while also retaining a 20% free carried interest until completion of a bankable feasibility study. IGL's interest in British Hills will be managed by very experienced Industry professionals who have considerable knowledge of, and a number of advanced exploration projects in, the Southern Cross Greenstone Belt.

IGL's investment in Polaris complements our previous successes with spin-off assets to ASX Listed entities Jackson Gold Limited (JAK) in 2002, Cazaly Resources Limited (CAZ) in 2003, Republic Gold Limited (RAU) and Great Australian Resources (GAU) in 2004. IGL is also currently in negotiations with potential new floats for assets currently held by IGL.

Whilst having confidence in the potential of the British Hill Project, IGL is very aware of the need to focus exploration and management on our key projects at Mt Ida, Evanston and the Sacu Project in Romania. The agreements between IGL and JAK, CAZ, RAU, GAU and POL are entirely consistent with our business plan of divesting non-core assets at a profit.

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

Yours faithfully

Tony Sage Executive Chairman