IRON BEAR RESOURCES LTD — Capital/Financing Update 2004

Mar 11, 2004

12 March 2004

Company Announcements Office Australian Stock Exchange Limited

Via: E Lodgement

GREAT AUSTRALIAN RESOURCES SUCCESSFULLY LISTS ON ASX

The Directors of International Goldfields Limited (IGL) wish to congratulate Great Australian Resources Limited (ASX code: GAU) on its successful listing on the ASX. Great Australian Resources raised approximately \$4 million and issued approximately 20,000,000 shares at \$0.20.

The Directors of IGL believe its shareholding in Great Australian Resources (125,000 fully paid ordinary shares, escrowed for 12 months), acquired through the vending of the Sophie Downs Project, has the potential to offer an excellent investment to IGL shareholders.

IGL's investment in Great Australian Resources complements our previous successes with spin-off assets to ASX Listed entities Jackson Gold Limited (JAK) in 2002. Cazaly Resources Limited (CAZ) in 2003 and Republic Gold Limited 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 Sophie Downs 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 and GAU 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