IRON BEAR RESOURCES LTD — Capital/Financing Update 2004

Jan 15, 2004

INTERNATIONAL

GOLDFIELDS

LIMITED

.
International GoldRelds Limited ABN 71 095 047 928 Ground Floor 18 Oxford Close Leederville Perth Western Australia 6007 rema westera Australia wuy
Tsiephone +618 9388 6744 Facaimile +618 9382 1411
www.internationalypidfields.com
PC Box 144 West Portis Western Australia 5872

16 January 2004

Company Announcements Office Australian Stock Exchange Limited

Via: E Lodgement

REPUBLIC GOLD LIMITED SUCCESSFULLY LISTS ON ASX

The Directors of International Goldfields Limited (IGL) wish to congratulate Republic Gold Limited (ASX code: RAU) on its expeditious and successful listing on the ASX.

Republic Gold Limited raised approximately \$5.83 million and issued approximately 29,175,000 shares at \$0.20.

The Directors of IGL believe its shareholding in Republic Gold Limited (1,000,000 fully paid ordinary shares), acquired through the vending of the Northcote Project, will provide the maximum benefit to our shareholders through:-

• $\bullet$ Exposing IGL to quality exploration projects including the Northcote Project, and Republic Gold Limited's other properties in the Hodgkinson Basin in far north Queensland and the Lucky Draw property in New South Wales; and
• Allowing IGL to focus on the Mt. Ida and Evanston projects whilst retaining a royalty exposure on the projects $\bullet$ subject to the Acquisition Agreement.

IGL's investment in Republic Gold Limited (RAU) complements our previous successes with spin-off assets to ASX Listed entities Jackson Gold Limited (JAK) in 2002 and Cazaly Resources Limited (CAZ) in 2003. IGL is also currently in advanced negotiations with two potential new floats for assets currently held by IGL. Announcements on the progress of these floats will be made in due course.

The agreements between IGL and individually RAU, JAK and CAZ are entirely consistent with its business plan of divesting non-core assets at a profit, to allow exploration and management focus on our key projects at Mt. Ida, Evanston and the Sacu Project in Romania.

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

Yours faithfully

Tony Sage Executive Chairman