IRON BEAR RESOURCES LTD — Capital/Financing Update 2005

Dec 19, 2005

MARKET RELEASE

20 December 2005

Cape Lambert Iron Ore Ltd

REINSTATEMENT TO OFFICIAL QUOTATION

The securities of Cape Lambert Iron Ore Ltd (the "Company") will be reinstated to official quotation prior to the commencement of trading on Wednesday 21 December 2005, at the request of the Company, following the settlement of the Mt Anketell Pty Ltd acquisition and completion of the Company's fundraising.

Security Codes:

CFE CFEO

$m$

Brendan O'Hara MANAGER, ISSUERS

93809666

ABN 71 095 047 920

(Formerly International Goldfields Limited)

20 December 2005

Marian Tarkg ASX 2 The Esplanade PERTH WA 6000

(By facsimile: (08) 9221-2020)

Dear Maridn

Cape Lambert Iron Ore Ltd ("CLIO")

Further to the finalisation of our raising for the acquisition of all the issued capital of Mt Anketell Pty Ltd (as described in the prospectus dated 21 11 2005), I can now confirm that settlement of the transaction has been executed and the shares issued pursuant to the agreement have been issued and allotted.

We therefore request that our securities be reinstated on the ASX Wednesday 21^st December 2005

Please advise us of your approval as soon as possible.

Should you have any questions regarding this matter please do not hesitate to call.

Yours faithfully

CAPE LAMBERT IRON ORE LTD

P Sag Executive Chairman