IRON BEAR RESOURCES LTD — Capital/Financing Update 2007

Dec 9, 2007

==> picture [181 x 94] intentionally omitted <==

10 December 2007

Companies Announcement Office Australian Stock Exchange Exchange Plaza 2 The Esplanade Perth PERTH WA 6000

Via E Lodgement

INTERNATIONAL GOLDFIELDS RECEIVES A$800,000 PAYMENT AS FINAL SETTLEMENT OF EVANSTON SALE AGREEMENT

Diversified Australian resources company International Goldfields Ltd (“International Goldfields” or “the company”) has received the final payment of $800,000 from Southern Cross Goldfields (“Southern Cross”) relating to the sale of its Evanston project in the Eastern Goldfields region of Western Australia, for A$900,000.

Under the terms of an earlier agreement between International Goldfields and Cape Lambert Iron Ore (“Cape Lambert”), Cape Lambert subsidiary Global Iron Limited will retain the rights to explore for and develop any iron ore projects on these tenements.

The sale of the Evanston project, together with the recent sale of the company’s Mt Ida project further consolidates the Company’s focus on the exploration and development of the recently acquired farm in rights to the Genorah Farms platinum project in the Bushveld region of South Africa.

Yours Faithfully

TONY SAGE EXECUTIVE CHAIRMAN

For further information:

Tony Sage, Executive Chairman, International Gold fields Limited Ph: 08 9388 0744 / 0419 905 908

David Tasker, Professional Public Relations Ph: 08 9388 0944

==> picture [41 x 40] intentionally omitted <==

International Goldfields Limited ABN 76 118 108 615 18 Oxford Close, West Perth WA 6007 PO Box 144, West Perth WA 6872 Phone: (08) 9388 0744 Fax: (08) 9382 1411