IRON BEAR RESOURCES LTD — Capital/Financing Update 2007

Mar 22, 2007

$P.1/1$ ⁰⁰

23 March 2007

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Australian Stock Exchange Limited 2. The Esplanade Perth WA 6000.

Attention: Jill Hewitt

By facsimile: 9224 0013

Dear Jill.

CAPE LAMBERT IRON ORE LIMITED

TRADING HALT

Pursuant to Listing Rule 17, the Company hereby requests a Trading Halt to our traded securities ASX:CFE for a period of 48 hours pending an announcement being made to the market.

The Company is not aware of any reasons why the Trading Halt should not be granted.

Yours faithfully CAPE LAMBERT IRON ORE LTD

IF Burston Chairman