IRON BEAR RESOURCES LTD — Capital/Financing Update 2009

Nov 11, 2009

ASX Announcement 12 November 2009

CAPE LAMBERT TAKES CONTROL OF $17.4M STAKE IN NIPLATS

Key Points:

• Cape Lambert receives shareholder approval to acquire a 37.6% shareholding in NiPlats, and

• Secures a strategic stake in a company developing Australia’s largest vanadium deposit.

Australian resources company, Cape Lambert Iron Ore Limited ( ASX: CFE ) (the “Cape Lambert” or “Company”) is pleased to announce that shareholders of NiPlats Australia Limited (“NiPlats”) today approved the acquisition by Mineral Securities Operations Limited (Receivers and Managers Appointed) (“MSOL”) of a relevant interest in 30 million existing shares in NiPlats. MSOL is a wholly owned subsidiary of Cape Lambert.

MSOL was acquired by the Company as a part of the transaction earlier this year that saw Cape Lambert acquire the assets of CopperCo Limited (see ASX announcement 7 May 2009).

The Company now controls 30 million shares in NiPlats, representing a 37.6% interest with a market value of approximately $17.4 million (based on NiPlats closing share price of $0.58 on 11 November 2009). NiPlats is a mining and exploration company whose prime focus is the definition and development of its vanadium, platinum and fluorite discoveries in the East Kimberly region of Western Australian.

“This shareholding provides Cape Lambert with a strategic stake in a company developing Australia’s largest vanadium deposit, and is a part of the Company’s value adding strategy,” said Cape Lambert Chairman Mr Tony Sage.

“We are looking forward to working with NiPlats and its endeavours to achieve maximum returns for NiPlats and its shareholders” Mr Sage added.

Yours faithfully Cape Lambert Iron Ore Limited

Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.

The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands on” approach is geared to add value and position assets for development and/or sale.

The Board and management exhibit a strong track record of delivering shareholder value.

Australian Securities Exchange Code: CFE

Ordinary shares 536,619,804

Unlisted options (30 June 2010) 8,350,000

Unlisted options (31 Oct 2010) 28,000,000

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Eloise von Puttkammer Company Secretary

Key Projects and Interests

Lady Annie Copper Project Sappes Gold Project DMC Mining Limited Corvette Resources Limited

Cape Lambert Contact Tony Sage Executive Chairman Phone: +61 8 9380 9555

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

UK Enquiries

Tony Sage Executive Chairman

Cape Lambert Iron Ore Ltd ABN 71 095 047 920 PO Box 144, West Perth Western Australia 6872 Phone: +61 8 9380 9555 Facsimile: +61 8 9380 9666

info@caplam.com.au www.caplam.com.au

Conduit Public Relations Jos Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450