IRON BEAR RESOURCES LTD — Capital/Financing Update 2009

Jun 28, 2009

Deloitte Touche Tohmatsu ABN 74 490 121 060

Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

DX: 206 Tel: +61 (0) 8 9365 7000 Fax: +61 (0) 8 9365 7001 www.deloitte.com.au

By facsimile: 1300 135 638

Deloitte。

Manager Company Announcements Company Announcements Office ASX Limited

29 June 2009

Dear Sirs

CopperCo. Limited (ASX: CUO) (In Liquidation) (Receivers and Managers Appointed) ("the Company")

Please see enclosed announcement concerning the Company.

Yours faithfully

Gary Doran Joint Receiver and Manager

Member of Deloitte Touche Tohmatsu

Liability limited by a scheme approved under Professional Standards Legislation.

(HACRGCURRENT ENGAGEMENTSIZ, G DORAN JOBSPROJECT COCOCOPPERCOZ, COMPLIANCEASX ANNOUNCEMENTSASX FINAL ANNOUNCEMENT COVER 299609.DOC

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Deloitte.

ASX and Media Release

FOR IMMEDIATE RELEASE

CopperCo sale successfully completed

Perth, 29 June, 2009

CopperCo Limited (ASX:CUO) receivers Gary Doran and David Lombe from professional services firm Deloitte are pleased to advise they have today settled the transaction for the sale of the CopperCo assets to Cape Lambert Iron Ore (ASX: CFE).

Cape Lambert was announced as the preferred bidder for the assets last month. The assets include the Lady Annie mine located near Mt Isa in Queensland, where mining was suspended in March 2009 as a result of the severe flooding in the area.

Mr Doran said the successful completion of the sale contract today provided the optimum outcome for stakeholders.

"A key aspect of the transaction is the sale of the Lady Annie mine as a going concern, which puts it in the best position for potential recommencement of operations in the future," Mr Doran said.

"We believe this is the best outcome for stakeholders including creditors, employees and the local community involved in the Lady Annie project. The sale of the Lady Annie mine is important for the local community because of the prospects for future employment. The successful sale will also mean the clean-up plan, as agreed with the Department of Environment and Resource Management (DERM) for the environmental impacts which followed the severe flooding in the region early this year will be funded from the sale proceeds. The Receivers and Managers will continue to work with DERM to clean-up the contamination of the Saga and Inca Creeks."

"We had received strong interest in the CopperCo assets throughout the sale process, and considered a number of firm proposals. The structure of the CopperCo business meant this was a complex receivership, and we are very pleased to have completed the sale to Cape Lambert, which presented the superior proposal for the acquisition of these assets," Mr Doran said.

The sale agreement with Cape Lambert is for all of the assets in the CopperCo portfolio, including assets acquired by CopperCo through the acquisition of the Mineral Securities group of companies, save that a corporate restructure was implemented prior to completion of the sale so that Cape Lambert acquired no more than 20% of any ASX-listed company. This includes investments in several listed companies including Platmin Limited, Corvette Resources Limited, Buka Gold Limited and Tianshan Goldfields Limited. It also includes an interest in the Lady Loretta joint venture project adjacent to the Lady Annie mine, and 100% of the Sappes Gold Project in Greece.

This media release is provided as general information only and does not consider any one's specific objectives, situation or needs. No one should rely on the information in this release. We accept no duty of care or liability to anyone regarding this release and we are not responsible to anyone for any loss suffered in connection with the use of this release or any of its content.

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As part of the sale process the Mineral Securities group of companies has been returned to solvency by way of an equity injection from Cape Lambert, and through Deeds of Company Arrangement for four of the Mineral Securities group companies. As such, creditors in the Mineral Securities group of companies are not expected to suffer any loss and most of the jobs and projects have been preserved. Further, this will have the effect of releasing CopperCo from guarantees and obligations it took on when it acquired the Mineral Securities group of companies.

The sale of the Lady Annie mine and restructure of the Mineral Securities group companies will mean that the secured creditors, and all the outstanding employees' entitlements, will be paid in full and that there should be a part return to creditors of both Lady Annie Operations Pty Ltd and CopperCo. However, it is highly unlikely that there will be any funds remaining for shareholders in CopperCo.

Shareholders and creditors seeking further information should contact Administrators McGrath Nicol on (08) 6363 7600.

For further information:

For general enquiries: Teck Lim Tel: 08 9365 7120 Email: teclim@deloitte.com.au For Media: Warrick Hazeldine / Ryan McKinlay Tel: 08 6314 6300 Mobile: 0417 944 616 / 0408 347 282

About Deloitte

Deloitte is a member of Deloitte Touche Tohmatsu (a Swiss Verein). As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms have any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other, related names. Services are provided by member firms or their subsidiaries and affiliates and not by the Deloitte Touche Tohmatsu Verein.