IRON BEAR RESOURCES LTD — Capital/Financing Update 2010

Sep 19, 2010

LATIN RESOURCES LIMITED ACN: 131 405 144

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Level 1, 173 Mounts Bay Road Perth Western Australia 6000 P 08 9485 0601 F 08 9321 6666 E info@latinresources.com.au

Centralised Company Announcements Platform Australian Stock Exchange Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000 Australia

COMPANY ANNOUNCEMENT 20 SEPTEMBER 2010

• LATIN RESOURCES CLOSES IPO OVERSUBSCRIBED

• LATIN RESOURCES TO LIST ON THE ASX ON TUESDAY 21 SEPTEMBER

• CAPE LAMBERT LARGEST SHAREHOLDER

The Directors of Latin Resources Limited are pleased to announce that the Company’s $6 million initial public offer (IPO) has closed fully subscribed. The Company offered 25 million shares at $0.20 per share to raise $5 million. Oversubscriptions of up to a further $1 million were accepted to take the total capital raising to $6 million.

Directors anticipate that trading will commence on the Australian Securities Exchange on Tuesday 21 September (ASX: LRS).

Cape Lambert Resources Limited (ASX: CFE) will be the largest shareholder with a 17% stake in Latin Resources Limited.

Latin Resources Managing Director Mr Chris Gale said “ We are very pleased by the high level of interest shown in the Company and its projects from both domestic and international investors.”

Regards

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Chris Gale Managing Director Latin Resources Limited

About Latin Resources

Latin Resources Limited is a mineral exploration company focused on creating shareholder wealth through the identification and definition of mineral resources in Latin America, with a specific focus on Peru.