IRON BEAR RESOURCES LTD — Capital/Financing Update 2010

Jan 12, 2010

ASX Announcement 13 January 2010

DISPOSAL OF NON-CORE SHAREHOLDINGS REALISES CASH OF A$27.7M

• Key Points:

• Cape Lambert has disposed of non-core shareholdings included in the CopperCo transaction for a total of A$27.7M,

• Disposed shareholdings comprise Platmin Limited, Herencia Resources plc and Charaat Gold Holdings Ltd,

• Funds to be applied to acquisition opportunities and development of existing projects within portfolio.

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 565,166,467

Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) has successfully disposed of non-core shareholdings in three companies included in the CopperCo transaction, realising cash of A$27.7M.

The stakes disposed of are summarised as follows:

Company	Ticker	Realisation
Herencia Resources plc	AIM: HER	$587,000
Charaat Gold Holdings Ltd	AIM: CGH	$2,000,000
Platmin Ltd	AIM/TSX: PPN	$25,100,000
TOTAL		$27,687,000

The disposal of these non-core shareholdings, via a series of on-market and off-market transactions, is in line with the Company’s strategy of unlocking the full value of the CopperCo transaction, and ensuring management and financial focus is on those assets that have potential to deliver significant returns to the Company and its shareholders in the short-to-medium term.

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 Marampa Iron Ore Project Sappes Gold Project DMC Mining Limited Corvette Resources Limited

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

“These shareholdings are non-core and as such we have taken the opportunity to dispose of them thereby simplifying our corporate structure and increasing our cash reserves,” said Cape Lambert Chairman, Mr Tony Sage.

“The funds will be applied to the development of our existing project portfolio and acquisition opportunities,” Mr Sage added.

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

Conduit Public Relations Jos Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450 Email: Jos@conduitpr.com

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

info@capelam.com.au www.capelam.com.au

ASX Announcement 13 January 2010

The Company also advises that through a series of negotiations over the Christmas/New Year period, it has increased its stake in Pinnacle Group Assets Ltd (“Pinnacle”) from 26.2% to 35% at no cost.

Pinnacle has exploration tenements covering 3,250km[2] , over a 150km strike length north and south of the Pepel deep water port in Sierra Leone. Historic work indicates substantial prospectivity for coal and iron ore within these holdings.

Yours faithfully Cape Lambert Resources Limited

Tony Sage Executive Chairman

Cape Lambert Resources Limited ASX Announcement

Page 2 of 2