IRON BEAR RESOURCES LTD — Capital/Financing Update 2011

Dec 4, 2011

ASX Announcement 5 December 2011

Marampa Project Update

Further to its announcements to ASX throughout 2011 and in response to the media article in The Australian on 5 December 2011, Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) provides an update on the Company’s intentions regarding its Marampa Project.

On 20 September 2011, the Company announced that it intended to pursue an initial public offering and a listing on the AIM market of the London Stock Exchange which would enable the Company to sell down to an approximate 25% interest in Marampa. The Company has significantly progressed this process and has appointed a number of advisors to assist with the listing process and is well advanced on its drafting of an AIM Admission document.

Consistent with the Company’s business model, whilst the Company continues with the IPO process, the Company still responds to interest received from third parties in respect to a sell down of its interest in the Marampa Project via an asset sale. The Company has had a number of parties in the data room dedicated to the Marampa Project reviewing material in respect of the Marampa Project.

The Company will continue to update shareholders on the progress of the Marampa Project.

Yours faithfully

Cape Lambert Resources 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 688,108,792

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets Sappes Gold Project African Iron Limited International Goldfields Limited

Cape Lambert Contact

Tony Sage

Executive Chairman

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Phone: +61 8 9380 9555 Email: info@capelam.com.au

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

Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450

www.capelam.com.au

Cape Lambert Resources Limited[ABN 71 095 047 920 ]

Corporate - 18 Oxford Close, Leederville WA 6007 Projects - Level 1, 2 Ord Street, West Perth WA 6005 United Kingdom - 14 Golden Square, London W1F 9JG