IRON BEAR RESOURCES LTD — Capital/Financing Update 2011

Jun 9, 2011

ASX Announcement 10 June 2011

MARAMPA PROJECT AND REGIONAL EXPLORATION UPDATE

Key Points:

• Airborne magnetic and radiometric survey completed over 3,000km[2] of the Marampa Belt, 70km to the north and south of the Marampa Project.

• Conversion of reconnaissance licences to exploration licence applications covering the entire strike extent of the prospective Marampa Belt in progress.

• Resource definition drilling at Marampa completed and final assays received.

• Subject to the independent geological consultant completing the resource estimate in the coming weeks, updated Marampa resource estimate to be released at the end of June.

Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) is pleased to provide a market update on its 100% owned Marampa Iron Ore Project (“Marampa Project” or “Marampa”) and regional exploration in Sierra Leone, West Africa.

On 18 October 2010, Cape Lambert announced it had been granted three reconnaissance licences and had applied for a further five reconnaissance licences covering approximately 3,000km[2] of the highly prospective Marampa Group rocks, which host the iron ore deposits at Marampa. A review of the iron prospectivity of this area has identified four known hematite schist occurrences to the east and north of Marampa. As a consequence, Cape Lambert converted its reconnaissance licences and applications to exploration licence applications to enable further exploration of the Marampa Belt, which extends 70km to the north and south of the Marampa Project. These exploration licences are currently in the process of being granted.

Contractor, New Resolution Geophysics have completed 17,000 line kilometres of high resolution, airborne magnetic and radiometric geophysics surveying over the reconnaissance licences. The survey data is currently being interpreted by independent geophysics consultants, Core Geophysics Pty Ltd.

Resource definition drilling at Gafal, Matukia, Rotret and Mafuri prospects is now complete and final assay results have been received. An updated mineral resource estimate is currently being prepared by independent mining consultants Golder Associates Pty Ltd and is expected to be completed and announced to the market at the end of June. This updated resource estimate will comprise maiden mineral resources for the Rotret and Mafuri prospects as well as substantial additions to the current Gafal and Matukia resources.

Yours faithfully Cape Lambert Resources Limited

Tony Sage

Executive Chairman

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 571,849,603 Unlisted Options 7,850,000 ($0.45 exp 30 Sep 2011)

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

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

Cape Lambert Resources Limited[ABN 71 095 047 920 ]

www.capelam.com.au

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