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IRON BEAR RESOURCES LTD — Capital/Financing Update 2011
Mar 7, 2011
65091_rns_2011-03-07_0463f1d7-9333-40ea-8b29-e52b98eb0977.pdf
Capital/Financing Update
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ASX Announcement 8 March 2011
Formal Agreement Signed and Settlement imminent for Sale of Lady Loretta Interest
Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) advises that further to its ASX announcement on 4 February 2011, the Company has now signed a formal agreement with Noranda Pacific Pty Limited, a wholly owned subsidiary of Xstrata plc (“Xstrata”) for the sale of the Company’s 25% interest in the Lady Loretta project in northwest Queensland (“Lady Loretta”) for $30million cash payable at completion (“Sale Agreement”).
In accordance with the terms of the Sale Agreement, settlement is due to occur within 30 days with only regulatory approvals required to be obtained prior to settlement occurring. The Company does not envisage any delay to settlement given the remaining 75% interest in Lady Loretta is held by Xstrata.
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 571,849,603
Unlisted Options 7,850,000 ($0.45 exp 30 Sep 2011)
Board of Directors
Tony Sage
Executive Chairman
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: [email protected]
Australian Enquiries
Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: [email protected]
UK Enquiries
Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450
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