IRON BEAR RESOURCES LTD — Capital/Financing Update 2012

Feb 8, 2012

ASX Announcement 9 February 2012

Marampa Project Update

Further to its ASX announcements throughout 2011 and in response to the media articles in The West Australian and the Australian Financial Review on 9 February 2012 and an ASX query, 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 of Marampa and a listing on the AIM market of the London Stock Exchange (“IPO”). The capital raising will enable the Company to sell down to an approximate 25% interest in Marampa whilst retaining a royalty in the Marampa Project and will also provide Marampa with new money for the completion of a definitive feasibility study, commencement of pre-construction activities and general working capital. The timing with proceeding with the IPO remained subject to market conditions.

As detailed in the media articles today, the Company has ramped up the IPO of Marampa and its current aim is to successfully complete that process by the end of the current financial year.

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

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 689,108,792

Unlisted Options 7,800,000 ($0.45 exp 30 Nov 2012)

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 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