IRON BEAR RESOURCES LTD — Capital/Financing Update 2013

Jul 7, 2013

ASX Announcement 8 July 2013

Completion of Sale of Leichhardt Project

Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) is pleased to advise that further to its ASX Announcements dated 19 April 2013 and 28 June 2013, the Company has completed the sale of its wholly owned subsidiary, Cape Lambert Leichhardt Pty Ltd, the holder the Leichhardt Copper Project ( Leichhardt Project ).

Pursuant to the terms of the transaction, the Company has received a total consideration of A$14.75m.

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.

Additionally, the Company will have A$5.6million of environmental and cash bonds returned to it over the next month plus transitional funding associated with the Leichhardt Project from 1 May 2013 until completion.

The Leichhardt Project comprises a copper cathode process plant capable of producing 9,000 tpa of copper cathode and surrounding landholding. The Company acquired the Leichhardt Project in August 2010 from Matrix Metals Limited (Receivers and Managers, and Administrator Appointed) for A$7.75million. The Leichhardt Project has been on care and maintenance since its acquisition by the Company.

Executive Chairman Tony Sage said “With this transaction now complete Cape Lambert will have available cash reserves of approximately A$35m, which ensures we continue to remain largely unaffected by the uncertainty being created in global equity markets.”

“With the sale process for both the Marampa Iron Ore Project and the royalty associated with the Mayoko Iron Ore Project both advancing positively we expect this cash position to be enhanced significantly over the coming six months.”

“For the various stakeholders of the Leichhardt Project I am delighted that the sale has now been completed and that the project is proposed to be returned to production in the earliest possible time frame by its new owners.”

Australian Securities Exchange Code: CFE

Ordinary shares 681,741,942

Unlisted Options 11,040,000 ($0.29 exp 22 Nov 2013)

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

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

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

Australian Enquiries

Yours faithfully Cape Lambert Resources Limited

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

UK Enquiries

Tony Sage Executive Chairman

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 - 32 Harrogate Street, West Leederville WA 6007