IRON BEAR RESOURCES LTD — Capital/Financing Update 2013

Apr 29, 2013

ASX Announcement 30 April 2013

NEWLY GRANTED TENEMENTS IN HIGHLY PROSPECTIVE BIRIMIAN GOLD BELT OF COTE D’IVOIRE

Key Points:

• Three tenements comprising 1,200km[2] granted in the highly prospective Birimian Gold Belt.

• Birimain Gold Belt is host to numerous multi-million ounce gold deposits including the Morila (7Moz), Syama (7Moz) and Tongon (4Moz) deposits.

• Tenements contain Birimian Greenstones and metasediments and straddle major gold hosting district long shear zones.

• Significant artisanal alluvial gold workings identified within the licence areas.

• Tenements are along strike of the major deposits of Syama (7Moz) and Sissingue (1Moz).

Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) is pleased to announce that it has secured substantial land holdings in the highly prospective Birimian Greenstone Gold Belt within Cote D’Ivoire.

Tenure

Three tenements named Boundiali North (400km[2] ), Katiola (400km[2] ) and Bouake (400km[2] ) have recently been granted to Metals Exploration Cote D’Ivoire (100% owned subsidiary of Cape Lambert) for a total land position of 1,200km[2] (refer Figure 1).

The tenements all contain, or are adjacent to, Birimian Greenstones and metasediments and have significant structural characteristics known to host high tenor gold mineralisation in the district.

Birimian Greenstone Belt

Birimian gold mineralisation in Cote D’Ivoire is generally concentrated, but not restricted to narrow structural corridors between and within volcanic belts and sedimentary basins. The metamorphosed greenstone belts and granite–gneisses of early Proterozoic Birimian mainly follow a NNE – SSW trend with gold mineralisation often associated with quartz veining and shearing of the prospective rock sequences.

The Birimian Group is broadly divided into phyllites, tuffs and greywackes of the Lower Birimian (Type 2 metasediments), and various basaltic to andesitic lavas and volcanoclastics of the Upper Birimian (Type 1 Greenstone metavolcanics).

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 687,283,792

Unlisted Options 11,710,000 ($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

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 ]

32 Harrogate Street, West Leederville WA 6007

ASX Announcement 30 April 2013

Spatial distribution of gold mineralisation appears to be governed by north to northeast trending belts of metavolcanic rocks, ranging from 15 to 40km in width, associated with the Upper Birimian. Almost without exception, the major gold deposits are located at or close to the margins of the metavolcanic belts, adjacent to the strongly deformed contacts between the Upper and Lower Birimian sequences.

Gold mineralisation in the majority of the Birimian Belt of West Africa is typically found in mesothermal lode deposits, and is generally closely related to major structures associated with the Upper and Lower Birimian contact . Other mineralisation styles include quartz reefs hosted within sediments and appear associated with major shear structures and subsidiary oblique faults. Lower grade mineralisation may also be present as disseminations or associated with sheeted quartz veining within sediments, tuffs and basic dykes situated in close proximity to major structures.

Prospects

Boundiali North (400km[2] )

The Boundiali North tenement is located in northern Cote D’Ivoire approximately 28km by road from the town of Boundiali and 410km from the capital of Yamoussoukro. The tenement contains rocks from both the Upper and Lower Birimian group and straddles major gold hosting shears which act as contact horizons between the Birimain metasedimentary and metavolcanic greenstone rocks.

The Eastern edge of the tenement is loosely aligned with the Bagoue’ River where artisanal alluvial gold mining has been observed during an initial reconnaissance site visit (refer Figure 2).

Regional analogies for gold mineralisation include the 7 Moz Syama deposit in southern Mali and the 1 Moz Sissingue deposit, both found due north and directly along strike of the Boundiali North property.

The combination of known auriferous rock types of the Birimian group, the presence of major gold hosting shears, existence of coarse alluvial gold and the proximity and relationship to major gold deposits creates a ‘perfect storm’ for the potential existence of a major multi-million ounce gold deposit waiting to be discovered.

Katiola (400km[2] )

Situated approximately 205km southwest of the Boundiali North tenement, the Katiola lease is located in central northern Cote D’Ivoire approximately 254km by road from Yamoussoukro. Similar to Boundiali North, the rocks are comprised of metasediments and metavolcanic greenstones of the Upper and Lower Birimian group separated by major shear structures. A series of small artisanal excavations were identified during initial field reconnaissance with spoil piles of elluvial / alluvial sediment interspersed with quartz detritus providing evidence of gold mineralisation in the vicinity.

The lithology and structural environment within the lease provides for a highly prospective land package and the potential to host a major gold deposit.

Bouake (400km[2] )

The Bouake tenement is located approximately 105km by road from Yamoussoukro and 90km due south of the Katiola licence. The regional geological map shows the lithologies to be dominated by granites and intensely metamorphosed sediments of the Lower Birimian group. A major north south shear runs sub parallel and within the eastern boundary of the tenement which may act as a source for gold mineralisation.

Cape Lambert Resources Limited ASX: CFE

Page 2 of 4

ASX Announcement 30 April 2013

Forward Work Program

The Company is currently engaged in precursor exploration to source all available information on the geology of Cote D’Ivoire and the lease areas themselves. A review of this data will follow from which an appropriate exploration strategy will be determined. The Company anticipates an initial program of prospect mapping, geophysics acquisition and preliminary geochemical assessment will narrow down and prioritise what it expects to be numerous high quality gold targets.

The Company is excited by the apparent early stage prospectivity of its newly acquired holdings in the wellknown Birimian Gold Belt of Cote D’lvoire and believes it has potential to add significant value for shareholders.

Yours faithfully

Cape Lambert Resources Limited

Tony Sage Executive Chairman

Competent Person Statement:

The contents of this Announcement relating to Exploration Results are based on information compiled by Dennis Kruger, a Member of the Australasian Institute of Mining and Metallurgy. Mr Kruger is a consultant to Cape Lambert and has sufficient experience relevant to the style of mineralisation and the deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Kruger consents to the inclusion in this Announcement of the matters compiled by him in the form and context in which they appear.

Cape Lambert Resources Limited ASX: CFE

Page 3 of 4

ASX Announcement 30 April 2013

Figure 1 Tenement location map.

==> picture [539 x 397] intentionally omitted <==

Figure 2. Alluvial gold bearing quartz fragments found in artisanal workings on the Boundiali North tenement.

==> picture [266 x 173] intentionally omitted <==

Cape Lambert Resources Limited ASX: CFE

Page 4 of 4