IRON BEAR RESOURCES LTD — Capital/Financing Update 2013

Mar 20, 2013

ASX Announcement 21 March 2013

STRATEGIC REVIEW (CANACCORD APPOINTED) AND MARKET UPDATE

Cape Lambert Resources Limited (ASX: CFE) ( Cape Lambert or the Company ) is pleased to announce that it is undertaking a strategic review of its assets. The Company has appointed Canaccord Genuity (Australia) Limited as financial advisor on its strategic options, including advising on discussions around the potential monetisation of current assets, including the advanced Marampa iron ore project in Sierra Leone.

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.

Cape Lambert is undertaking this review, with the support of Canaccord Genuity (Australia) Limited, as a result of the number of unsolicited approaches to the Company in recent months.

The Company views the review as an opportunity to assist with significant value uplift for its’ existing shareholders, given the substantial difference between the Net Tangible Asset value of the Company and the Market Capitalisation.

The Company has engaged in discussions with third parties around a range of potential corporate and strategic transactions. A number of parties are currently conducting due diligence on various assets and projects. Shareholders should note that these discussions are incomplete at present and there is no assurance that the discussions will lead to a binding transaction.

The Company will continue to keep the market updated in relation to any material developments.

Yours faithfully Cape Lambert Resources Limited

Australian Securities Exchange Code: CFE

Ordinary shares 687,533,792

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 International Goldfields Limited

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Tony Sage Executive Chairman

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 ]

Corporate - 32 Harrogate Street, West Leederville WA 6007

United Kingdom - 14 Golden Square, London W1F 9JG