IRON BEAR RESOURCES LTD — Director's Dealing 2007

Dec 2, 2007

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03 December 2007

The Company Announcements Office Australian Stock Exchange Limited

Via E Lodgement

Appendix 3Y – Change of Director’s Interest Notice

Please find attached an Appendix 3Y.

Yours faithfully CAPE LAMBERT IRON ORE LIMITED Timothy Turner Company Secretary

For more information please contact:

Cape Lambert Iron Ore Limited Timothy Turner +61 8 9380 9555

Website

www.capelam.com.au

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Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Cape Lambert Iron Ore Limited
ABN	71 095 047 920

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Antony W P Sage
Date of last notice	27 June 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect (1)
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Indirect (1) :Shares owned by EGAS Superannuation Fund, acompany in which Mr Sage has a relevantinterest.Indirect (2) :Shares owned by Okewood Pty Ltd, a company inwhich Mr Sage has a relevant interest.Indirect (3) :Shares owned by Antony Paul William Sage ATFSage Family Trust, a company in which Mr Sagehas a relevant interest.Indirect (4) :Shares owned by Xyno Pty Ltd, a company inwhich Mr Sage has a relevant interest.
Date of change	3 December 2007

• See chapter 19 for defined terms.

Appendix 3Y Page 1

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Appendix 3Y Change of Director’s Interest Notice

	No. of securities held prior to change	No. of securities held prior to change	No. of securities held prior to change	No. of securities held prior to change	Direct:1,600,000 Fully Paid Ordinary Shares.Indirect (1) :11,620,075 Fully Paid Ordinary Shares.4,500,000 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.	Direct:1,600,000 Fully Paid Ordinary Shares.Indirect (1) :11,620,075 Fully Paid Ordinary Shares.4,500,000 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.	Direct:1,600,000 Fully Paid Ordinary Shares.Indirect (1) :11,620,075 Fully Paid Ordinary Shares.4,500,000 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.	Direct:1,600,000 Fully Paid Ordinary Shares.Indirect (1) :11,620,075 Fully Paid Ordinary Shares.4,500,000 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.	Direct:1,600,000 Fully Paid Ordinary Shares.Indirect (1) :11,620,075 Fully Paid Ordinary Shares.4,500,000 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.
					Indirect (2):310,000 Fully Paid Ordinary Shares.
					Indirect (3):
					1,960,000 30 Cent options exercisable on or
					before 31 October 2008.Indirect (4):100,000 Fully Paid Ordinary Shares.
	Class				**Indirect (1):**Fully Paid Ordinary Shares
	Number acquired				**Indirect (1):**914,175 Fully Paid Ordinary Shares
	Number disp	osed			Indon	**irect (1):**914,or before 31 De	175 40 cent optionscember 2007	exercisable
	Value/ConsidNote: If considvaluation	erationeration is non-cash	provide details an	d estimated	$36	5,670
		,
	No. of securities held after change
		ties held after c	ange		Dir	ect:
					1,600,000 Fully Paid Ordinary Shares.Indirect (1) :12,534,250 Fully Paid Ordinary Shares.3,585,825 40 cent options exercisable on orbefore 31 December 20078,000,000 30 Cent options exercisable on orbefore 31 October 2008.Indirect (2):310,000 Fully Paid Ordinary Shares.Indirect (3):1,960,000 30 Cent options exercisable on orbefore 31 October 2008.Indirect (4):100,000 Fully Paid Ordinary Shares.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

Nature of change Exercise of options Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 3

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