IRON BEAR RESOURCES LTD — Director's Dealing 2007

Jul 1, 2007

02 July 2007

The Company Announcements Office Australian Stock Exchange Limited

Via E Lodgement

Change in Director's Interest Notice

Please find attached an Appendix 3Y: Change of Director's Interest Notice for Mr Antony W P Sage.

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

Appendix 3Y

Rule 3.19A.2

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 fron 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	22 January 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 relevant interest.	Indirect $(1)$ : Shares owned by EGAS Superannuation Fund, a company in which Mr Sage has a relevant interest.
	Indirect $(2)$ : Shares owned by Okewood Pty Ltd, a company in which Mr Sage has a relevant interest.
	Indirect $(3)$ : Shares owned by Antony Paul William Sage ATF Sage Family Trust, a company in which Mr Sage has a relevant interest.
	Indirect (4) : Shares owned by Xyno Pty Ltd, a company in which Mr Sage has a relevant interest.
Date of change	26 June 2007

⁺ See chapter 19 for defined terms.

No. of securities held prior to change	Direct:
	1,600,000 Fully Paid Ordinary Shares.
	Indirect $(1)$ : 10,120,075 Fully Paid Ordinary Shares.
	6,000,000 40 cent options exercisable on or before 31 December 2007
	8,000,000 30 Cent options exercisable on or before 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	1,500,000 Fully Paid Ordinary Indirect (1): Shares
Number disposed	Indirect (1): 40 cent options exercisable on or before 31 December 2007
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$600,000
No. of securities held after 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 or before 31 December 2007
	8,000,000 30 Cent options exercisable on or before 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.

⁺ See chapter 19 for defined terms.

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

$\overline{\text{+ See chapter 19}}$ for defined terms.