IRON BEAR RESOURCES LTD — Director's Dealing 2007

Apr 3, 2007

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
IABN	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	------------- Timothy Paul Turner
Date of last notice	20 December 2005
.

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	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Previde details of the circumstances giving rise to the relevant interest.	$Indirect$ $(l)$ : Shares owned by Timmarin Holdings Pty Ltd as Trustee for The Timothy Paul Turner Family Trust, a company controlled by Mr Turner.
	Indirect(2): Shares owned by Shepperton Holdings Pty Ltd as Trustee for The Shepperton Unit Trust, a company controlled by Mr Turner.
	Indirect $(3)$ : Shares owned by Mrs Marianne Turner, the spouse of Mr Turner,
Date of change	2 April 2007

Appendix 3Y Page 1

⁺ See chapter 19 for defined terms.

No. of securities held prior to change	Direct: 10,000 30 cent options exercisable on or before 31 October 2008 Indirect $(1)$ : 486,146 Fully Paid Ordinary Shares. 1,480,000 30 cent options exercisable on or before 31 October 2008 Indirect $(2)$ :
Class	57,858 Fully Paid Ordinary Shares. Indirect (3) 10,000 30 cent options exercisable on or before 31 October 2008 Fully Paid Ordinary Shares
	30 cent options exercisable on or before 31 October 2008.
Number acquired
Number disposed	Indirect 1: 375,000 fully paid ordinary shares. 400,000 30 cent options exercisable on or before 31 October 2008.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	ordinary 375,000 fully paid shares \$202,500 (Indirect 1) 400,000 30 cent options exercisable on or before 31 October 2008 - \$103,250 (Indirect 1)
No. of securities held after change Nature of change	Direct: 10,000 30 cent options exercisable on or before 31 October 2008 Indirect $(1)$ : 111,146 Fully Paid Ordinary Shares. 1,080,000 30 cent options exercisable on or before 31 October 2008 Indirect $(2)$ : 57,858 Fully Paid Ordinary Shares. Indirect (3) 10,000 30 cent options exercisable on or before 31 October 2008. On-market Trades
Example: on-market trade, officers trade, exercise of options, issue of securities under dividend reinvestauent plan, participation in buy-back

Part 2 – Change of director's interests in contracts

Appendix 3Y Page 2

÷.

⁺ See chapter 19 for defined terms.

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 resu-cash, provide details and an estimated valuation
Interest after change

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Appendix 3Y Page 3

⁺ See chapter 19 for defined terms.