IRON BEAR RESOURCES LTD — Director's Dealing 2008

Jul 20, 2008

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21 July 2008

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: Change of Director’s Interest Notice for Mr Turner.

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	Timothy Paul Turner
Date of last notice	20 June 2008

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); and
	Indirect (2)
Nature of indirect interest	Indirect (1) :
(including registered holder)	Shares owned by Timmarin Holdings Pty Ltd as
Note: Provide details of the circumstances giving rise to the relevantinterest.	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	Indirect (1) and Indirect (2):18 July 2008

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	Direct:10,000 Ordinary Fully Paid Shares.Indirect (1) :1,080,000 Ordinary Fully Paid Shares.Indirect (2):57,858 Ordinary Fully Paid Shares.Indirect (3):10,000 Ordinary Fully Paid Shares.
Class	Indirect (1):(i) Ordinary Fully Paid Shares.Indirect (2):(ii) Ordinary Fully Paid Shares.
Number acquired	Nil
Number disposed	Indirect (1):(i) 500,000 Ordinary Fully Paid SharesIndirect (2):(ii) 57,858 Ordinary Fully Paid Shares
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	(i) Disposal: $423,130.00(ii) Disposal: $48,908.81
No. of securities held after change	Direct:10,000 Ordinary Fully Paid Shares.Indirect (1) :580,000 Ordinary Fully Paid Shares.Indirect (2):NilIndirect (3):10,000 Ordinary Fully Paid Shares.
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	On-market trade.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

11/3/2002