IRON BEAR RESOURCES LTD — Director's Dealing 2008

May 12, 2008

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13 May 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.

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	Brian Joseph Maher
Date of last notice	19 June 2006

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) & (2)
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Indirect (1) : Shares owned by Mr Brian Joseph Maher & Mr Paul Joseph Maher , of which Mr Maher has a relevant interest. Indirect (2) : Shares owned by Verily Pty Ltd Fund A/C>, a company in which Mr Maher has a relevant interest.
Date of change	On 1 May 2008 and 2 May 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: 15,000 Fully Paid Ordinary Shares. Indirect (1) : 50,000 Fully Paid Ordinary Shares. 100,000 27.7 cent options exercisable on or before 31 October 2008. Indirect (2): 1,250,000 27.7 cent options exercisable on or before 31 October 2008.
Class	Indirect (1):27.7 cent options exercisable on or before 31 October 2008. Indirect (2):27.7 cent options exercisable on or before 31 October 2008.
Number acquired	Nil
Number disposed	Indirect (1): 411,000 27.7 cent options exercisable on or before 31 October 2008 Indirect (2): 100,000 27.7 cent options exercisable on or before 31 October 2008.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Disposal: $205,301
No. of securities held after change	Direct: 15,000 Fully Paid Ordinary Shares. Indirect (1) : 839,000 27.7 cent options exercisable on or before 31 October 2008. Indirect (2): 50,000 Fully Paid Ordinary Shares.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On-market trade

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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