IRON BEAR RESOURCES LTD — Director's Dealing 2009

Aug 30, 2009

ASX Announcement 31 August 2009

Appendix 3Y – Change of Director’s Interest Notice

Please find attached an Appendix 3Y: Change of Director’s Interest Notice for Mr Maher.

Yours faithfully

CAPE LAMBERT IRON ORE LIMITED

Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.

The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands on” approach is geared to add value and position assets for development and/or sale.

The Board and management exhibit a strong track record of delivering shareholder value.

Australian Securities Exchange Code: CFE

Eloise von Puttkammer Company Secretary

Ordinary shares 523,797,213 million

Unlisted options (30 June 2010) 8,350,000 million

Unlisted options (31 Oct 2010) 28,000,000 million

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Eloise von Puttkammer Company Secretary

Key Projects and Interests

Lady Annie Copper Project Sappes Gold Project DMC Mining Limited Corvette Resources Limited

Cape Lambert Contact Tony Sage Executive Chairman Phone: +61 (0)8 9380 9555

www.capelam.com.au

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

UK Enquiries

Conduit Public Relations Jos Simpson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450

Cape Lambert Iron Ore Ltd ABN 71 095 047 920 PO Box 144, West Perth Western Australia 6872 Phone: +61 8 9380 9555 Facsimile: +61 8 9380 9666

info@capelam.com.au 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	17 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 Mr Brian Joseph Maher & Mr
Note: Provide details of the circumstances giving rise to the relevantinterest.	Paul Joseph Maher <Maher Super Fund A/C>, of
	which Mr Maher has a relevant interest.
	Indirect (2) :
	Shares owned by Verily Pty Ltd <Maher Super
	Fund A/C>, a company in which Mr Maher has a
	relevant interest.
Date of change	On 31 August 2009

• 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 Ordinary Fully Paid Shares.Indirect (1):NilIndirect (2):723,000 Ordinary Fully Paid Shares.
Class	Indirect (1) and Indirect (2):Ordinary Fully Paid Shares.
Number acquired	Indirect (1):100,000 Ordinary Fully Paid Shares.Indirect (2):127,000 Ordinary Fully Paid Shares.
Number disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Indirect (1):$41,550Indirect (2):$52,768
No. of securities held after change	Direct:15,000 Ordinary Fully Paid Shares.Indirect (1):100,000 Ordinary Fully Paid Shares.Indirect (2):850,000 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	Indirect (1) and Indirect (2):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	N/A
Nature of interest	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

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

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002