IRON BEAR RESOURCES LTD — Director's Dealing 2010

May 5, 2010

ASX Announcement 6 May 2010

Appendix 3Y – Change of Director’s Interest Notice

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

Yours faithfully Cape Lambert Resources 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.

Eloise von Puttkammer Company Secretary

Australian Securities Exchange Code: CFE

Ordinary shares 625,759,256

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

Board of Directors

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

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets Sappes Gold Project DMC Mining Limited Corvette Resources Limited

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

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 Simson Phone: +44 (0)20 7429 6603 Mobile: +44 (0)7899 870 450

Cape Lambert Resources Limited 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

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 Resources 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	28 April 2010

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.

Part 1 - Change of director’s relevantIn the case of a trust, this includes interests in the trustNote: In the case of a company, interests which come within pdisclosed in this part.	interests in securitiesmade available by the responsible entity of the trustaragraph (i) of the definition of “notifiable interest of a director” should be
Direct or indirect interest		Indirect (3)
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise tinterest.	o the relevant	Indirect (1):Shares owned by EGAS SuperannuatioFund, a company in which Mr Sage hasrelevant interest.Indirect (2):		nachinant
		Shares owned bOkewood Pty Lt	y PG Partnership, of whid is a member, a company
		which Mr Sage	as a relevant interest.
		Indirect (3):Shares ownedcompany in whiinterest.	by Okewood Pty Ltd,ch Mr Sage has a releva
Date of change		On 5 May 2010

• See chapter 19 for defined terms.

Appendix 3Y Page 1

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	Direct:NilIndirect (1) :28,840,430 Fully Paid Ordinary SharesIndirect (2):250,000 Fully Paid Ordinary SharesIndirect (3):1,000,000 Fully Paid Ordinary Shares
Class	Fully Paid Ordinary Shares
Number acquired	1,000,000 Fully Paid Ordinary Shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$399,627
No. of securities held after change	Direct:NilIndirect (1) :28,840,430 Fully Paid Ordinary SharesIndirect (2):250,000 Fully Paid Ordinary SharesIndirect (3):2,000,000 Fully Paid Ordinary 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

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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