IRON BEAR RESOURCES LTD — Investor Presentation 2006

Aug 13, 2006

11 August 2006

The Company Announcements Office Australian Stock Exchange Limited

Via E Lodgement

CAPE LAMBERT IRON ORE LTD PRESENTATION

Please find attached a copy of the Cape Lambert fron Ore Ltd (ASX:CFE) presentation current as at 11th August 2006.

The attached presentation will be utilised by the Company for relevant presentation to current and prospective shareholders and broker representatives.

Should there be any queries related to the attached presentation please do not hesitate to contact the writer.

Yours faithfully

CAPE LAMBERT IRON ORE LTD

Tony Sage

Executive Director

The mineral Resource is based on information compiled by Martin Reynolds who is a fellow of the Australian Institute of Mining & Metallurgy. Mr Reynolds is a Director of Mackay & Schnellmann Pty Ltd, an independent geological consultant. Mr Reynolds is qualified as a Competent person as defined in the 2004, "Australasian Code for Reporting of Mineral Resources and Reserves" $(JORC)$ .

For more information please contact: Tony Sage, Cape Lambert Iron Ore Ltd lan Burston, Cape Lambert Iron Ore Ltd. David Tasker, PPR Miikka Haromo, Collins Stewart Angus Prentice / Leesa Peters, Conduit PR-

+61 8 9380 9555 +610413998784 +61893880944/+61433112936 +44 (0) 20 7523 8000 +44 (0) 20 7429 6603

WGSteh Australen Iron Ore Profect

BTOKET PICESSITETION - AUGUST 2006

Cope Lambert Iron Ore Lid 18 Oxford Close, Leederville, Western Australia 6007, Australia phone +61 8 2880 2555 focsimile +61 8 9380 9666 WWW.copelem.com.cu

The information contained in this Presentation has not been independently verified. The information set out in this Presentation may be subject to updating, revision, verification and amendment and such information may change materially. Cape Lambert is under no obligation to update or keep current the information contained in this Presentation and any opinion expressed in this Presentation is subject to change without notice.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation.

None of Cape Lambert or any of its respective affiliates, advisers or representatives (if any) shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this Presentation or its contents, or otherwise arising in connection with this Presentation.

Certain statements in this Presentation constitute 'forward looking statements' These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect the beliefs and expectations of the directors of Cape Lambert and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, amongst other factors, securing governmental and other approvals, changing business or other market conditions, the prospects for growth anticipated by the management of Cape Lambert and the accuracy of any estimate of the value of a resource. These and other factors could adversely affect the outcome and financial effects of the plans and events described in the Presentation. As a result, you are cautioned not to place undue reliance on such forward looking statements. Cape Lambert's directors disclaim any obligation to update their view of such risks and uncertainties or to publicly announce the result of any revisions to the forward looking statements made in this Presentation, except where it would be required to do so under applicable law.

Conservation and

Total Shares on Issue	24745 M
Octor
81 October 2008 @ \$0.277 (ASX: CFEO)	18615 m
31 October 2009 @ \$0.327	50 m
81 October 2010 @ \$0.377	AOTH
Oasnalisan k	16Th
Lighte Assar	PAIL

Najošky Shareholders

Ranc	Number	% ssice Gablal
National Nominees Ltd.	41 54 3 9 0 4	16 65%
ANZ Nominees Limited	23 265 254	$9.33\%$
JP Morgan Fleming Aust Ltd.	22 750 000	9.12%
EXVELUITE LETTER	18 328 368	7 35%
AWP Sace	KATZOLOZE	4.70%
Westpac Custodian Nominees Ltd	20058129	448%
Computershare Clearing Pty Ltd.	6,068,852	2.43%
Battle Mountain Pty Ltd.	4 998 661	2.00%
Mr Henry Kal Tong Au	4.478.809	1179%
Equitech Investments Limited	2562050	1108%
	146 763 567	5888%

Top 10 Shareholders as at 9 August 2006

KO

IV. SEKOLO NAJAR DA E

Dr Ian Burston – Non-Bxeetitive Chaliman

Ian has more than 30 years experience in mining related industries including positions as Managing Director, CEO, Vice President and Chairman for both prominent and junior Company's. Ian is currently a non-executive Chairman of Broome Port Authority, Imdex Ltd and Aztec Resources Ltd and a non-executive Director of Mincor Resources NL.

Mr Brian Maher — Technical Director

Brian has over 40 years in the mining industry, covering both underground and open cut operations, as a miner, supervisor, mining engineer, mine manager consultant, contractor and managing director. He has worked throughout the world, including Australia, Liberia, Guyana and the Philippines.

Mr Iony Sacta Bacquive Diracion

Tony has in excess of 25 years of experience in the field or corporate advisory services, funds management and capital raising. Tony has been involved in the management and financing of listed mining companies in Australia and internationally for the last 12 years.

Człote Echtoch Robion C, O (UICSICIE AUSTRIA) Indian Oce $N$ ickoi $B$ ay Cape Lambert Cape Lambert BHP/Shell/Woodside 2.5bt Resource NW Shelf Gas >\$9 billion p/a Point Samson Rio Tinto Cape Lambert Port >45mt Iron Ore p/a $\begin{picture}(20,10) \put(0,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1,0){10}} \put(15,0){\line(1$ Rio Tinto Wickham Dampier Port Tenement boundary >80 mt Iron Ore p/a $(220 \text{ sq/km})$ Gas Pipeling Dampier Roebourne Legend Karrath Landing Ground $\delta ! x$ Gas Pipeline WESTERN Roebourne Railway railway AUSTEALIA Airport West Coastal Highway Highway Boundary Tenement Railway & power $\mathcal{R}^{\bullet\bullet}{\bullet\bullet\bullet{\Phi_{\mathcal{R}_{\mathcal{L}}}}}$ transmission line 20km Ω Mount Baynton

C2310. SHE NAMES OF STRIPS OF STRIPS OF STRIPS

2.5 Billion Tonnes $@$ 30%Fe

1.4bt in Indicated Resource category 1.1bt in Inferred Resource category (250m depth & 25%Fe cut off)

1.2 Billion Tonnes @ 33%Fe 0.67bt in Indicated Resource category 0.53bt in Inferred Resource category (250m depth & 30%Fe cut off)

This Resource was calculated from 22,662 metres of Robe historical drilling consisting of 189 drill holes

Qualification: The mineral Resource is based on information compiled by Martin Reynolds who is a fellow of the Australian Institute of Mining & Metallurgy. Mr Reynolds is a Director of Mackay & Schnellmann Pty Ltd, an independent geological consultant. Mr Reynolds is qualified as a Competent person as defined in the 2004, "Australasian Code for Reporting of Mineral Resources and Reserves' (JORC).

Ozapiske kataloge (Cickoloto)

$\ddot{\bullet}$

Constantinople

Logistic Advantages

• Jan from Coast 5
• Direct connection to Gas, Power, 2 Infrastructure, Local Workforce etc.
• \$2.5million per/km:-Foresote (EVG) 250km Mi Cibson (MCX) 20036 Ghdalble (GBG) 260km Grange Resources (GRR) 120km

Cape Size Vessel - $(200,000t - 300,000t)$

Comment Review

LLE MARTI

IVEROLIA USERBO IE IVEC INSTITU IELSTOTSTES I IS

Cape Lambert deposit is located on the north west coast of Western Australia, 20km north of Karratha which is a major distribution hub for iron ore, gas, etc.

Barnaco Company COSTROSSICI

• · 2.5 Billon Tomes JORO complant Resource
• $\sim 40-50$ year nine lie
• $\sim$ 5mioa 15mioa concentratorio >60% from
• Capital ex requirements to turn key, est. \$500 million D
• EXAMPLE ANGLES
• Recovery 30 35% D

Qomparison of Oomparis

		Share Strugture
	Market Car (Willion 6)	Stricts	Oplors Million	Resource Willien Tonics	ESHOSI Exocitolitics	Erodicion (mice)	Comment
EXPLOIT	40,000			Leire		76	DSO
R omino	40,000			Letter		105	DSO
Fortescue Metals (FMG)	2,200	224	2	1400	2.500	NA	DRO
Michson (MCX)	870	401	25	250	800	874	DSOR Corcentate
Gindalbie Metals (GBG)	280	835	22	760	5200	74	Concentrate
Grange Resources (GRR)	148	35	IG	458	4.500	25	Concentrate
Cape Lambert Ron Ore (CEE)	œ	PATA	PPAB	24500	SECRETIC	Extra	Conciniate

Data compiled from various public sources current at the time of production only, to the best of our knowledge.

KO

³ Figures are estimates only

IC

Samhar Mari

• Location 5kms from Coast 2
• Significant infrastructure already in place D (power, road, water and populated areas)
• Substantial Tonnage with significant upside
• Stable political and economic environment 2
• Proximity to Asian markets $\sum_{i=1}^n$

MANANASH AKADEMIAN AND BASIC

• Assemblite Professional Team D
• Large Ore Booy Gapable of Concentration to Acceptable 2 Steel Indusity Standards
• Prime Location 3
• Compatitve Cost Into Ship 0
• Strong Fon Ore Market C
• Sole Focus on Developing Gape Lambert Deposit 2

Stage 1

RC Drilling Programme - Commenced 5

Stace2

• Refine Metallurgical Process for Concentrate 8
• Reine JORG Reserve / Resource Gategories 3
• Develop Gapital and Operational Estimates 0
• Condete BFS 5