IRON BEAR RESOURCES LTD — Investor Presentation 2008

Mar 6, 2008

7 March 2008

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The Company Announcements Office ASX Limited Via E Lodgement

Market Update

The company wishes to advise that its executive chairman Mr Ian Burston is currently in meetings with the company’s UK based shareholders.

We attach herewith a copy of the presentation that Mr Burston will be referring to at these meetings.

Yours faithfully Cape Lambert Iron Ore Limited

Ian Burston Executive Chairman

FOR MORE INFORMATION PLEASE CONTACT:

Cape Lambert Iron Ore Limited

Ian Burston +61 (0)8 9211 0600 Tony Sage +61 (0)8 9380 9555

Australian Enquiries:

Professional Public Relations David Tasker +61 (0)8 9388 0944

UK Enquiries:

Collins Stewart Europe Limited Adrian Hadden +44 (0)20 7523 8353 Oliver Quarmby +44 (0) 20 7523 8354

Conduit PR:

Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450 Jane Stacey +44 (0)20 7429 6606

Website:

www.capelam.com.au

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Market Update March 2008.

Disclaimer

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This presentation has been prepared by Cape Lambert Iron Ore Limited (“Cape Lambert” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and will almost differ from those or developments certainly materially expressed implied. Cape Lambert has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Cape Lambert makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

Throughout the presentation all figures are quoted in A$ dollars unless otherwise stated.

You should not act or refrain from acting in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Cape Lambert’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on previous announcements made by Cape Lambert to the ASX.

Corporate Snapshot

Board and Senior Management	Board and Senior Management
Board
Ian Burston	Executive Chairman
Tony Sage	Executive Director
Brian Maher	Non-Executive Director
Peter Landau	Non-Executive Director
Tim Turner	Non-Executive Director
Senior Management
Joe Ariti	GM - Projects
Jeff Hamilton	Project Manager
Kim Bischoff	Chief Geologist

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Share Price - 6 months ending 29 Feb 08
$0.75
$0.65
$0.55
$0.45
$0.35
$0.25
$0.15
29/8/07 5/10/07 11/11/07 18/12/07 24/1/08 1/3/08
Date
Share Price
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Capital Structure	Capital Structure	Capital Structure	Capital Structure
Ordinary shares (ASX: CFE)			281.6m
Options on issue
Expiry	Strike (A$)		Quantity
30-Jun-08	0.49		6.65m
30-Jun-08	0.90		3.30m
22-Oct-08	0.427		0.55m
31-Oct-08 (ASX: CFEO)	0.277		130.97m
09-Feb-09	0.367		0.50m
30-Jun-09	1.40		3.30m
31-Oct-09	0.327		50.00m
31-Oct-10	0.377		28.00m
Total Options			223.3m
Major Shareholders Power United Limited 6.5% HSBC Nominees 6.4% Computershare Clearing 4.3% Delong Holdings Limited 4.3% Top 20 42.1%
		6.5%
		6.4%
		4.3%
		4.3%
		42.1%

	Major Shareholders Power United Limited HSBC Nominees	6.5% 6.4%
	Computershare Clearing	4.3%
	Delong Holdings Limited	4.3%
	Top 20	42.1%

Project Summary

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• Magnetite iron ore project (no known economic heamatite),

• Located on the Pilbara coast at Cape Lambert,

• Acquired for $20 million cash and options in late 2005,

• Main zone of mineralisation has a strike of approximately 9km by 2km,

• 1.56 billion tonne, JORC compliant, iron ore resource defined,

• Approximately 75,000 metres of drilling completed over 3 campaigns - ≈ 95% RC,

• Conventional mineral beneficiation produces marketable magnetite concentrate - +65% Fe, ≤5% (silica + alumina),

• At feasibility stage.

Project Location

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MoU Signed for Sale

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• MoU signed for the sale of the Project tenements to China Metallurgical Group Corporation (“MCC”),

• Sale consideration is $400 million, payable in three tranches,

• $240 million or 60%, on sale becoming unconditional,

• $80 million or 20%, sixty days hence, and

• $80 million or 20% on grant of a mining lease.

• MCC has paid a $10 million deposit ($5 million nonrefundable if MCC withdraws),

• MCC has until 30 April to complete due diligence and obtain Chinese government approvals,

• Sale is subject to various approvals including Cape Lambert shareholders, the Australian Foreign Investment Review Board and the Chinese government.

Sale Tenements

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Retained Tenement

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About MCC

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• Chinese state-owned company,

• Substantial, vertically integrated conglomerate with turnover of approximately US$18 billion in 2007,

• MCC is engaged in EPC contracting, mining (iron ore, copper, gold, nickel, cobalt, zinc, lead and aluminium), papermaking, equipment fabrication and real estate development,

• Completed design and construction assignments for approximately two thirds of the iron ore projects and 90% of the steel mills in China,

• In the Pilbara, MCC owns 20% of the Sino Iron Project, and has been awarded the EPC component of this project.

MCC has an existing Pilbara Investment

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Anticipated Sale Timeline

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Near Term Plan

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• Assist MCC successfully complete due diligence – several MCC officers currently reviewing information,

• Prepare and sign sale documentation, and attend to required approvals,

• Advance the grant of new tenement ELA 47/1493 to enable drill testing of the 3km magnetic anomaly,

• Step-up the identification and review of new business opportunities that compliment the Company’s skills and strengths in mining and iron ore – dedicated personnel now in place,

• Scale back Cape Lambert project development activities to minimise non value adding expenditure.

Medium Term Plan

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• Pursue new business opportunities that fit the Company’s strengths and skill set, where the potential to value add can be demonstrated,

• Drill test the 3km magnetic anomaly within the retained tenement – to define an inferred resource,

• Enhance the Board, as necessary, with additional skill sets suited to the Company’s new positioning,

• Post sale completion, review the Company’s capital requirements,

• Retain AIM listing for access to offshore capital markets.

Summary

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• Board is committed to, and primarily focused on, the successful completion of the sale to MCC,

• � Repositioning underway to pursue new business opportunities that fit the Company’s strengths and skill set, where the potential to value add can be demonstrated,

• Post sale completion, significant cash reserves available in a time of uncertain capital markets, where access to capital is likely to be limited.