IRON BEAR RESOURCES LTD — Investor Presentation 2011

Apr 19, 2011

ASX Announcement 20 April 2011

Company Presentation

Cape Lambert Resources Limited is pleased to attach a copy of the presentation which will be delivered by Company executives in Perth today.

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.

Claire Tolcon

Company Secretary

Australian Securities Exchange Code: CFE

Ordinary shares 571, 849,603

Unlisted Options 7,850,000 ($0.45 exp 30 Sep 2011)

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets Sappes Gold Project African Iron Limited International Goldfields Limited

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Phone: +61 8 9380 9555 Email: info@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

Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450

Cape Lambert Resources Limited[ABN 71 095 047 920 ]

Corporate - 18 Oxford Close, Leederville WA 6007 Projects - Level 1, 2 Ord Street, West Perth WA 6005 United Kingdom - 14 Golden Square, London W1F 9JG

www.capelam.com.au

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Market Update April 2011

Tony Sage Executive Chairman

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Disclaimer

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This presentation has been prepared by Cape Lambert Resources Limited (“Cape Lambert” or the “Company”). It is not a disclosure document and 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 developments will almost certainly differ materially from those expressed or 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 takes no responsibility and assumes 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 this 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 presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on previous announcements made by Cape Lambert (or other relevant parties) to the ASX.

This presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and has been prepared without taking account of any person’s investment objectives, financial situation or particular needs.

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19 April 2011

Progressive Global Mining Company

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• Australian mineral investment company, listed on ASX (CFE)

• Geographically diverse portfolio of mineral assets and interests in mining and exploration companies

• Cash and receivables of A$150 million[1] at 31 March 2011, no bank debt and fully funded

• Convertible notes of A$7.9 million maturing inside 18 months

• Deferred consideration receivable from sale of Lady Annie (A$5 million) triggered by the achievement of certain production milestones

• Directors hold approximately 6.7% of the Company

1 Legal Action has commenced to recover the final A$80 million owing from MCC.

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Strong Track Record

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• Strong track record of delivering shareholder value

• February 2011, on market buy-back complete, 54 million shares for A$32 million bought back

• July 2010, A$44 million fully franked special dividend

• October 2008, A$100 million capital/dividend payment

• October 2007, in specie distribution of Global Iron Limited (now African Petroleum Corporation Limited), Market Cap now A$1.1 billion

• May 2006, in specie distribution of International Goldfields Limited (now International Petroleum Limited), Market Cap now A$190 million

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Business Model and Strategy

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• Leverage off strong balance sheet (cash reserves) and relationships

• Invest in resource and that are considered undervalued or early stage projects companies

• distressed

• Assets and investments are primarily iron ore, copper, gold and uranium

• Add value through a “hands on” approach

• Position assets for ultimate sale

• Regularly distribute cash to shareholders via dividend payments as asset realisation occurs

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Corporate Snapshot

Capital Structure
Ordinary shares (ASX: CFE)	572M
Market Cap at $0.52	$297M
Unlisted options ($0.45 exp 30 Sep 2011)	7.8M
Cash and receivables1	$158M
Securities (marked-to-market)	$72M
Enterprise value	$67M

Shareholding
Directors	6.7%
Top 20	64.4%
African Minerals Limited	21.3%
Aust & NZ Institutions	5.8%
Asian Institutions	9.7%
UK & European Institutions	8.6%

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Share Price Performance

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Avera e Dail Tradin Volume g y g

2011 (year to date) 2.8 million

1Includes convertible notes.

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Strong Board and Management

Directors

Tony Sage

Executive Chairman

Over 25 years experience in corporate advisory, funds management and capital raisings.

Tim Turner

Non-Executive Director

Over 25 years experience in management and business consultancy and a partner in an accountancy practice.

Brian Maher Non-Executive Director

Mining engineer with over 40 years experience in the mining industry working in Australia, Liberia, Guyana & the Philippines.

Joe Ariti

Fiona Taylor

Kim Bischoff

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Key Management

General Manager

Metallurgist with over 25 years experience in the mining industry working in Australia, Indonesia, PNG and Africa.

Chief Financial Officer

Chartered accountant with over 13 years experience in both commerce and professional practice in South Africa, Australia and the UK.

GM – Exploration

Geologist with 26 years experience in exploration, development and mining, working in Australia, Southeast Asia and Africa.

Ross Levin Non-Executive Director

Holds degrees in both Law and Economics, extensive experience in acquisitions, corporate restructuring, and takeovers and is currently a senior partner in the commercial division of Rigby Cooke Lawyers.

Claire Tolcon

Company Secretary / Legal Counsel Lawyer with 13 years experience primarily in the areas of equity capital markets, mergers and acquisitions, corporate governance and mining and resources.

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Group Structure

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West African Emerging Iron Ore Business – The Next Pilbara

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Marampa Iron Ore Project (CFE: 100%)

• Specular hematite, operated from 1933-1977

• Maiden JORC resource of 197Mt (@28.5% Fe) representing 20% of mineralised strike

• Potential production start-up late 2012

• Scoping study for 5Mtpa, standalone open pit mining development complete,

• initial capital investment estimated at US$655 million,

• Pre-tax NPV8 US$715 million at FoB price of US$100 /dmt

• Bench scale metallurgical test work completed –

• on Fe and mass composite samples high

• recoveries utilising WHIMS

• Hard rock target size ± 700M-1Billion tonnes

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	Mass %	Fe Rec. %	Fe %	SiO2%	Al2O3%	P %
Typical WHIMS concentrate	43	84	65	3.2	1.0	-

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Pinnacle Group Assets (Iron Ore) (CFE: 46.11% & Manager)

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Kukuna, Sierra Leone

• 68km[2] granted licence, with >10km of prospective formation with outcropping enriched specular hematite

• SRK completed geological mapping and defined five large target areas; trenching and IP surveys completed to define priority drill targets

• Drilling to commence in June 2011 quarter

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Pinnacle Group Assets continued

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Sandenia, Guinea

• Two exploration permits (total 608km[2] ) prospective for iron ore

• Adjacent to Bellzone’s 3.7 billion tonne Kalia iron ore project

• airborne geophysical survey and regional geological mapping now completed.

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Pinnacle Group Assets continued

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continued Sandenia, Guinea

• Seven exploration targets prospective for oxidised enriched and magnetite BIF identified

• Regional mapping & sampling confirms BIF with in-situ iron grades of up to 48% Fe at surface

• Prospect-scale mapping & sampling of priority targets at Sandenia and Tambounkoudi to commence shortly prior to drilling in 2H-2011.

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Sappes Gold Project (CFE: 100%)

 Project based on developing

• High-grade, underground Viper resource (total Mineral Resource – 1Mt at 21.4 g/t Au)

• Small, open pit on St Demetrios mineralisation (total Mineral Resource – 0.8 Mt at 3.4 g/t Au)

• Planned production of 80koz pa over 7 years (in dore and flotation concentrate) for a cash operating cost of A$330 per oz

• Development capital circa. A$100M

• Pre-tax NPV(8%) ≈A$176 million (A$1330/oz)

• Historical permitting delays, but now targeting

• Feasibility Study Update (no cyanide usage)Complete November 2010

• Preliminary Environmental Impact study Lodged December 2010

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Other Key Assets

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Asset	Interest	Commodity	Stage	Location
African Iron Ltd (ASX:AKI)	25%	Iron Ore	Exploration, near term production	Republic of Congo, Africa
Australis	100%	Rock Phosphate	Exploration	Qld/NT, Australia
Leichhardt	100%	Copper	Care & Maintenance	Qld, Australia
Cauldron Energy Ltd (ASX:CXU)	19.9%	Uranium	Exploration	Australia/Argentina
Fe Ltd (ASX:FEL)	19.9%	Iron Ore	Exploration	Midwest WA, Australia
International Goldfields Ltd (ASX:IGS)	32.3%	Gold	Exploration	Australia/Cote d’Ivoire/Brazil
Latin Resources Ltd (ASX:LRS)	16.6%	Iron Ore & Gold	Exploration	Peru
Monitor Energy Ltd (ASX:	15.2%	Energy	Exploration	Kyrgyzstan/SA, Australia

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Value Proposition

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Asset	A$ Value
Cash at 31 March 2011	70M
Cash Receivables and Convertible Notes1	88M
Equities (mark-to-market)2	72M
Marampa (100%)3	500M?
Sappes (100%)4	50M?
Australis (100%)	?
Pinnacle (46.11%)	?
Cape Lambert South (100%)	?
	++780M

Notes:

• 1.Cash receivables include the final payment to be received in respect of the sale of the Cape Lambert project and repayment of convertible notes. 2.Equities were marked-to-market on 16 March 2011.

• 3.Marampa value based on “asking price” in respect of a trade sale.

• 4.Sappes value based on approximately 30% of estimated NPV in updated Feasibility Study (December 2010).

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Attributes

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Competent Persons Statement

The Metallurgical information in this presentation is based on information compiled by GV Ariti who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Ariti has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Ariti consents to the inclusion in this report of the matters based on his information in the form and the context in which it appears.

The Exploration information in this presentation is based on information compiled by K Bischoff who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bischoff has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Bischoff consents to the inclusion in this report of the matters based on his information in the form and the context in which it appears.

Mineral Resources

Sappes Gold Project - Mineral Resources quoted in this presentation in respect of Sappes are based on previous announcements made to ASX Limited by CopperCo Limited, specifically ASX release dated 30 June 2008 “ Prospectus to acquire all the issued shares in Mineral Securities Limited ”.

Exploration Target Size Statements

Target sizes quoted in this presentation are conceptual in nature and in respect of the target sizes quoted, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Target sizes referred to in this presentation refer to potential tonnages of iron ore mineralisation that have been estimated using available exploration information including historic and contemporary geological mapping, geochemical sampling of outcrops, pits and trenches, wide spaced diamond drill holes and modelling of ground and airborne geophysical survey data.

Production and Cost Information

Sappes Gold Project – Production rates, capital and operating costs quoted in this presentation in respect of Sappes are based on previous announcements made to ASX Limited by CopperCo Limited, specifically ASX release dated 30 June 2008 “ Prospectus to acquire all the issued shares in Mineral Securities Limited ”.

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www.capelam.com.au

Corporate Office

18 Oxford Close

Leederville, Western Australia 6007 Australia

Postal Address: P.O. Box 144

West Perth, Western Australia 6872 Australia

Telephone +61 8 9380 9555 Facsimile +61 8 9380 9666 Email info@capelam.com.au

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