IRON BEAR RESOURCES LTD — M&A Activity 2009

Aug 10, 2009

Cape Lambert Takeover Offer

==> picture [66 x 101] intentionally omitted <==

11 August 2009 Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Shareholder,

ADVICE TO SHAREHOLDERS IN RESPONSE TO ANNOUCEMENT BY CAPE LAMBERT IRON ORE LIMITED

On 6 July 2009 Cape Lambert Iron Ore Ltd ("Cape Lambert") (ASX Code: CFE) announced its intention to make an off market scrip bid for all the shares in Corvette Resources Ltd ("Corvette") (ASX Code: COV)

On 24[th] July 2009 Cape Lambert lodged, with Corvette and the Australian Securities Exchange, its Bidder’s Statement. Corvette has reviewed the Statement and reconfirms its advice to Corvette Shareholders to take no action at this time.

On 10th August 2009 Cape Lambert advised that it had despatched the Bidder’s Statement to Corvette Shareholders in accordance with the timetable prescribed by the Corporations Law and attached a copy of the Bidder’s Statement. Corvette notes that the Bidder’s Statement did contain advice that the Offer is open until 11 September 2009.

Corvette has commenced preparation of a Target Statement response which will be sent out to all shareholder’s shortly.

At this stage shareholders should take no action and await further advice from the independent directors.

Yours faithfully

John Moore Chairman