IRON BEAR RESOURCES LTD — M&A Activity 2009

Jul 26, 2009

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Cape Lambert Takeover Offer

27 July 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.

Cape Lambert’s Bidder’s Statement will be forwarded to Corvette Shareholders in due course in accordance with the timetable prescribed by the Corporations Law.

Corvette has:

1. Established a Board sub-committee of independent directors to review and respond to Cape Lambert’s offer. Shareholders are advised that Antony Sage is a Director of Cape Lambert as well as Corvette and as such will be excluded from the Board in respect of the decision making in respect of the Takeover;

2. Appointed Stantons International Securities to prepare an independent expert’s report for inclusion in the Target’s Statement. Ravensgate will act as the independent technical expert;

3. Appointed Price Sierakwoski as legal advisers.

At this stage shareholders should take no action, ignore all communications from Cape Lambert and await further advice from the independent directors. The Corvette Board will provide a written recommendation in the form of a Target’s Statement, which will be forwarded to Corvette Shareholders in due course.

Yours faithfully

John Moore Chairman