IRON BEAR RESOURCES LTD — M&A Activity 2009

Jun 16, 2009

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17 June 2009

Corvette Resources Limited

ASX: COV

Cape Lambert Iron Ore Limited - TAKEOVERS PANEL DECISION

Corvette Resources Limited (“Corvette”, “the Company”) wishes to update shareholders in relation to today’s announcement by the Takeovers Panel (“the Panel”) that the Panel has affirmed the decision of ASIC in relation to Cape Lambert Minsec Pty Ltd, a subsidiary of Cape Lambert Iron Ore Limited (“Cape Lambert”).

Cape Lambert had applied to the Panel for a review of the decision by ASIC not to provide regulatory relief in relation to the downstream acquisition of, inter alia, a 35% shareholding in Corvette resulting from the acquisition by Cape Lambert of all of the shares in Mineral Securities Limited (“Minsec”) from CopperCo Ltd (Administrators Appointed) (Receivers and Managers Appointed) (“CopperCo”).

Impacts for the Shareholders of Corvette Resources Ltd

It is our understanding that there are a number of options now open to Cape Lambert. Corvette is unaware of, at this time, if and when an alternate transaction will be proposed by Cape Lambert that would result in Cape Lambert becoming the ultimate owner of the Corvette shares held by Minsec. The structure of such a transaction is in the hands of Cape Lambert.

We shall keep you informed of any development, and its impact on Corvette shareholders, as we are advised of any proposal of Cape Lambert.

Regards Corvette Resources Ltd

Patrick McManus Managing Director