IRON BEAR RESOURCES LTD — M&A Activity 2010

May 9, 2010

10 May 2010

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DMC ACKNOWLEDGES REVISED CAPE LAMBERT OFFER

TAKE NO ACTION with respect to the revised Cape Lambert Offer until DMC Directors provide a recommended course of action

West African iron ore explorer and developer, DMC Mining Limited ( ASX: DMM ) (“ DMC ” or the “ Company ”) wishes to advise Shareholders that it has today received notice from Cape Lambert Resources Limited ( ASX: CFE ) (“ Cape Lambert ”) of the following changes to its offer (“ Cape Lambert Offer ”):

• the Cape Lambert Offer is free of all conditions;

• the offer period of the Cape Lambert Offer is extended to 5.00pm (WST) on 25 June 2010 (unless further extended or withdrawn); and

• the consideration payable under the Cape Lambert Offer has increased from $0.46 to $0.50 cash per DMC Share.

The DMC Board of Directors (“ DMC Directors ”) recommends that Shareholders TAKE NO ACTION until such time as the DMC Directors have had an opportunity to consider the revised Cape Lambert Offer in light of the off-market, competing takeover offer from Meijin Energy Group Limited (“ Meijin ”).

As announced earlier today, Meijin has advised that the preconditions to its offer of $0.50 per DMC Share have been satisfied and that it intends to make an off-market, takeover offer for all the shares in DMC (“ Meijin Offer ”).

The DMC Directors will provide Shareholders with a recommended course of action in due course.

If you have any questions regarding the revised Cape Lambert Offer or the Meijin Offer, please contact the DMC Shareholder Information Line on 1800 606 449 (from within Australia) or + 61 2 8256 3382 (from outside Australia).

Yours faithfully DMC Mining Limited

David Sumich Managing Director

For more information contact:

David Sumich Duncan St John Warrick Hazeldine Managing Director Vice president Director DMC Mining Ltd RBC Capital Markets Purple Communications Tel: +61 8 9486 1909 +61 2 9033 3307 +61 417 944 616 info@dmcmining.com.au duncan.stjohn@rbccm.com whazeldine@purplecom.com.au

a Level 1, 2 Ord Street, West Perth 6005 pa PO Box 1191, West Perth 6872 p 08 9486 1909 f 08 9486 1718 dmcmining.com.au