IRON BEAR RESOURCES LTD — M&A Activity 2010

Apr 13, 2010

14 April 2010

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Notification of interest received Superior off-market bid

DMC Mining Limited ( ASX: DMM ) ( “DMC” ) advises that it has been notified by a third party of an interest in making an off-market bid for the shares in DMC (“ Notification of Interest ”). The Notification of Interest is separate from, and in addition to, the unsolicited takeover offer of A$0.40 per DMC share announced by Cape Lambert Resources Limited (“ Cape Lambert ”) on 23 March 2010 (the “ Cape Lambert Offer ”).

The Notification of Interest is unsolicited and in the form of a confidential and conditional, non-binding proposal. It is not yet complete and is not capable of acceptance in its current form. However, it is at a price that is superior to the Cape Lambert Offer and could potentially lead to a transaction that returns more value to Shareholders than the Cape Lambert Offer.

The directors intend to enter into further discussions and negotiations with the party that has provided the Notification of Interest. However, there is no certainty that these discussions will lead to a competing transaction.

The directors of DMC will advise Shareholders of a recommended course of action in due course and at this stage advise Shareholders to take no action .

About DMC Mining Limited

DMC Mining Limited is an Australian listed company and its principal asset - currently held through its 80% owned subsidiary, is the Mayoko Iron Ore Project in the Republic of Congo (ROC), with an exploration target size of 0.9 – 1.3 billion tones at 35% - 45% Fe[1] (Refer ASX releases dated 17 July 2009 & 12 January 2010) of dominantly itabirite iron mineralisation.

Based in Perth, DMC Mining listed on the Australian Securities Exchange in July 2007. DMC has completed an access agreement for use of the Mayoko to Point Noire Rail Line during the exploration phase of the Project. The rail line passes within 2.2km of the Mt Lekoumou deposit and connects directly to the wharf at the deep-water port of Pointe Noire. In addition, DMC has also completed a Memorandum of Understanding (MOU) with the Port Authority of Pointe Noire (PAPN). Under the MOU, DMC can undertake assessment and design of infrastructure required to export iron ore from the existing port or other areas nearby owned and operated by PAPN.

Website: www.dmcmining.com.au

ENDS

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

For further information about DMC Mining please visit www.dmcmining.com.au or contact:

David Sumich Duncan St John Managing Director, DMC Mining Ltd RBC Capital Markets Tel: +61 8 9486 1909 Tel: +61 2 9033 3307 Em:info@dmcmining.com.au Em: Duncan.stjohn@rbccm.com

Warrick Hazeldine

Purple Communications Tel: +61 8 6314 6300/ +61 417944616 Em: whazeldine@purplecom.com.au

1The estimates of exploration target sizes mentioned in this release should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there has been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.

DMC Mining Ltd 2 | P a g e