IRON BEAR RESOURCES LTD — M&A Activity 2010

Apr 7, 2010

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8 April 2010

Bidder’s Statement Received DMC Advises Shareholders to Take No Action

Australian iron ore company DMC Mining Limited ( ASX: DMM ) ( “DMC” or “the Company” ) acknowledges receipt of a Bidders Statement from Cape Lambert Resources Limited ( ASX: CFE ) (“ Cape Lambert ”). Cape Lambert is offering DMC shareholders A$0.40 per DMC share.

DMC’s Board, together with the Company’s recently engaged advisors, are in the process of reviewing the Bidder’s Statement. DMC has engaged RBC Capital Markets as corporate advisor and Blakiston & Crabb as legal advisor. DMC has also commissioned an Independent Experts Report that will be prepared by BDO Australia Limited with technical input provided by Coffey Mining Limited.

The Board will advise a recommended course of action for shareholders and in the meantime reiterates that shareholders should take no action with respect to Cape Lambert’s offer.

Company Update

Diamond drilling commenced at the Mayoko Iron Ore Project in December 2009. This initial phase of diamond drilling is focused on testing the largely undrilled 7km long magnetic anomaly at Mt Lekoumou – Mt Mipoundi. This initial drilling program comprises approximately 2,400m of inclined diamond drilling on wide-spaced traverses from surface to approximately 300m depth along the 7km strike. Further information with respect to the results of the drilling program will be communicated to shareholders in the near term.

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 tonnes[1,2] of dominantly itabirite iron mineralisation.

Based in Perth, DMC 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

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 Warrick Hazeldine Managing Director, DMC Mining Ltd Purple Communications Tel: +61 8 9486 1909 Tel: +61 8 6314 6300/ +61 417944616 Em:info@dmcmining.com.au Em: whazeldine@purplecom.com.au

1Refer to ASX release dated 12 January 2010 for Competent Persons attribute

2The 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