IRON BEAR RESOURCES LTD — M&A Activity 2010

Mar 22, 2010

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23 March 2010

Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

RESPONSE TO UNSOLICITED TAKEOVER OFFER BY CAPE LAMBERT RESOURCES LIMITED

TAKE NO ACTION

DMC Mining Limited (“DMC” or the “Company”) (ASX code: DMM) wishes to advise its shareholders that Cape Lambert Resources Limited (“Cape Lambert”) (ASX code: CFE) announced today its intention to make an off market cash offer for all the shares in DMC. The offer will be A$0.40 per DMC share.

Cape Lambert has announced that it is in the process of preparing a formal Bidder’s Statement and that it will lodge that document with the Australian Securities Exchange and Australian Securities and Investments Commission in the near future. The directors of DMC will carefully consider that document before providing a response.

The offer is unsolicited.

At this stage, the directors advise that shareholders should take no action, ignore all communications from Cape Lambert and await further advice from the Company.

DMC has engaged Blakiston & Crabb to provide legal advice in relation to the offer. The Company is in the process of appointing other advisers.

Yours faithfully

DMC Mining Limited David Sumich Managing Director

For more information contact:

David Sumich Warrick Hazeldine Managing Director Purple Communications (08) 9486 1909 0417 944 616

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