IRON BEAR RESOURCES LTD — Major Shareholding Notification 2004

Apr 20, 2004

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International Goldfields Limited ABN 71 095 047 920

Ground Roon (8 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 1411

21 April 2004

Ms Marian Tang Companies Adviser Australian Stock Exchange Limited Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000

By Facsimile: (08) 9221 2020

Dear Ms Tang

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Please find attached Form 604 received from Commerzbank AG.

Please contact the writer if you have any queries.

Kind regards

رے

Tony Sage Executive Chairman

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Form 604 Corporations Act 2001 Section 171B Notice of change of interests of substantial holder International Goldfields Ltd. To., Company Narre/Schome 095047920 ACN/ARSN 1. Datails of substantial bolder(1) Commerzbant AG Namo ACN/ARSN (If applicable) There was a change in the interests of the 16,04,04 substantial holour on 15,0404 The previous notice was await to the company on IS 1941 04 The previous notice was dated 2. Previous and present voting power The total number of votes attached to all the voting shares in the company of voting interests in the scheme that the substantial holder or an associate (2) had a relevent interest (3) in when last required, and when now required, to give a substantial holoing notice to the company of scheme, are as follows: Present notice Previous notice Cass of securities (4) Noring power (5) Ferson's votes Voting bower (5) Ferson s'votes	page 1/2 15 July 2001 ÷۵۰
$5.73$ % 7.03 9.201.573 6.847.742 Ordinar shares

Particulars of each change in, or clampe in the nature of, a relovant interest of the substantial holder or an associate in vating securities of the company or screme. Since the
Substantial holder was last required to give

Dite of chattale	Person whose relevant interest. changed	Nature of спапп» (б)	Consideration givan in relation. to thange (7)	Class and humbur of securities plint ud	Person's votes. affected
	$15.04.04$ Commershark AG Acquisition $Aub$ 0, 4201 353.831 353.831
	$ f_6 $ of of $ c_{\text{quant}}$ or $A6 $ Acquisition $ A41D $ 0.4208 $ z_1\rangle$ and $a_2$ $ z_1\rangle$ 000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

$\overline{\phantom{a}}$

$\overline{1}$

Holder of ralavant interes.	Registried (talder of accuritata	Person entitled to be registered as halder (A)	Nature of ral avant ineres (6)	Class and number af Supprises	Person's votes
LG	Coba AG	محات Ąб	Holder of		1, ZOL 57319, ZOL 573
		$\sim$ $\sim$	Securities

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	Name and ACN/ARSN (if applicable)	Natura of association
	A
	Neme	ezenbb 4.
5. Granges in association interests in the company or scheme are as follows: 6. Addromat The adoresses of octsons named in this form are as follows: Landon, AustinFriars . 23 ommer Signature Andreas Marbeile print manne sign here DIRECTIONS O) Idms. See the definition of "associate" in section 9 of the Corporations Act 2007. (d See the definition of "relevant interest" in sections 508 and 6718(7) of the Corporations Act 2001. (a) The voting shares of a company constitute one class unless divided into separate classes. $\langle 4 \rangle$ The person's votes divided by this total votes in the body corporate or achiente multiplied by 100. 9 incipos defails of : 葡 (x) (b) which the relevant interest relates (indicating electry the particular securities to which the qualification applies). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001, Ø) the relevant imerest was acquired. Θ, Give details. If appropriate, of the present association and any change in that association singe the lost substantia. holding notice, Ø)
	$ECZV$ 2NB, $UK$ 19.04104 ztrangement, most becompany this form, together with a written sultanent certifying this contract, scrieme or arrengement and If the submantial holder is unside to determine the identity of the porson (eg. if the relevant interest arises bacause of an ephon) when "unknown".
		document setting out the terms of zay televant agreement, and a statement by the parson giving full and accurate eatons of any contract. Scienc or
	buttle of templates The parsons who have become essociates (2) of, ceased to be associates of, or have enanged the name of their association (9) with. The substantial notion in relation to voting apoily Executive Director If there are a mimber of subsumual holders with similar or related talevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust). Die names could be included in an annexure (o the form, if the relevant infarasts of a group of persons are essentially similar. they may be retarded to throughout the form as a socalically named group if the membership of each group. With the names and addresses of members is clearly set out in paragraph is of the any televant agreement or other dircumstances because of which the change in relevant interest protirred. If subsection 671B(4) spplies, a conviol zay any qualification of the power of a person to natirities, convol the exection of, or influence the exercise of, the varing powers or disposal of the secondes to Details of the consideration most include any and all benefits, money and other, that any porson from whom a relevant interest was acquest has, or may, become a enrizies to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a condigency. Details must be included or any benefit paid on behalf of the substantial holder or its pasocials in relation to the acquisitions, even if they are not paid directly to the person from whom

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TELEFAX
$+61 - 8 - 9382 - 1411$ An ITO Tolefax Nr.:
3. Anzahl Salten /Total number of Pages:
An/To:		Von / Fram:
International Goldfields Ltd.		COMMERZBANK AG ZENTRALER STAB - Compliance -	COMPLIANCE UND SICHERHEIT
			60261 Frankfurt / Main
Teletax-Nr.: 0049-69/136-53521	Abt. / Dept. / Tel.: 0049-69/136-43521		Datum / Date: . 19.04.2004
RE: Shareholding Disclosure
International Goldfields Limited. Please find attached a completed form 604 Notice of change of Interests of substantial holder.
Kind regards
Erik Piasecki e-mail: erik plasecki@cpmmerzbank.com

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