IRON BEAR RESOURCES LTD — Major Shareholding Notification 2004

Apr 18, 2004

سواري للأكارين ويرودهم $\mathbb{R}^2$

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International Goldfields Limited ABN 71 095 017 920 Ground Floor 18 Oxford Close Leederville Parth Western Auctralia 6007 Telephone +618 9388 0744 Pacsimile +618 9382 1411

19 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 INITIAL SUBSTANTIAL SHARE HOLDER

Please find attached Form 603 received today from Commerzbank AG.

Please contact the writer if you have any queries.

Kind regards

Fony Sage
Executive Chairman

U.≛"19.APR.2004 '11:00
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NO. 9179 $f = 3/4$

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603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	International Goldfields Ltd
ACNIARSN	095047920
1. Details of substantial holder (1)
Name	Commerzbank AG
ACN/ARSN (if applicable)	Ala.
The holder became a aubstantial holder on	14 04.	104

2. Details of voting govern

The total number of veres attached to as the voling shares in the company or voling interees in the scheme that the substantial holder or an associate (2) had a reterant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	---- Ferson a votes (5)	— . Valing power (6)
Ordinary shares	6.847.742	0.847.742 __ - - -	5.23% .

3. Details of relevant interests

The nature of the relevant interest the substantial holder of an essectiate had in the following voting securities on the data the substantial holder became a substantial holder are as follows:

Holder of migrant interest	. Nature of relevant interest (7)	Class and number of securities
Commercing nk AG	Beneficial holder	Ordinary shares 6,847.742

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number
rtterest.	Securiuss	registered as holder (8)	of securities
Commerzoank AG	Commerzioni: AG	Commerzoank AG	_____ 6,847,742

5. Consideration

The consideration paid for each relevent interest related to in paragraph 3 abovs, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consigeration (9)		Class and number of securities
		Cash	Not-Cash
Commerzbank AG	19/1/04	B.R.O. 188.88		2.201,573
Commerciank AG	31/3/04	1.232.400.00		3.000,000
Commerzbank AG	84/04	414,677.28		993.236
Commerzbank AG	13/W14	17 169.06		40,801
Commerzbank AG	10/4/04	256.971.75		512.129

11:00 MHz .2 19.APR.2004 "
16/04/2004 03:49
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$1$ NASX PERTHML GULDHIELDS LIMITED → 92212020 61 8 93821411 COMMERZBANK

NO 431 $P.3/317$ D23

NO. 9179 P. 44

603 page 2/2 15 July 2001

6. Associates

The responsible persons named in personable 3 above are passedates of the substantial helder are as follows:

Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	-- Address
Commerzbank AG	23 Auson Friara, London, EC2N 2NB, UK

Signature

print name	ian Capés	Capacity: Hand of Compliance
sign hero	ALL	- 66 data 1.3

DIRECTIONS

• $(7)$ if there are a number of substantial holdert with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the mevant interests of a group of persons are assentially similar, they may be referred to throughout the ferm as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• • $(2)$ See the definition of "associate" in section 8 of the Corporations Act 2001.
• $^{(3)}$ See the definition of "relevant Interest" in sections 606 and 6715(7) of the Comorations Act 2001.
• $(1)$ The voting shares of a company constitute one class unions divided into separate classes.
• $(5)$ The total number of votes attached to all the voting ehares in the company or voting (nismats in the netherne (if any) that the person or an associate has a relevant interest in.
• $\langle 6 \rangle$ The person's votes divided by the total votes in the body corporate or schome multiplied by 100.
• $(7)$ include details of:
  • any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document $\left( n\right)$ setting out the lerms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, achains or arrangement, must accompany this form, tegether with a written statement certifying this contract, scheme or arrangement, and
  • Ъ) any qualification of the power of a person to exercise, control the exercise of, or influence the exarcise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification spoties).

See the definition of "relevant egreement" in section 9 of the Corporations Act 2001.

• $\langle \hat{\mathbf{b}} \rangle$ if the substantial notder is unable to determine the blantly of the person (og if the relevant interest arises because of an option) write "Unknown".
• $(9)$ Delaits of the consideration must include any and all benefits, maney and other, that any person from whom a relevant interest was appulled has, or may, become entitled to receive in relation to that acquisition. Details must be included awan if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial incider or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.