IRON BEAR RESOURCES LTD — Major Shareholding Notification 2006

May 31, 2006

International Goldfields Limited 18 Oxford Close Leederville WA 6007

31 May 2006

Manager of Company Announcements Australian Stock Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

Via E Lodgement

CHANGE IN SUBSTANTIAL SHAREHOLDER NOTICE

Please find attached Form 604: Notice of change of interests of substantial holder in respect to Cape Lambert Iron Ore Ltd.

Yours faithfully

EnnistphoCoaract

EMMA MCCORMACK Company Secretary

International Goldfields Limited ACN 118 108 615 18 Oxford Close, West Perth WA 6007 Phone: (08) 9388 0744 Fax: (08) 9392 1411

Form 604
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Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	International Goldfields Limited
ACN/ARSN	118 108 615
1. Details of substantial holder (1)
Name	Cape Lambert Iron Ore Limited
ACN/ARSN (if applicable)	095 047 920
There was a change in the interests of the substantial holder on
	Between 17/5/06 and 26/5/06
The previous notice was given to the company on	23/5/06
The previous notice was dated	27/4/06

1. Previous and present voting pow

The fotal number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or
an associate (2) had a relevant interest (3) in when last required, and when now company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power $(5)$	Person's votes	Voting power (5)
ORDINARY	$\parallel$ 6,684,756	11.14%	7.856.568	13.09%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affecied
various	Cape Lambert! Iron Ore Limited	On market Durchise	\$255,124.08	Ordinary fully paid shares	1.171.812

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (日)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Cape Lambart Iron Ore Limited	Cape Lambert : Iron Ore Limited	Cape Lambert Irom Ore Limited	n/a	7,856,568 Ordinary fully paid shares	7,856,568

604 Page 2 of 3 15 July 2001

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5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

---- . Name and ACN/ARSN (if applicable)	and minus. In some ca Nature of association
n/a	----------
---	CALLANDER ------ .

6. Addresses

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

	Name		Address
	Cape Lambert Iron Ore Limited			18 Oxford Close, Leadarville WA 6007
	Signature
	print name	Antony Bage			capacity	Executive Chairman
	sign here		سلمون		date	05/06
				DIRECTIONS
(1)				with the names and addresses of members is clearly set out in paragraph 8 of the form		If there are a number of substantial holders 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 relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group,
(2)	See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)				See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)				The voting shares of a company ephatitute one class unless divided into separate classes.
(5)				The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
í6)	Include details of

• any relevant agreement of other circumstances because of which the change in relevant interest occurred. If subsection 671B(4)
  applies, a copy of any document setting out the terms of any relevant agreement, and a statemen $(a)$ accurate data is of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification

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

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ has, or may, become entitled to receive in relation to that acquisition. Details must be included even 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 holder or its associate in relation
  to the acquisitions, even if they are not paid directly to the person from wh
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $\epsilon$

900Z/SOZZE 99960826-80

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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CAPE LAMBERT

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