IRON BEAR RESOURCES LTD — Major Shareholding Notification 2006

May 22, 2006

International Goldfields Limited 18 Oxford Close Leederville WA 6007

23 May 2006

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

Via E Lodgement

INITIAL SUBSTANTIAL SHAREHOLDER NOTICE

Please find attached Form 603: Notice of Initial Substantial Shareholder in respect to Cape Lambert Iron Ore Ltd.

Yours faithfully

Ennightdoard

EMMA MCCORMACK Company Secretary

503 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	INTERNATIONAL GOLDFIELDS LIMITED welchweiter in der Schwarzen . .
ACN/ARSN	118 108 615 _________

1. Details of substantial holder (1)

Name	CAPE LAMBERT IRON ORE
ACN/ARSN (if applicable)	-------------------------------------- ______ THE REAL PROPERTY AND INCOME. --------------------------------------- ----- 047 920 095 --------- __ -------------------------------------- -------

The holder became a substantial bolder on 27/04/2006

2. Details of voting power

The total 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 on the date the substantial holder

fisee of convitios (d) _________ $\cdots$	. Number of securities ______	Person's votes (5) __	Veting power (6)
ORDINARY --------------------------------------	5.684 756 -----	6,684,756 - ----	11,145 _________
	.

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following youing securities on the date the substantial holder became a substantial holder are as follows:

Holder of relovant interest.	Nature of relevant interest (7)	Class and number of securities .
CAPE LAMBERT IRON ORE	DIRECT	CRD 6,684,756
LIMITED .	____

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 interest.	Registered holder of securities	Person entitled to be registered as holder (8) ---------------------------------------	Class and cumber. of securities
CAPE LAMBERT IRON	CAPE LAMBERT IRON	CAPE LAMBERT IRON	6,684,756
ORE LIMITED	ORE LIMITED	ORE LIMITED

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, 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	Consideration (9)		Class and number of securities
_________		.ash	inn-cash	ANY ARRAIGNMENT CORRECT MAINT WAY AND
---------	SEE ANNEXURE A'

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

_________ Neme and ACN/ARSN (if applicable)- ----	WWW.AAAAAAAAAAAAAAAAAAFFAA -------------------------------------- . Nature of association . TERRITORY AND CONTINUES INCOME.
. 39 J J S	------- ------- the color of the first state state and the -------------------------------------- - 400 00000
------ ∽

7. Addresses

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

and a series are constructed as a series of the first state of the first state of Name	-------------------------------------- ---------- . Address --------------------------------------
$-$ ORR TPON AMBERT I CAPE THE AMARAS COMPANY OF STATISTICS COMMUNICATION	CLOSE LEEDERVT WA. መንገኛውን TT T.R. 1 B . --- __ The Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's _______ ---------------
i LIMITED WITH A MARAGEMENT TO BE STORED TO	---------- The formal and a construction of the form of the ___ ------

Signature
prim name TIMOTHA TURNER	Capacity NON EXECUTIVE DIRECTOR
sign here	$\det \theta^3 + 0 \delta^2 + 0 \epsilon$
U DIRECTIONS

• $\left{ 1\right}$ 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, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $\left(2\right)$
• See the definition of "relevant interest" in sections 608 and 67/B(7) of the Corporations Act 2001. $\left[ \begin{smallmatrix} 1\ 0 \end{smallmatrix} \right]$
• $\left[\begin{smallmatrix} 1\ 1\end{smallmatrix}\right]$ The voting shares of a company constitute one class unless divided into separate classes.
• 捌 The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a refevent interestin.
• 6 The parson's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $\Box$ Include details of:
• 伺 any relevant agreement or other droumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or larrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to 働 which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

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

• 偽 If the substantial holder is unable to determine the identity of the person [eg. if the relevant interest arises because of an option) write "unknown".
• Decalls of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become
  entitled to receive in relation to that acquisition. Details m (C) included of any benefit paid on benefit of the substantial holder 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.

International Goldfields Limited ACN 118 108 615

$\vdots$

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Annexure 'A'

This $\cancel{A}$ mexure 'A' of one page referred to $\dot{\text{1}}\dot{\text{p}}$ the Form 603 signed by me and dated 23 May 2006

The consideration paid for each relevant interest referred to in paragraph 3 above, 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	hate of	Consideration (9)		Class and Number
	koquisition			of Securities
		Cash C	Non Cash
Cape Lambert Iron Ore Limited			Gold Assets less shares distributed in- specie to Cape Lambert shareholders Consideration received from sale of	ORD 6,684,756

$\mathbf{I}$ , $\mathbf{q}$