IRON BEAR RESOURCES LTD — Major Shareholding Notification 2008

Sep 15, 2008

page 2/2 15 July 2001 603

;61 8 92886001

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FORM 603 Corporations Act Section 671B

Notice of initial substantial holder

To Company Name/Scheme CAPE LAMBERT IRON ORE LIMITED

ACN/ARSN 095 047 920

Details of substantial holder (1) 1.

Name

MICHAEL MIHRAN (MICK) SHEMESIAN

ACN (if applicable) 102 662 051

30 / 08 / 2008 The holder became a substantial holder on

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 became a substantial holder as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6) $\sim$ $\sim$ $\sim$ $\sim$
ORD FULLY PAID SHARES	50,000,000	50.000.000	1.49%

Datalls of relevant interests 1.

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

Holder of relevant interest	Nature of relevant Interest (7)	Class and number of securities
Power United Limited	Relevant interest under section 608(1) and (2) of the Corporations Act 2001 (Cth) as a result a practice pursuant to which Power United Limited has regard to the advice of the substantial holder in exercising its rights as a shareholder.	50,000,000 fully paid ordinary shares

4. Details of present registered holders

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

Holder of relevant interest	Registered holder of	Person entitled to be	Class and number of
	securities	registered as holder (8)	securities
Michael Mihran (Mick) Shemesian	Power United Limited	Power United Limited	50,000,000 fully paid ordinary shares

Consideration B.

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	$\cup$ Consideration $(9)$ Date of acquisition				Class and number of securities
		Cash	Non-cash		$\cdots$
N/A

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page 2/2 15 July 2001 603

Associates 6.

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

Name and ACN (if applicable)	Nature of association
N/A

Addresses 7.

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

Name		Address
Power United Limited		38th Floor Tower One Lippo Centre, 89 Queensway, Hong- Kong	ŋ
Michael Mihran (Mick) Shemesian		Bastion Tower, Level 20 Place du Champ de Mars 5, B- 1050 BRUSSELS, BELGIUM
Signature	print name _ Michael Mihran (Mick) Shemesian algn here	capacity 08 15 dale

DIRECTIONS

• If there are a number of substantial holders with similar or related inferents relevant interests (eg. a corporation and its related corporations, or the manager and
  trustee of an equity trust), the names could be included $(1)$ paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act. $(2)$
• See the definition of "relevant interest" in sections 808 and 871B(7) of the Corporations Act. $(3)$
• The voting shares of a company constitute one class unless olvided into separate classes. $(4)$
• The tolal number of yotes effectied to all the young shares in the company or voting therees in the scheme (if any) that the person or an associate has a relevant $\langle 5 \rangle$ Interest in.
• The parson's votes divided by the total votes in the body corporete or scheme multiplied by 100. $(6)$
• Includa cotals of: $\sqrt{2}$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 8718(4) applies, a copy of any document
  setting out, the terms of any relevant agreement, and a statement by the pers $\boldsymbol{\boldsymbol{\left{ \boldsymbol{\omega} \right} }}$
• any qualification of the power of a person to exarcise of, or influence the sucrose of, the voting powers or disposal of the securities to which the
  relevant interest relates (Indicating clearly the particular securities t $(1)$

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

• 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". $₍₄₎$
• Details 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
  entitied to receive in relation to thet acquisition. Details m $(9)$ from whom the relevant interest was acquired.

$\gamma \ll \gamma$ denote

$\begin{array}{c} -\frac{1}{2\sqrt{2}}\mathbb{E}\left[\frac{d\mathbb{E}^2}{d\mathbb{E}^2}\right] \ \frac{1}{2\sqrt{2}}\mathbb{E}\left[\frac{d\mathbb{E}^2}{d\mathbb{E}^2}\right] \ \frac{1}{2\sqrt{2}}\mathbb{E}\left[\frac{d\mathbb{E}^2}{d\mathbb{E}^2}\right] \end{array}$

$\mathcal{L}^{\mathcal{A}}$

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