IRON BEAR RESOURCES LTD — Major Shareholding Notification 2009

Jan 26, 2009

Form 604 Corporations Act 2001 Section 671 B

Notice of change of interests of substantial holder

TO Company NamelScheme		Lambert Iron Ore Limited
ACNIARSN	ACN 095 047 920
Details of substantial holder (1) 1. Name		Afncan Minerals Limited on its own behalf and on behalf of Its controlled entities (including Marampa Iron Ore Limited and those named in Annexure A, collectively the "Controlled Entities")
ACNIARSN (if applicable)	number 34816
There was a change in the interests of the
substantial holder on		22/0112009
The previous notice was given to the company on		03/10/2008
The previous notice was dated		03/1012008

2. Previous and present 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

		Voting power (5)
IOrdinary	44,000,000	8,7% (In the previous notice given by African Minerals Limited the 44,000,000 shares were noted as giving African Minerals Limited voting power of 9,09%, Since 61 ,000,000 that notice Cape Lambert Iron Ore Limited has issued ordinary shares. AML's voting	11,65%

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 as follows:

Date of change	Person whose relevant Interest changed	Nature of change (6)	Consideration given in relation to change (7) 1_	Class and number of securities affected	Person's vot=--! affected
22101/2009	'Marampa Iron Ore Limited	Acquisition of agreement dated 22/0112009 attached las Annexure B	~ 17,000,000 ordinary Pursuant to the agreement ,shares pursuant to an dated 22/01/2009 attached : _+-__-+a~sAnn_e_x_u_re__B__ ---L- ___," __-+_______~	17,000,000 ordinary 17.000,000 shares
22/0112009	African Minerals ,Limited	Pursuant to the	IPursuant to the agreement 117.000,000 ordinary 1'17 000 000 agreement attached attached as Annexure B L__+-_,_-f.a~s~A~nn~e~x~u~re~BL---~--,------------------~I------,____~----------------~	,shares	' ,
			of the Controlled ,:gU;!~~~~~;~:ched 'Pursuant to the agreement 117,000,000 ordinary '17 000 000 attached as Annexure B	!shares	' ,

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 (8)	Nature of relevant , interest (6)	, Class and number of securities	Person's votes , "------,---t----------------i
Marampa Iron	1~----------"----------------+---------------4:P-u-r-s-u-a-nt-t-o-S-e-ction Marampa Iron Ore LO_re_L_im_i_te_d_--'Li,_m_lt_e_d_-'-LI_m_lt_e_d	Marampa Iron Ore	1608(1 )(a) ofthe ~orporations Act 2001 (Cth) Ishare_s____--''--_	117,00,,0,000 ordinary 17,000,000

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'Limited	'African Minerals I~arampa Iron Ore Limited	IMarampa Iron Ore ,Limited	Pursuant to section 608(3) of the Corporations Act 2001 (Cth)	17,000,000 ordinary 17,000,000 shares
Each of the :Controlled I Entities I	Marampa Iron Ore Limited	I IMarampa Iron Ore Limited	Each of the Controlled Entities is an associate of African Minerals Limited Iwithin the meaning of Isection 12(2)(a) ofthe Corporations Act 2001 (Cth) shares and has a relevant interest in the shares in which African Minerals Limited has a relevant interest.	17,000,000 ordinary 17,000,000

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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)	Nature of association
N/A	N/A

6. Addresses

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

Name.	Address
African Minerals Limited	Chancery Hall, 52 Reid Road Hamilton, HM12, Bermuda
Marampa Iron Ore Limited	Chancery Hall, 52 Reid Road Hamilton, HM12, Bermuda
Each of the Controlled Entities	Ic/- Chancery Hall, 52 Reid Road Hamilton, HM12, Bermuda

Signature

print name	Ian Dickson	capacity	General Counsel
sign here	CXfC4--1.i	date	23101/2009

DIRECTIONS

• (1) 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 6 of the form
• (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 671 B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute 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

• (6) Include details of'
• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671 B(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 arrangement: and

(b) 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 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

(7) 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 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 on 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 whom the relevant interest was acquired.

(8) 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'''.

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

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