IRON BEAR RESOURCES LTD — Major Shareholding Notification 2010

May 5, 2010

Corporations Law Section 671B

Form 603

Notice of initial substantial holder

To Company Name/Scheme Cape Lambert Resources Limited

ACN/ARS N

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1. Details of substantial holder (1)

Name JPMorgan Chase & Co. and its affiliates ACN (if applicable) N/A

The holder became a substantial holder on

04 May 2010

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 are as follows:

Class of securities(4)	Number of securities	Persons’ votes(5)	Voting power(6)
Ordinary	29,878,300	29,878,300	5.04%

3. Details of relevant interests

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:

er are as follows:
Holder of relevant interest	Nature of relevant interest(7)	Class and number of securities
JPMorgan Asset Management (UK)Limited	Investment Management	29,878,300

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 ofsecurities	Person entitled to beregistered as holder(8)	Class and number ofsecurities
N/A

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:

antial holder is as follows:
Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number ofsecurities
		Cash	Non-cash
See Appendix

6. Associates

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

N d ACNiflibl	Nt f iti
ame an(appcae)	aure o assocaon
N/A

7. Addresses

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

of persons named in this form are as follows:
Name	Address
JPMorgan Chase & Co.	1111 Polaris Parkway,Columbus,Ohio 43240

Signature

print name Margaret Chow capacity Associate / JPMorgan Chase Bank, N.A. sign here date 05 May 2010 __________________________________________________________________________________________

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 7 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Law.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Law.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) 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 relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

  • (a) any relevant agreement or other circumstances 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 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).

• (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”.

• (9) 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 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 whom the relevant interest was acquired.

APPENDIX

For the period between 5 January 2010 to 4 May 2010	For the period between 5 January 2010 to 4 May 2010	For the period between 5 January 2010 to 4 May 2010
Transaction dateEntityInstrumentsType of transactionCcyPriceQuantity
11-Feb-10	JPMSAL	Cape Lambert Resources Ltd	Purchase	AUD	0.44	750,000
28-Apr-10	JPMSAL	Cape Lambert Resources Ltd	Purchase	AUD	0.46	2,105,000
3-May-10	JPMSAL	Cape Lambert Resources Ltd	Purchase	AUD	0.45	900,000
4-May-10	JPMSAL	Cape Lambert Resources Ltd	Purchase	AUD	0.43	327,000
From 5 January2010 to 4 May2010	JPMAM(UK)	Cape Lambert Resources Ltd	Sell	(503,700)
JPMAM(UK)= JPMorgan Asset Management(UK)Limited