IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2007

Apr 18, 2007

19 April 2007

The Company Announcements Office Australian Stock Exchange Limited

Via E Lodgement

Notice under Section 708A

Cape Lambert Iron Ore Limited ("the Company") issued 600,000 fully paid ordinary shares to Mr Donald Kimberley North ("Kim North") on 12 April 2007 at an issue price of \$0.339 cents per share, pursuant to the option agreement between Kim North and the Company to acquire adjacent tenements dated 12 April 2007.

The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act.

The shares were issued without disclosure to various sections under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act.

The Company, as at the date of this notice, has complied with:

• a) the provisions of Chapter 2M of the Corporations Act; and
• b) Section 674 of the Corporations Act.

There is no excluded information as at the date of this notice, for the purposes of Sections 708A(7) and (8) of the Corporations Act.

Following the issue of these shares the Company has 249,924,531 fully paid ordinary shares on issue.

Yours faithfully

CAPE LAMBERT IRON ORE LIMITED

Tim Turner Director / Secretary

For more information please contact:

Cape Lambert Iron Ore Ltd

Tony Sage +61 8 9380 9555 lan Burston +61 0 413 998 784

Australian Enquiries:

Professional Public Relations - David Tasker +61 8 9388 0944/ +61 433 112 936

UK Enquiries:

Collins Stewart - Miikka Haromo +44 (0) 20 7523 8000
Conduit PR - Leesa Peters +44 (0) 20 7429 6600/ +44 (0) 781 215 9885

Website: www.capelam.com.au