IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2008

Sep 30, 2008

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1 October 2008

The Company Announcements Office ASX Limited

Via E Lodgement

Notice under Section 708A

Cape Lambert Iron Ore Limited ( “the Company ”) issued on 1 October 2008, 44,000,000 shares as consideration pursuant to an agreement with African Minerals Limited and Marampa Iron Ore Limited (“ Marampa ”) whereby the Company has agreed acquire a 30% interest in Marampa. The securities are part of a class of securities quoted on ASX Limited (“ ASX ”).

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

The shares were issued without disclosure to investors 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 for the purposes of Sections 708A(7) and (8) of the Corporations Act.

Yours faithfully Cape Lambert Iron Ore Limited

Tony Sage

Executive Chairman

For more information please contact:

Cape Lambert Iron Ore Limited Tony Sage +61 8 9380 9555

Website

www.capelam.com.au

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