IRON BEAR RESOURCES LTD — Share Issue/Capital Change 2012

Dec 2, 2012

ASX Announcement 3 December 2012

LAPSED UNLISTED OPTIONS

Australian resources and investment company, Cape Lambert Resources Limited ( ASX: CFE ) (“Cape Lambert” or the “Company”) advises that 7,800,000 unlisted options exercisable at $0.45 each in the Company expired on 30 November 2012.

Yours faithfully

Cape Lambert Resources Limited

Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.

The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands on” approach is geared to add value and position assets for development and/or sale.

The Board and management exhibit a strong track record of delivering shareholder value.

Claire Tolcon

Company Secretary

Australian Securities Exchange Code: CFE

Ordinary shares 689,108,792

Unlisted Options 11,710,000 ($0.29 exp 22 Nov 2013)

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets International Goldfields Limited

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Phone: +61 8 9380 9555 Email: info@capelam.com.au

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

UK Enquiries

Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450

Cape Lambert Resources Limited[ABN 71 095 047 920 ]

www.capelam.com.au

Corporate - 32 Harrogate Street, West Leederville WA 6007 United Kingdom - 14 Golden Square, London W1F 9JG