geologist confirms indicated resource

13 July 2007
The Company Announcements Office
Australian Stock Exchange Limited
Via E Lodgement
INDEPENDENT GEOLOGIST CONFIRMS INDICATED MINERAL RESOURCE OF 300
MILLION TONNES SATISFYING CONDITION FOR 70% SALE OF THE PROJECT
KEY POINTS
„h Independent Geologist, RSG Global Consulting Pty Ltd (¡§RSG¡¨), has now completed
its estimate of the Mineral Resources within the Central Target Area at the Cape
Lambert iron ore project (the ¡§Project¡¨);
„h RSG has confirmed a minimum Indicated Mineral Resource of 300 million tonnes;
„h The sale condition precedent requiring Cape Lambert to define a minimum Indicated
Mineral Resource of 300 million tonnes has now been satisfied; and
„h The final condition precedent to be satisfied by Cape Lambert for the sale of 70% of
the Project is shareholder approval and a shareholders meeting is scheduled for
Monday, 16 July 2007 to consider this matter.
SUMMARY
Iron ore exploration and development company, Cape Lambert Iron Ore Limited (the
¡§Company¡¨) (ASX code: CFE, AIM: CLIO) is pleased to announce the outcome of RSG¡¦s
independent verification of a minimum Indicated Mineral Resource of 300 million tonnes at
its 100% owned Cape Lambert iron ore project, located in the Pilbara region, Western
Australia.
On 27 March 2007, the Company announced it had entered into a sale agreement with Mr
Ding Liguo to sell 70% of the Project for approximately AUD$250 million in cash. The sale
agreement requires the satisfaction of several conditions precedent (refer ASX release
dated 27 March 2007) including verification by an independent geologist of a minimum
Indicated Mineral Resource of 300 million tonnes.
As advised in the Company¡¦s Quarterly Report, released on 30 April 2007, RSG was
appointed as the independent geologist.
RSG has now completed its estimate and advised the Company of its findings. A full copy of
RSG¡¦s summary report is attached to this announcement.
RSG has advised that the Indicated component of its Mineral Resource estimate exceeds
the minimum requirement of 300 million tonnes (refer attached report).
Cape Lambert Iron Ore Limited 13 July 2007
ASX Release Page 2 of 4
Yours faithfully
CAPE LAMBERT IRON ORE LIMITED
Tony Sage
Executive Director
For more Information please contact:
Cape Lambert Iron Ore Limited
Ian Burston +61 (0)8 9211 0600
Tony Sage +61 (0)8 9380 9555
Australian Enquiries:
Professional Public Relations
David Tasker +61 (0)8 9388 0944
UK Enquiries:
Collins Stewart Europe Limited
Chris Rollason +44 (0)20 7523 8308
Conduit PR
Jos Simson +44 (0)20 7429 6603
Leesa Peters +44 (0)20 7429 6600
Website:
www.capelam.com.au