marampa iron ore, page-69

FYI,

9 October 2008
The Company Announcements Office
ASX Limited
Via E Lodgement
General Meeting Cancelled
Cape Lambert Iron Ore Limited (“Cape Lambert” or the “Company”) (ASX: CFE, AIM: CLIO)
and Power United Limited (“Power United”) are pleased to advise that they have settled all
outstanding actions with respect to the calling of a shareholders meeting by Power United to
remove the majority of the current Cape Lambert Board. The requisitioning of the meeting by
Power United was announced by Cape Lambert on 16 September 2008.
By the effect of consent orders made by Justice McKerracher today in the Federal Court of
Australia the shareholders’ meeting scheduled for 15 October 2008 has been cancelled.
Following extensive meetings and negotiations between the parties, matters were resolved on
the basis that a complete geological and technical review of the Marampa project has now
been completed by Power United. Power United endorses Cape Lambert's assessment of,
and optimism for, the project (especially with a target mineralisation of greater than 1 billion
tonnes of hematite) and believes that working in conjunction with African Minerals Limited
(AIM:AMI) will provide significant benefits to Cape Lambert shareholders and to Sierra
Leone. Substantial synergies have been identified in both companies obtaining leverage
through the joint infrastructure development (port facilities and railway) of both the Marampa
Project and African Minerals Tonkolili iron ore Project.
As part of the process moving forward, Cape Lambert will offer new board positions to
Anthony (Tony) Roberts, a nominee of Power United and to a nominee of African Minerals.
To this end, Tony Roberts will be invited to join the Cape Lambert Board (upon completion of
all necessary regulatory requirements) with the African Mineral’s nominee to be appointed at
the same time. Mr Roberts is a mining engineer with over 35 years experience in Australia
and overseas. His experience has been gained with both major and junior mining companies
and has included senior management positions with BHP and Placer Dome. His experience
has included contract negotiations on iron ore supply to China and Japan resulting in an
intimate understanding of the needs and demands of various steel mills in those countries.
Cape Lambert also looks forward to reviewing and, potentially acquiring an interest in, other
advanced stage mining projects. With the current market situation, the Company believes
that there are number of opportunities available that can be capitalised on given Cape
Lambert’s strong cash position and technical team.
Cape Lambert Executive Chairman, Tony Sage noted that the Company was pleased to have
these matters resolved and to be well positioned to focus on the development of its existing
Cape Lambert Iron Ore Limited 9 October 2008
ASX Release Page 2 of 2
assets and review of other opportunities as they become available.
Yours faithfully
Cape Lambert Iron Ore Limited
Tony Sage
Executive Director
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage +61 (0)8 9380 9555
Australian Enquiries:
Professional Public Relations
David Tasker +61 (0)8 9388 0944/ +61 433 112 936
UK Enquiries:
Nominated Adviser:
Grant Thornton UK LLP
Fiona Owen +44 (0)20 7383 5100
AIM Broker:
Collins Stewart Europe Limited
Adrian Hadden +44 (0)20 7523 8353
Oliver Quarmby +44 (0) 20 7523 8354
Conduit PR:
Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450
Jane Stacey +44 (0)20 7429 6606
Website: www.capelam.com.au