🕐04.02.10 - 02:38 Uhr

Q COPPER IPO DEFERRED



CAPE LAMBERT IRON ORE LTD ASX Announcement/Media Release 4 February 2010 Q COPPER IPO DEFERRED Key Points: Cape Lambert Resources Limited to withdraw the Q Copper initial public offering until market conditions are more favorable; Decision results from current adverse market conditions; Near mine extension and regional exploration drilling to proceed as planned.

Australian Resources and Investment Company, Cape Lambert Resources Limited (ASX: CFE) ("Cape Lambert" or "the Company") advises that it is withdrawing the Q Copper Australia Limited ("Q Copper") initial public offering ("IPO") at this time due to recent adverse market conditions.

The boards of Q Copper and Cape Lambert, together with the Lead Manager to the IPO, Patersons Securities Limited, having regard to global market uncertainty due to a variety of recent issues affecting both stockmarkets and in particular commodities markets, believe it is prudent to withdraw the IPO until market conditions improve.

In the interim, the Company intends to proceed with its planned exploration drilling program at the Lady Annie Project ("Lady Annie"), where the initial focus is on upgrading and adding to the defined resources at the Mt Kelly Mining Area and Anthill-Python prospects.

The first reverse circulation drill rig remains on schedule to arrive at Lady Annie on or about 24 February 2010 (refer ASX release dated 14 January 2010 for full details of the drilling program).

The Company, Q Copper and Patersons wish to thank all investors for their support and commitment to the IPO.

Application monies will be refunded to investors in the next few days.

Cape Lamberts Executive Chairman, Mr Tony Sage said "Whilst we are disappointed with the deterioration of the market in recent weeks, and its impact on the IPO, Lady Annie remains a very good copper project within a substantial landholding in the world class Mt Isa Inlier".

He further added, "Whilst we wait for market conditions to improve, we will commence the drilling program as planned to add value to the project through defining additional mine life".

Ends To download the full ASX annoucement please click here: http://esp.gewru.com/download/files/12414/1070591/20100204%20-%20Q%20COPPER%20IPO%20DEFERRED.pdf FOR MORE INFORMATION PLEASE CONTACT: Cape Lambert Iron Ore Limited: Tony Sage Executive Chairman Tel: +61 (0)8 9380 9555
Australian Enquiries: David Tasker Professional Public Relations, Tel: +61 (0)8 9388 0944/ +61 433 112 936 Website: www.capelam.com.au FOR MORE INFORMATION PLEASE CONTACT: Cape Lambert Iron Ore Limited: Tony Sage Executive Chairman Tel: +61 (0)8 9380 9555 Australian Enquiries: David Tasker Professional Public Relations Tel: +61 (0)8 9388 0944 Em: This message has been sent to you as a subscriber of the PPR mail service. If you no longer wish to be a part of the service, please email with the word "REMOVE" in the Subject line.
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