Further to its announcement on 11 January 2012, Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) ("Cape Lambert" or the "Company") advises that pursuant to the pre-bid acceptance agreement between the Company and Exxaro Australia Iron Investments Pty Ltd, a wholly owned subsidiary of Exxaro Resources Limited, ("Exxaro Australia"), the Company has accepted the takeover offer by Exxaro Australia for the ordinary shares of African Iron Limited (ASX: AKI) ("African Iron") in respect of 100,315,473 shares in African Iron held by the Company (representing 19.99% of African Iron).

Subject to any superior offer being made for African Iron during the currency of the takeover offer by Exxaro Australia, the Company intends to accept the takeover offer by Exxaro Australia in respect of its remaining 26,384,527 African Iron shares.

As advised in its announcement on 11 January 2012, acceptance by the Company in respect of all African Iron shares held by the Company will generate proceeds of approximately A$72.2million (based on A$0.57 per African Iron share).

Yours faithfully
Cape Lambert Resources Limited
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