Axactor SE

Business and Financial Review • Oct 27, 2010

27 October, 2010

IGE: Rönnbäcken resource base increased by 185 million tonnes

IGE Resources (OSE: IGE) announced today that the resource estimate for the Rönnbäcken Nickel Project in northern Sweden has been increased by additional 185 million tonnes of Inferred mineral resources.

The resource estimate update is based on the summer 2010 exploration drilling programme, which included the Sundsberget deposit. The increased resource base suggests that IGE is moving closer to achieving the Rönnbäcken exploration target of 600-650 million tonnes at a grade of 0.10% to 0.15% nickel in sulphide.

The total project mineral resource estimate now includes a total of:

• Measured and Indicated Mineral Resources of 257.1 million tonnes with an average total nickel content of 0.180% of which 0.110% is nickel in sulphide (Ni-AC); and
• Inferred Mineral Resources of 269.2 million tonnes with an average total nickel content of 0.176% of which 0.104% is nickel in sulphide (Ni-AC).

The updated resource base represents a significant increase to the previous Mineral Resource Estimate prepared in April 2010, which included Measured and Indicated Mineral Resources of 257.1 million tonnes (Mt) with an average total nickel content of 0.180% of which 0.110% is nickel in sulphide (Ni-AC); and Inferred Mineral Resources of 83.5 Mt with an average total nickel content of 0.177% of which 0.103% is nickel in sulphide (Ni-AC).

"The update adds significant additional tonnages, in a new potential open pit mining area at Sundsberget. The additional resource is expected to have a positive effect on the Prefeasibility Study now being prepared, with potential for increased process throughput rates and a longer mine life," said Fredric Bratt, CEO of IGE Nordic.

		TONNES	Ni Total	Ni-AC	Ni-Total	Ni-AC	Indicative
DEPOSIT	CLASSIFICATION	(Mt)	%	%	kt	kt	Strip Ratio
Vinberget	Measured	28.2	0.188	0.132	53	37
	Indicated	22.4	0.183	0.134	41	30
	Meas. + Ind.	50.6	0.186	0.133	94	67	0.33:1
	Inferred	6.6	0.183	0.138	12	9
Rönnbäcksnäset	Indicated	206.6	0.178	0.104	368	215
	Meas. + Ind.	206.6	0.178	0.104	368	215	0.79:1
	Inferred	76.9	0.176	0.100	135	77
Sundsberget	Inferred	185.7	0.176	0.104	327	193	0.78:1
TOTAL	Measured	28.2	0.188	0.132	53	37
	Indicated	228.9	0.179	0.107	409	244
	Meas. + Ind.	257.1	0.180	0.110	462	282	0.74:1
TOTAL	Inferred	269.2	0.176	0.104	473	279

The Mineral Resource Estimate was prepared by Mitchell River Group (MRG) and a full Mineral Resource Estimate report will be made available by the end of November 2010 at IGE Resource"s website at www.ige.se.

The Mineral Resource update undertaken by MRG utilized all available and valid data as of the start of October, 2010. In line with the methodology used by SRK in the announcement dated 22nd April 2010, a nickel price of USD9.00/lb was assumed in a whittle open pit optimisation exercise to limit the material reported to that which MRG considers has reasonable prospects for eventual economic extraction and applied a cut-off grade of 0.05% Ni-AC representing the calculated marginal cut-off grade for the deposits.

The information in this press-release that relates to Mineral Resources for the Rönnbäcken Nickel Deposit is based on information compiled by Mr. Lauritz Barnes and Mr. Lachlan Reynolds, who are both Members of The Australasian Institute of Mining and Metallurgy. Mr. Barnes and Mr. Reynolds are consultants to IGE Resources AB. Mr. Barnes and Mr. Reynolds have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve" and are each a Qualified Person in accordance with Canadian National Instrument 43-101 (NI43‐ 101). Mr. Barnes and Mr. Reynolds consent to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

Forward-Looking Statement

This press release contains or refers to forward-looking information, including statements regarding estimates and/or assumptions about potential mineralization, potential mineral resources and reserves, Rönnbäcken project development, recoveries and grades for concentrate, the ability of the Company to create strategic partnerships and is based on current expectations that involve a number of business risks and uncertainties. Actual results may vary from the forward-looking information contained herein.

The Company provides this information to shareholders and analysts because they are the key drivers of the business. Readers are cautioned that this information may not be appropriate for other reasons. The Company updates its Forward-looking Information as material information becomes available.

Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, failure to establish an estimated mineral resources and reserves, the possibility that actual circumstances will differ from the estimates and assumptions used in the potential of Rönnbäcken Nickel Project (there is no certainty that the concentrate grade or recoveries proposed will be achieved), the environmental and social cost of proceeding with any of the projects, uncertainty relating to the availability and costs of financing needed in the future, general business and economic conditions, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, changes in legislation governing emissions into the air and water, waste, and the impact of future legislation and regulations on expenses, capital expenditures and taxation and other risks involved in the mineral exploration and development industry. When used in this press release, words such as "schedule", "could", "plan", "anticipate", "estimate", "expect", "believe", "intend", "may" and similar expressions are forward-looking information.

This forward-looking Information represents the views as of the date of this press release. The company anticipates that subsequent events and developments may cause its views to change.

For additional information, please contact:

Tomas Fellbom CEO, IGE Resources AB Phone: +46 8 402 28 00 / Mobile: +46 73 322 57 86 E-mail: tomas.fellbom@ige.se

Fredric Bratt CEO, IGE Nordic AB Phone: +46 8 402 28 00 / Mobile: +46 762 35 32 60 E-mail: fredric.bratt@igenordic.se

IGE Resources AB (publ), is a Scandinavian company mainly focusing on diamond exploration and production in Southern Africa. IGE's portfolio also includes one of Scandinavia's largest nickel projects and gold exploration projects in Kenya. IGE is headquartered in Stockholm, and its shares are listed on the Oslo Stock Exchange (ticker: IGE).Please refer to www.ige.se for more detailed information.