Axactor SE — Audit Report / Information 2010

Apr 22, 2010

Upgraded Mineral Resource classification and significant additional tonnages at IGE's Rönnbäcken Nickel Project, Sweden.

Upgraded Mineral Resource classification and significant additional

tonnages at IGE's Rönnbäcken Nickel Project, Sweden.

IGE Resources AB is pleased to present an updated Mineral Resource

Estimate carried out by SRK Consulting (Sweden) AB (SRK), for the

Rönnbäcken Nickel Project located in northern Sweden.

. The Project Mineral Resource now includes a total of:

o 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);

o 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 above represents a significant increase to the previous Mineral

Resource Estimate prepared in April 2009, which included a total of:

o Indicated Mineral Resources of 54.9 Mt with an average total nickel

content of 0.187% of which 0.137% is nickel in sulphide (Ni-AC);

o Inferred Mineral Resources of 192.9 Mt with an average total nickel

content of 0.178% of which 0.107% is nickel in sulphide (Ni-AC).

. The resource upgrade will have a positive impact on the cost of the

Prefeasibility Study (PFS). The extent of further exploration and

infill drilling required has been reduced, thus lowering the overall

cost of the PFS by approximately USD3million to an estimated USD10.5

million to complete the PFS.

. Assuming that future exploration drilling succeeds in intersecting the

mineralised serpentinite body, SRK has suggested that an additional 40

to 80 Mt could potentially be added by drilling the down-dip extension

of the mineralised serpentinite at the Rönnbäcksnäset deposit and using

the parameters outlined in Table 1 below.

. In addition, results are pending from encouraging new exploration

drilling at Sundsberget, as reported in the press release on 6 April

2010. This drilling is entirely outside the Mineral Resources reported

here, lying within a 2km of Rönnbäcksnäset and having the potential to

add significantly to the overall Project Mineral Resources.

Fredric Bratt, CEO IGE Nordic AB, commented on the report stating: "The

update of our Mineral Resource Estimate by SRK adds additional tonnages,

but more importantly, has upgraded the Mineral Resource category

significantly reducing the amount of infill drilling required to

complete the planned Prefeasibility Study. Considering the improved

Mineral Resource Estimate, the potential for down-dip extensions at

Rönnbäcksnäset, the exploration potential at Sundsberget and satellite

deposits at Vinberget, our target of 400-450 million tonnes @ 0.10 to

0.15% Ni in sulphide should be achievable with the next round of

drilling."

The Mineral Resource Estimate was prepared by SRK Consulting (Sweden) AB

(SRK). The scope of work for this document was to produce a Mineral

Resource Estimate of the Rönnbäcknäset and Vinberget deposits. The two

assets form part of the Rönnbäcken Nickel Project. The report updates

the previous NI 43-101 compliant Mineral Resource Estimate of April 9,

2009. The new Mineral Resource Estimate report prepared by SRK will be

made available by the end of April 2010 at IGE Resource's website at

www.ige.se.

The Mineral Resource update undertaken by SRK utilized all available and

valid data as of April 10, 2010. The geological contacts to the

serpentinite body were remodelled and SRK extended the model at depth to

enable the evaluation of the down dip potential of the deposits. SRK

assumed a nickel price of USD9.00/lb in a whittle open pit optimisation

exercise to limit the material reported to that which SRK considers has

reasonable prospects for eventual economic extraction and applied a cut

off grade of 0.048% Ni-AC representing the calculated marginal cut off

grade for the deposits.

SRK considered that the low geological complexity, very homogenous

nature of the Ni-AC distribution, robust variograms, detailed

Quantitative Kriging Neighbourhood Analysis results and a drill spacing

within the geostatistical ranges observed were adequate to support the

reporting of Measured Mineral Resources for Vinberget and Indicated

Mineral Resources for Rönnbäcksnäset. The Mineral Resource Statement has

been classified in accordance with the Guidelines of National Instrument

43-101, and accompanying documents 43-101.F1 and 43-101.CP.

Table 1: Mineral Resource Statement

DEPOSIT CLASSIFICATION TONNES

(Mt) Ni-Total

% Ni-AC

% Co-AC

% Ni-AC

Tonnes

Rönnbäcksnäset Measured - - - - -

Indicated 206.6 0.178 0.104 0.003 214

Measured + Indicated 206.6 0.178 0.104 0.003 214

Vinberget Measured 28.2 0.188 0.132 0.006 37

Indicated 22.4 0.183 0.134 0.006 30

Measured + Indicated 50.6 0.186 0.133 0.006 67

TOTAL Measured 28.2 0.188 0.132 0.006 37

Indicated 228.9 0.179 0.107 0.003 244

Measured + Indicated 257.1 0.180 0.110 0.004 282

Rönnbäcksnäset Inferred 76.9 0.176 0.100 0.003 77

Vinberget Inferred 6.6 0.183 0.138 0.007 9

Total Inferred 83.5 0.177 0.103 0.003 86

(1) The effective date of the Mineral Resource is April 21, 2010

(2) The Mineral Resource Estimate for the Rönnbäcksnäset and Vinberget

deposits was prepared using standard professional methods constrained

within serpentinite solids and within a Whittle pit shell defined by the

following assumptions; a marginal cut-off-grade of 0.048% Ni-AC, a metal

price of USD9/lb; slope angles of 52 degrees; a mining recovery of 95%;

a mining dilution of 2.5%; an average mine operating cost of

USD1.58/tonne (with a base case of USD1.00/tonne and an incremental mine

operating costs of USD0.07/tonne/10 metres below the 450 metre reference

RL and USD0.05/tonne/10 metres above the 450 metre reference RL);

process operating costs of USD4.24USD/tonne ore; an effective charge per

lb Ni in smelter feed of USD2.26 and G&A costs of USD1.00/tonne ore.

(3) Mineral Resources for the Rönnbäcksnäset and Vinberget deposits have

been classified according to the "CIM Standards on Mineral Resources and

Reserves: Definitions and Guidelines (December 2005) by Howard Baker

(MAusIMM) an independent Qualified Person as defined by National

Instrument 43-101.

The calculated waste to ore strip ratio from the Whittle optimisation

for the Rönnbäcksnäset deposit is 0.79:1 with a total waste tonnage of

217 million tonnes. The calculated waste to ore strip ratio from the

Whittle optimisation for the Vinberget deposit is 0.33:1 with a total

waste tonnage of 19 million tonnes.

The report titled "Mineral Resource Estimate for the Rönnbäcken Nickel

Project, Sweden" dated April 16, 2010, was prepared and signed by Howard

Baker, MSc., MAusIMM, Principal Mining Geologist and a qualified person

under NI 43-101 for this Mineral Resource Estimation; and Johan Bradley,

MSc., CGeol FGS, EurGeol, Senior Geologist and a qualified person under

NI 43-101 for the geology and style of mineralisation under

investigation, and was reviewed by Dr. Mike Armitage, CGeol FGS, CEng

MIoM3, Principal Mining Geologist.

For additional information, please contact:

Fredric Bratt

CEO IGE Nordic AB

Phone: +46 8 402 28 00 / Mobile: +46 762 35 32 60

E-mail: fredric.bratt@igenordic.se

Tomas Fellbom

CEO International Gold Exploration IGE AB

Phone: +46 8 402 28 00/ Mobile : +46 73 322 57 86

E-mail: tomas.fellbom@ige.se

IGE Resources AB (publ) is a Scandinavian company mainly focusing on

diamonds exploration and production in Southern Africa. IGE's portfolio

also includes one of Northern Europe's largest nickel deposits 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.