Axactor SE — Earnings Release 2010

Nov 18, 2010

IGE Resources AB results for the third quarter 2010

IGE Resources AB results for the third quarter 2010

IGE Resources AB (formerly International Gold Exploration IGE AB) ("IGE"

or the "Company") announces results for the third quarter 2010, ended

September 30, 2010.

Summary third quarter

·  The exploration target for the Rönnbäcken Nickel Project has been

increased to 600-650 million tonnes. After the end of the quarter, an

updated resource estimate for the project increased the resource base by

185 million tonnes (inferred resources category).

·  IGE continued to build diamond revenue. A total of 13,600 carats of

rough diamonds were sold in the quarter, including 6,000 carats from the

exploration phase at IGE's partly owned Luxinge, Angola mine. Prices

achieved for diamond both from the Cassanguidi and Luxinge mines were in

line with expectations.   

· IGE raised a net amount of NOK 90 million (SEK 104 million) in the

third quarter by use of the Company's standby equity facility and

through a private placement. 

· For the third quarter of 2010 IGE reports a net loss of SEK -101.0

million or SEK -0.09 per share, compared to a loss of SEK -19.4 million

or SEK -0.04 per share in the third quarter of 2009. The result is

burdened by (non cash affecting) exchange losses amounting to SEK -24.3

million and non recurring costs of SEK -36.4 million related to write

downs of non core assets.

Financial Summary

(TSEK, except per share data) Q3 2010 Nine months,

ended Sept 30, 2010 Q3 2009 Nine months ended Sept 30, 2009 Twelve

months ended Dec 31, 2009

Revenue from sales 10,389 16,680

- - -

Other income - -

15,174 15,174 15,169

Operating result -98,645 -122,723

-19,759 -55,641 -66,859

Net result -101,000 -132,145

-19,427 -56,888 -65,782

Investments 7,206 500,922

- 16,696 35,463

Cash at the end of the period 97,631 97,631

9,343 9,343 40,807

Interest bearing loans at the end of the period 20,195 20,195

34,732 34,732 12,065

Result per share before and after dilution -0.09 -0.11

-0.04 -0.12 -0.12

Other important events and events after the reporting period:

·  IGE announced 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.

· IGE has during the 6 months period, April to October, sold more than

24 000 Cts of diamonds from its operations in Angola.