Axactor SE — Interim / Quarterly Report 2009

Feb 22, 2010

Fourth quarter and year end report - International Gold Exploration IGE AB

Fourth quarter and year end report - International Gold Exploration IGE

AB

International Gold Exploration IGE AB ("IGE" or the "Company") announces

results for the fourth quarter and full year 2009, ended December 31,

Summary fourth quarter:

. For the fourth quarter IGE reports a net loss of MSEK -8.9 or SEK

-0.02 per share, compared to a loss of MSEK -30.9 in the fourth quarter

of 2008. For the full year ended December 31st 2009 IGE reports a loss

of MSEK -65.8 (56.8) including a non cash effecting currency loss

referable to intercompany debts amounting to MSEK -20.4.

. IGE submitted the EVTE (Estudode Viabilidade Tecnico-Economico, a

technical and financial feasibility report) for Luxinge Diamond project

in Angola on the 30th of October 2009 to Endiama, the state diamond

mining company of Angola. Once the EVTE is approved it enables IGE to

move forward with the commercialisation of the project and to initiate

sales of diamonds. The approval is pending.

. Preliminary Assessment (PA) for the Rönnbäcken Nickel Project was

completed and confirmed the viability of the project. The NI 43-101

Technical Report on the Preliminary Assessment of the Rönnbäcken Nickel

Project in northern Sweden provides an independent evaluation and

estimates the net present value of the project to be MUSD142. According

to the PA, the project has potential to outline additional mineral

resources and the company has set a target for increasing the current

resource size by 100-150 million tonnes grading 0.10 - 0.15% nickel in

sulphide. Based on these estimates and the potential to reduce operating

costs, IGE believes there is scope to further improve project economics.

. IGE confirmed the discovery of a new area of nickel mineralization and

good prospects to improve the potential of the Rönnbäcken nickel

project. IGE presented assay results from its 2009 summer geological

mapping and sampling program. The program focused on geological mapping

and magnetic surveying of untested areas near current resources.

Sampling and assaying of outcrops have identified several new targets

for drilling. The program has also resulted in the discovery of a new

area with nickel mineralization north of Rönnbäcksnäset and north of the

lake.

. An Extraordinary General Meeting in IGE held on 5 October 2009

approved the previously finalised Private Placement as well as a

conversion of a debt of MSEK 20. The Private Placement was structured as

a directed share issue of MNOK 55.5 corresponding to 221,800,000 new

shares. In addition the EGM decided to convert outstanding loans

amounting to MSEK 20 into equity through issuing of 68,000,000 new

shares. The price for the new shares was set to NOK 0.25 per share.

. In addition, the EGM authorised the board to execute a repair issue of

up to MNOK 17.4 corresponding to 70,000,000 new shares directed to the

existing shareholders as per September the 15th, 2009.

Financial Summary

(TSEK, except per share data)

Q4 2009 Twelwe months ended December 31, 2009

Q4 2008 Twelve months ended December 31, 2008

Other revenues 15,169 15,169 26,185 49,916

Operating result -11,218 -66,859 -25,460 -49,800

Net result -8,894 -65,782 -30,950 -56,787

Investments 18,767 35,463 50,868 159,096

Cash at the end of the period 40,807 40,807 39,639 39,639

Interest bearing loans at the end of the

period 12,065 12,065 24,929 24,929

Result per share before and after dilution -0.02 -0.12 -0.08 -0.16

"IGE reached a major milestone during the fourth quarter of 2009 with

the completion of the NI 43-101 compliant Preliminary Assessment for the

Rönnbäcken Nickel Project. The result of the assessment is very

encouraging as it confirms the viability of the project at present and

includes the potential to outline additional mineral resources. Based on

a careful analysis of the PA, IGE sees scope to further improve project

economics and will take this further in the ongoing dialogue with all

stakeholders and potential industrial partners.

Our operations in Angola are progressing with some delays. IGE has

applied for the Luxinge Mining license in Angola by submitting the EVTE

(Estudode Viabilidade Tecnico-Economico, financial feasibility report).

We have received a positive preliminary notification from Endiama, the

Angolan diamond mining authority, but still await the approval of the

application. The granting of the license is an important step for the

IGE Group as it will allow us to execute the first sale of diamonds and

start a full scale production of the Luxinge Diamond mine.

The financial climate and the commodity markets in general have improved

significantly during 2009. The supply of capital willing to fund

commodity projects has improved and IGE is convinced of the strength of

the long term markets both for Nickel and for Diamonds. The Diamond

market is facing a decreasing global supply, and the depletion of

several major mines within the next five years is expected to reduce

supply further.

The Group now has a sound financial platform. IGE has been able to

pursue its business plan despite constantly stretched budgets and weaker

markets for both commodities and venture capital. As the macro economy

has started to improve I am confident that we are facing an exciting

period ahead with focus on the development of the core assets of the

Group" said Tomas Fellbom the CEO of IGE.

Other important events and events after the expiration of the reporting

period:

. IGE and Pangea DiamondFields creates strong African diamonds

exploration and production company IGE announced on the 22nd of February

that the company has entered into a conditional sales and purchase

agreement whereby IGE acquires all assets and activities of Pangea

DiamondFields plc (AIM:PDF) through purchase of the entire issued share

capital of Pangea's subsidiary Efidium Ltd. This effective merger

creates a significant diamond exploration and mining company with

resources spread across three Southern African countries. For more

information please see press release no 7 that was released on the 22nd

of February 2010.

. IGE reached new milestone in Angola with Endiama announcing that IGE

has fulfilled the obligations required to move closer to the

commercialisation of the Luxinge project. Endiama stated that IGE has

fulfilled the requirements set out in the executive decree 49/2008 in

the joint venture Luxinge which implies that IGE is one step closer to

the commercialisation of the project.

. IGE announces encouraging results from exploration trenching in Kenyan

gold license. The preliminary results of a reconnaissance trenching and

drilling program at the Atieli target (Kisii Special License 209) in

Kenya, fully owned by IGE, are encouraging as they suggest a potential

high-tonnage, low-grade mineralized system that could be exploited

open-cast. The results indicate the presence of a gold-mineralized

system, including both high-grade narrow mineralization and low-grade

wider mineralization.

. IGE submitted its applications for Exploitation Concessions for the

Rönnbäcken Nickel Project to the Mining Inspectorate of Sweden

("Bergsstaten"). The applications for Exploitation Concessions,

including Environmental Impact Assessments were submitted on February

12, 2010. The application process is estimated to take three to six

months. An Exploitation Concession is granted if there is a probability

for an economic exploitation of the deposit and if the site is

considered appropriate from an environmental point of view. The latter

requirement calls for an Environmental Impact Assessment (EIA) to be

included in the application. The Exploitation Concession grants the

right to carry out mineral exploitation for a 25 year period.

. IGE announced the sale of its 100% interest in the exploration

licences comprising the Bidjovagge Gold Copper Project in the Finnmark

plain, northern Norway. The licences were sold to Arctic Gold AB which

will focus on developing the Bidjovagge project. Under the terms of the

agreement, IGE's subsidiary IGE Nordic AB will receive MSEK 2.4 in cash

in addition to shares in Arctic Gold AB constituting 20% of the company

at the time of the agreement. IGE's book value of the Bidjovagge project

amounts to MSEK 12.8 at the end of the reporting period. Depending on

the value of the 20% payment in shares in Arctic Gold AB there might be

a need of write downs which will be appraised during the first quarter

of 2010.

For further information, please contact:

Tomas Fellbom

CEO, International Gold Exploration IGE AB

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

E-mail: tomas.fellbom@ige.se

Thomas Carlsson

CFO, International Gold Exploration IGE AB

Telephone: +46 8 402 28 00/ +46 70 552 26 22

E-mail: thomas.carlsson@ige.se

International Gold Exploration IGE AB (publ), is a Swedish exploration

and mining group focused on diamonds, nickel and gold. The Company

started production of alluvial diamonds in Angola and gold in Kenya in

the beginning of 2009. IGE has a portfolio of projects in Angola, Sweden

Kenya and Norway. Its shares are listed on the Oslo Stock Exchange.

IGE's headquarter is located in Stockholm. For more information, visit

www.ige.se