Axactor SE — Interim / Quarterly Report 2010

Aug 26, 2010

Second quarter report 2010, IGE Resources AB

Second quarter report 2010, IGE Resources AB

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

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

June 30, 2010.

Summary second quarter:

· For the second quarter of 2010 IGE reports a net loss of SEK -9.5

million or SEK -0,01 per share, compared to a loss of SEK -32,2 million

or SEK -0,07 per share in the second quarter of 2009. The result is

affected by an exchange gain (non cash affecting) amounting to SEK 18.9

million and non recurring costs of SEK 10.8 million related to the

purchase of the activities of Pangea Diamondfields and a loss of SEK 4.9

million from sale of exploration permits.

· IGE Resources AB announced in the end of the second quarter 2010

that the Company has received all necessary government approvals for its

Luxinge diamond project in Angola.

· IGE announced that the Company has been granted Exploitation

Concessions for its Rönnbäcken nickel project by the Mining Inspectorate

of Sweden (Bergsstaten). 

· IGE reported positive drill results from the 2010 winter drill

program at its Rönnbäcken nickel project in Sweden, reinforcing the

Company's confidence in increasing the projects' resource significantly.

· IGE reported that the Company has drawn the first tranche amounting

to SEK 6 million of the Standby Equity Distribution Agreement (SEDA)

provided by YA Global Master SPV Ltd., an investment fund managed by

Yorkville Advisors. 

· IGE announced that the Company has accepted a SEK 5 million

convertible loan for its Rönnbäcken nickel project from Sweden's

Norrlandsfonden.  

· IGE completed its first diamond sale of 3,407 carats on the 29th of

April, marking a significant milestone in the Company's development as a

diamond exploration and production company in Africa.

· IGE announced that the Company has entered into a strategic

partnership with Mitchell River Group (MRG) of Australia for its

Rönnbäcken nickel project in Sweden.

· IGE concluded a Private Placement of NOK 31.0.

· IGE has, as per April 8th 2010, changed the company's name from

International Gold Exploration IGE AB to IGE Resources AB.

Financial Summary

(TSEK, except per share data)  Q2 2010 Six months

ended June 30, 2010  Q2 2009 Six months ended June 30, 2009 Twelve

months ended Dec 31, 2009

Revenue from sales 6,291 6,291

- - -

Other income 18,916 20,876

- - 15,169

Operating result -2,397 -24,078

-31,459 -34,149 -66,859

Net result -9,465 -31,145

-32,152 -37,461 -65,782

Investments 41,851 493,716

-9,650 22,395 35,463

Cash at the end of the period 26,223 26,223

17,122 17,122 40,807

Interest bearing loans at the end of the period 32,574 32,574

16,471 16,471 12,065

Result per share before and after dilution -0.01 -0.03

-0.07 -0.08 -0.12

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 (tomas.fellbom@ige.se)

Thomas Carlsson

CFO, IGE Resources AB      

Tel: +46 8 402 28 05 / +46 70 552 26 22

E-mail: thomas.carlsson@ige.se (thomas.carlsson@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 (http://www.ige.se/) for more detailed information.