Axactor SE

M&A Activity • Jun 17, 2009

Press release no 27 - 2009

International Gold Exploration IGE AB (publ)

June the 17th, 2009

(NGM: IGE and OSE: IGE)

Agreement to sell interest in Kilimapesa gold project

International Gold Exploration IGE AB ("IGE"), has signed a Heads of Agreement with Goldplat PLC, through its wholly owned subsidiary Gold Mineral Resources Limited, to sell IGE's 50% interest in Kilimapesa Gold (Pty) Limited ("Kilimapesa"). The consideration for the acquisition will be US\$ 2.7 million. The parties have agreed to draft and conclude the Sale Agreement as soon as practicable.

Goldplat and IGE entered into Joint Venture agreement in June 2007 under which Goldplat was to earn 50% of Kilimapesa by advancing US\$ 400,000 to be used for the development of Kilimapesa's gold mine in Kenya under Goldplat's management. This resulted in small scale production commencing at the beginning of 2009. The current capacity of the plant is about 3,000 ounces per annum. With effect from the date of the Sale Agreement the Joint Venture agreement will be cancelled, and Goldplat will own 100% of Kilimapesa going forward.

IGE currently holds 4 licenses in Kenya. As part of the agreement, IGE will transfer to Kilimapesa the part of its Special License 91 covered by the Joint Venture agreement, corresponding to about 5% of the surface area of this license.

"Kilimapesa has been an important production experience for us, but in the current development phase of the IGE Group we consider the sale of our part to be the best decision for the Group operations going forward" says the CEO of IGE, Tomas Fellbom.

The agreement to sell its stake in the Kilimapesa Gold Project is consistent with IGE's strategic focus of identifying bulk-mineable gold deposits with resources in excess of 1 million ounces. This program is supported by promising results from previously carried out exploration within the licenses areas and by the existence of a gold-copper deposit of a similar size within the Migori greenstone belt, such as the Macalder mine, which was mined until the 1960's. IGE Kenya actively continues exploration work in this direction on the remaining part of its licenses, and has just completed a 1,360 m RC drilling program on the Masarura block (on remaining parts of Special License 91 still held by IGE), the results of which are pending.

The sales of the project results in gain of the IGE Group amounting to about MSEK 13,5, which corresponds to an Return on Investment of 185% over 2 years, which shows IGE's ability to create returns on its investments. The funds will be used for working capital purposes.

The Company's strategy covers investing in long term prioritized projects which will partly be financed by disposals of smaller non prioritized projects or small scale production.

For additional information, please contact:

Tomas Fellbom CEO, International Gold Exploration IGE AB Tel: +46 8 20 46 09 / +46 733 225 786 E-mail: tomas.fellbom@ige.se

Thomas Carlsson CFO, International Gold Exploration IGE AB Tel: +46 8 611 57 64 / +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, Kenya, Burundi, Sweden and Norway. Its shares are listed on the Oslo Stock Exchange. IGE has its headquarter and its senior management in Stockholm. For more information, visit www.ige.se