IGO LIMITED — Capital/Financing Update 2003

Nov 25, 2003

Level 4 20 Loftus Street SYDNEY NSW 2000

gsh/psh/gsh595

Telephone: (02) 9241 5999 Fax: (02) 9241 5599 email: gold@goldsearch.com.au

26 November 2003

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

Via ASX Online

No. of pages $-3$

Dear Sir.

Re: Musgrave joint venture - report from Independence Gold NL

Enclosed for release to the market is a copy of an update report from Independence Gold NL on exploration of EL 2910 DeRose Hill in the Musgrave Block region of South Australia.

Independence Gold NL is our joint venture partner and manager of the Musgrave project.

For and on behalf of the directors of Goldsearch Limited

P S Hewson Secretary

25 Movember 2002

Tirasdore Gaddeserin Limited Lencel 4 20 Loftus Street Sydney NSW 2000

Thear Sire

RE: DEROSE HILL EM CONDUCTOR

As per the JV agreement, please find the following report as an update of recent exploration activities on the IV tenements.

This report has been approved for release to the ASX by the Managing Director of Independence Guid NL

Recent ground EM geophysical surveys over two mckel (+/- copper, cobalt) neochemical targets covered by EL2910 at DeRose Hill in South Australia have identified an encouracing EM conductor. Geophysical interpretation and modelling suggest the conductor is associated with a bedrock feature. The conductor which is defined by lines 400m apart is at least 800m in strike length and is in an area of shallow transported cover where there is no exposure of the bedrock. The conductor is also coincident with significant IP effect signatures in late-time EM channels.

Reprocessed aeromagnetic data for the area suggests the anomaly is coincident with a reversely magnetised peak potentially associated with malle or altramatic intrusive rocks with Cilles Complex affinities. The irregular dyke-like morphology of the magnetic anomaly suggests it may potentially be associated with the targeted feeder zone-style intrusives.

The correlation with Giles Complex intrusives is made based on an observed remnant reversed magnetic nolarity in other known Gibs Conmics, sue bodies.

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htungs of CFM grouzd TEM over magnetics, interpreted bodrack combosion inghistophed (perple stated line) due c
eachitative signatures are the result of most surface offices,

Yours fhithfully INDEPENDENCE COLD NL ng G

Neath Hallenell (25x(Hous) mGSA) Chief Exploration Creologist

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