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IGO LIMITED Capital/Financing Update 2004

Nov 7, 2004

65111_rns_2004-11-07_1ecf1bc8-ebfe-4aab-afa4-93e9ba280693.pdf

Capital/Financing Update

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8 November 2004

Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000

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RECORD NICKEL PRODUCTION

Independence Group NL is pleased to announce that October resulted in record nickel production, with over 1,000 tonnes of nickel metal mined during the month.

October's production was 21,110 tonnes @ 4.82% Ni for 1,017 nickel tonnes.

As was forecast in the September quarterly report, production grade is improving as access is gained to high-grade Victor South ore.

Inna,

CHRISTOPHER BONWICK Managing Director

PO Box 893, South Perth Western Australia 6951 Tel: +61 8 9367 2755 Fax: +61 8 9367 3288 E-mail: [email protected] Website: www.independencegroup.com.au