IGO LIMITED — Capital/Financing Update 2004

Mar 24, 2004

REVESCO GROUP LIMITED

ABN 50 009 317 846

Level 11 225 St Georges Terrace Perth Western Australia 6000 PO Box 7312 Cloisters Square Perth Western Australia 6850 Phone: (08) 9321 4111 Fax: (08) 9321 4411

Our Ref: RGL ASX Announce IGO Goldsworthy (58)

ANNOUNCEMENT NUMBER 58

25 March 2004

Company Announcements Office Australian Stock Exchange $10^{th}$ Floor 20 Bond Street SYDNEY NSW 2000

Bv: ASX Online Number of pages: 4 (including this page)

Dear Sir

$RF:$ GOLDSWORTHY JOINT VENTURE - ANOMALOUS GOLD RESULTS

Revesco is pleased to announce the discovery of gold mineralisation on the previously unexplored Goldsworthy Joint Venture project area. Values up to $Im (a)$ 2.63g/t Au have been intersected along four widely spaced geochemical drill traverses kilometres apart. Independence Group NL is earning an 80% interest in the joint venture by free carrying Revesco Group Limited to the completion of a prefeasibility study.

The information detailed below has been provided by Independence Group NL.

Background

The project, comprising 1,400 square kilometres, was joint ventured to explore the north eastern extension of the Mallina Fault system within the Goldsworthy Archaean Greenstone Belt. The Mallina Fault System is associated with several gold deposits including the 0.5 million ounce Indee Field and DeGrey Mining Ltd's recent high grade Wingina gold discovery (Figure 1).

Figure 1: Location of Goldsworthy Joint Venture in respect to Mallina Fault System, indee Gold Project and the Wingina Gold Discovery.

Regional Geology

The Goldsworthy JV project predominantly consists of metasedimentary and felsic rocks of the Archaean De Grey and Bookingarra Groups within the central portion of the Goldsworthy Greenstone belt. Within the project, the northeast extension of the Indee/Mallina fault zone diverges with a major north to northeast trending fault resulting in the formation of a sedimentary/felsic volcanic basin of similar characteristics to the highly prospective Mallina Basin (Indee Gold Deposits) to the southwest. Most of the project is under cover.

Targets

The drill targets initially tested were based on aeromagnetic and airborne transient electromagnetic ("TEM") interpretation (Figures 2 and 3). Targets defined to date include:

• potential mineralised zones associated with small granite intrusions within the main divergence corridor;
• strong TEM conductors (sulphides?) associated with inferred faults and shears; and
• zones of strong demagnetisation within iron formation horizons.

Figure 2: Drill traverses over aeromagnetics.

Figure 3: Drill traverses over airborne TEM

Recent Drilling

A total of 135 aircore holes (2.223m) were completed on 6 traverses, in two phases, testing geophysical targets. The first phase involved 100m spaced vertical geochemical holes with a second phase of infill on 50m spacing following up gold anomalous areas. Four of the six traverses completed returned anomalous gold in the basement. Alteration associated with the gold anomalous zones comprises arsenopyrite, silicification, sericite, chlorite and quartz veining. Bottle roll Au analysis suggests the gold mineralisation is non-refractory in the areas tested. Two target areas produced encouraging results on single traverses.

Target TG1

Four Phase $2 \div 60^\circ$ drill holes tested 50ppb gold anomalism. The southernmost hole returned significant gold and argenic mineralization (GWA107 – 10m $\omega$ ) 0.26 g/t Au from 38m including 1m $\omega$ 1.33 g/t Au) (Figure 4). The mineralization is completely open Host lithologies include highly sheared Archaean metasediments and $(Figure 2)$ . tourmalinite. Drill-hole GWA108, completed 50m behind GWA107 (to the north), returned $2m$ (a) $0.96$ g/t gold (end of hole) in similar rock types. In addition, strongly anomalous arsenic (up to $1.2\%$ As) occurs above the gold intercept.

Figure 4: TG1 Target cross section

Target TG2

Six vertical Phase 2 holes followed up basement gold anomalism. Three holes returned significant mineralization (Figure 5).

• GWA112 7m @ 0.15 g/t from 54m and 8m @ 0.53 g/t from 66m including 1m @ 2.2 $g/t$ from 71m.
• GWA 113 6m @ 0.2 $g/t$ from 46m.
• GWA115 6m @ 0.5 g/t from 48m including 1m @ 2.63 g/t from 50m.
• Rock types included layered dolerite/gabbro, felsic intrusives, felsic metasediments and granitoid.

Traverse TG4 was infilled on 50m spacing. Weak gold anomalism was encountered $(<50$ ppb Au).

Figure 5: TG2 Target cross section

Future Work

Prior to the next round of drilling, orientation soil sampling will be conducted over the TG1 mineralisation. The cover is 5m thick over the zone. It is possible soil sampling may delineate high grade basement gold mineralisation saying excessive drilling. Ground TEM and magnetic surveys are planned to cover the TG1 and TG2 targets (the source of the 2km long TG2 TEM conductor is yet to be determined).

Further air core drilling has been planned to determine whether economic deposits occur along the mineralised structures. The planned traverses extend west and east from the TG1 zone testing approximately 5km of strike. Three east west traverses are planned for TG2 based on the inferred trend. Two traverses are planned to further test the low order gold anomalism at TG4. The work program has been submitted for Heritage Clearance.

Yours faithfully

Harley Whitcombe Company Secretary