IGO LIMITED — Capital/Financing Update 2006

Nov 13, 2006

Date of Issue: 14 November 2006

Nickel Sulphide Joint Venture with Independence Group NL

Agincourt Resources Limited (Agincourt) is pleased to announce that Independence Group NL (Independence) have exercised their option to enter into a Joint Venture over the sulphide nickel mineralisation contained within selected tenements. See Figure 1. Over the past six months Independence has evaluated nine project areas within Agincourt's tenements and has made significant progress in target generation which will require drilling.

The Joint Venture requires Independence to spend a minimum of \$3,000,000 within a three year period, to earn a 51% equity interest in Agincourt's nickel sulphide mineralisation. A further expenditure of \$1,500,000 over two years will earn Independence 70% equity in the project, at which point Agincourt will be free carried until a decision to mine is made.

Independence announced in the September quarter that a TEM survey at Bodkin (previously reported 0.3m @ 6.6%Ni) had identified a significant off-hole conductor. Independence, as the managers of the Joint Venture project, intends to test the TEM conductor with a fixed loop survey to define the conductor plate prior to drilling.

The next 12 months of on-ground exploration work will be targeted at the following five strategic areas:

• $\circ$ Bodkin - Target drilling
• Lake Way systematic EM surveys, with either the IGO or Anglo SQUID system $\circ$
• Hayes Prospect follow-up EM and data analysis $\circ$
• Sulphide 1 Prospect follow-up EM and data analysis $\circ$
• PDW026 and PDW028 area follow-up EM and data analysis $\circ$

In addition there are still a significant number of targets that require investigation upon the completion of further data compilation.

This Joint Venture between Agincourt and Independence is an exciting development for the enhancement of nickel exploration in the Wiluna district.

For further information, contact:

PETER BOWLER		GREG BARRETT
Managing Director		Company Secretary
Tel: Fax: Mob: Email:	+618 9216 5800 +618 9216 5888 +61 (0) 427 773 121 peter.bowler@agincourtresources.com.au	Tel: Fax: Mob:	+618 9216 5800 +618 9216 5888 +61 (0) 403 581 588 Email: greg.barrett@agincourtresources.com.au

Figure 1. Prospect Locations over Aeromagnetic Image.

Agincourt Resources Limited ABN 38 088 174 565 Second Floor, 16 Ord Street, West Perth 6005 Western Australia

Postal Address: PO Box 219, West Perth 6872 Western Australia

Telephone: +61 8 9216 5800 Facsimile: +61 8 9216 5888 www.agincourtresources.com.au