IGO LIMITED — Capital/Financing Update 2007

Nov 28, 2007

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Independence Group Farms Into Nickel Sulphide Rights At Riverina

The Company wishes to advise that an agreement has been reached with Independence Group NL (“IGO”) to farm into the nickel sulphide rights at the Riverina Project, located approximately 130 kilometres North of Coolgardie, Western Australia. The Project is currently under joint venture between Barra Resources Ltd (30%) and Riverina Resources Pty Ltd (70%).

Under the Agreement, IGO has the right to explore for nickel sulphide bearing mineralisation on the Tenements by spending not less than $300,000 on in-ground exploration by 31 May 2008. If IGO elects to continue after the initial expenditure has been met, a joint venture will be negotiated in good faith. Under the terms of the Joint Venture IGO may obtain a 60% interest in any nickel sulphide within the tenements upon proving up a JORC compliant inferred resource of not less than 2000 tonnes of contained nickel metal at an average grade of greater than 1.0% nickel. At that point the interest of the parties will be:

Independence Group NLRiverina Resources Pty LtdBarra Resources Ltd	60%28%12%

Until IGO delivers a feasibility study on any resource discovered, it must spend not less than $350,000 during each 12 month period.

IGO may obtain a further 10% interest upon delivering a bankable feasibility study at which time the interest of the parties will be:

Independence Group NLRiverina Resources Pty LtdBarra Resources Ltd	70%21%9%

Both Barra Resources Ltd and Riverina Resources Pty Ltd wish IGO every success in their endeavours at Riverina.

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DEAN GOODWIN Managing Director Barra Resources Limited

Barra Resources Limited (ABN 86 093 396 859) Mercury House, Level 3, 33 Richardson Street, West Perth, Western Australia 6005 Telephone: (08) 9481 3911 Facsimile: (08) 9481 3955