IGO LIMITED - Capital/Financing Update 2010

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17 D ecember 2 0 10

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

TROPICANA JV SIGNIFICANT NEW GOLD INTERCEPTS AT THE BOSTON SHAKER OPEN CUT AND HAVANA DEEPS UNDERGROUND TARGETS

 New true width BOSTON SHAKER intercepts include:

BSRC 189 - 17m @ 4.6 g/t Au from 75m TPRC 068D - 16m @ 4.9 g/t Au from 379m BSRC 243 - 12m @ 4.3 g/t Au from 95m

 New true width HAVANA DEEPS intercepts include:

HDD 033 - 16m @ 9.7 g/t Au from 369m HDD 032 - 14m @ 9.0 g/t Au from 416m

The 2.1km Havana Deeps down plunge step out hole (TFD 204) returned 2m @ 1.9 g/t Au from 1,180m indicating the Havana Gold alteration system is very large with multi-million ounce potential.

Ind e pendence G roup NL (I G O) is plea s ed to anno u nce further significant d rilling results from the Tro p icana JV (IGO 30%, AngloGold A s hanti 70% - Manager) as part of t h e Boston S haker and Ha v ana Deeps d rill outs. Bot h Boston Sh a ker and Havana Deeps have the p o tential to add significan t value to th e Tropicana Gol d Project. T h e Project w a s approved by IGO and AngloGold A shanti in N o vember 2010.

Sig n ificant mineralisation associated wit h the greater Tropicana/Havana gol d system ha s now been inte r sected ove r a 5km stri k e length, wi t h further drilling planne d to determine whether the system con t inues along strike beyo n d the fault-t e rminated n o rthern boundary of Bos to n Shaker and south of the Havana op e n pit (eg. C rouching Ti g er 11m @ 5.3 g/t Au). Drill testing beneath th e proposed Ha v ana open c u t has confir m ed robust thicknesses a nd grades e xtend at le a st a further 800 metres do w n plunge of the open pi t floor, with t he minerali s ed system e xtending a t least a furt h er 1,300m bey o nd this do w n plunge.

BOSTON SHAKER

Drilling of the B o ston Shak e r discovery (see 17 March 2010 A S X Release) , located ap p roximately 360 m north-east of the Tro p icana dep o sit (Figure 1), has now been com p leted on a 5 0m x 50m grid , with 25m x 50m infill d rilling conti n uing. Mine r alisation ha s been defi n ed over a 7 00m strike len g th and rem a ins open do w n dip.

Ass a y results a re yet to b e received, however r e cently rec e ived result s have both confirmed con t inuity of mi n eralisation w ithin the currently defin e d system and extende d higher gra d e zones at dep t h (eg. TPR C 068D 16m @ 4.9 g/t Au from 37 9 m and BS D 008 8m @ 8.1 g/t Au f rom 242m) (Table 1) .

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The s e high gra d e shoots m a y indicate p o ssible und e rground pot e ntial.

HAVANA DEEPS

The Joint Venture has com p leted a Sco p ing Study t o continue t e sting the e c onomic pot e ntial of the Ha v ana Deeps t arget. The aim of the S tudy was to determine w hether hig h -grade sho o ts continue ben e ath the pr o posed Hav a na open c u t and whet h er ore deri v ed from b u lk underground mining met h ods could be mined and blended with open- c ut ore afte r the compl e tion of the high-grade star t er pits. The study includes several phases of de e p drill testing.

To d ate gold mineralisation has been in t ersected in excess of 800m down p lunge from t he base of the planned o p en pit, so m e 570m v ertically be n eath surfa c e (Figure 1) . Recently received sig n ificant inter c epts from this program a re presente d in Table 2.

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