IGO LIMITED — Capital/Financing Update 2010

Jul 21, 2010

22 July 2010

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

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TROPICANA JV SIGNIFICANT NEW GOLD INTERCEPTS AT THE NEW BOSTON SHAKER DISCOVERY AND HAVANA DEEPS UNDERGROUND TARGET

• New true width BOSTON SHAKER intercepts include:

TFRC	3321	-	32m @	3.7	g/t Au
TFRC	3299D	-	22m @	4.4	g/t Au
BSRC	121	-	18m @	4.3	g/t Au

� New true width HAVANA DEEPS intercepts include:

TPD409	-	22m @ 4.0 g/t Au
TPD 411	-	14m @ 4.8 g/t Au
HDD001	-	18m @ 3.5 g/t Au
HDD008	-	12m @ 5.3 g/t Au
HDD012	-	13m @ 6.1 g/t Au

Independence Group NL (IGO) is pleased to announce further significant results from the Tropicana JV (IGO 30%, AngloGold Ashanti 70% – Manager) as part of the Boston Shaker open-cut and Havana Deeps Scoping Study drill outs.

These scoping studies, expected to be completed in the second half of 2010, will be used by both boards when assessing the Tropicana – Havana – Havana South open-cut Feasibility Study, expected to be released in September / October 2010. Significant gold mineralisation has now been intersected over a 5km strike length and mineralisation remains open along strike and down dip (Figure 1).

BOSTON SHAKER

The new Boston Shaker discovery (see 17 March 2010 ASX Release), located approximately 360m north-east of the Tropicana deposit (Figure 1) is currently being infilled on a 50m x 50m drilling grid. Significant new results (true width) include:

32m @ 3.7 g/t Au from 181m including 29m @ 4.0 g/t Au

22m @ 4.4 g/t Au from 247m

18m @ 4.3 g/t Au from 34m

Mineralisation has now been defined over a 700m strike length and is open down dip. The Joint Venture partners are very encouraged by the wide high-grade shoots intersected at Boston Shaker to date for both open-cut and underground opportunities in addition to current Resources and Reserves (Table 1) . Drilling continues.

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HAVANA DEEPS

Following previous drilling which confirmed the down dip continuation of the Havana mineralisation 480m below surface, the Joint Venture approved a two stage Scoping Study budget to continue testing the Havana Deeps target. The aim of the study is to determine whether high-grade shoots continue beneath the proposed Havana Open-Cut and determine whether ore derived from bulk underground mining methods could be mined and blended with open-cut ore after the completion of the high-grade starter open-cuts.

Previous drilling intersected 35m @ 5.0 g/t Au (True Width) beneath Havana and new True Width Intercepts (Figure 1 and Table 2) confirm the continuation of high grade shoots including:

22m @ 4.0 g/t Au from 550m including 14m @ 5.8 g/t Au

14m @ 4.8 g/t Au from 663m

18m @ 3.5 g/t Au from 386m including 14m @ 4.2 g/t Au 12m @ 5.3 g/t Au from 607m

13m @ 6.1 g/t Au from 417m

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Figure 1: Tropicana JV – Proposed Tropicana and Havana Open Pit Outlines, g/t Au x Thickness (m) Contours and Significant Boston Shaker and Havana Deeps Intercepts Drilled Subsequent to the June 2009 Tropicana and Havana Resource Estimates.

Table 1: Significant New Boston Shaker RC and Diamond Drilling Results (Down-hole Widths Approximate True Widths)

Hole No.		Northing (m)		Easting (m)	RL (m)	Dip (degr)	Azi (degr)	Azi (degr)	Total Depth (m)	From (m)	To (m)	Width (m)	g/t Au
					BOSTONSHAKERRC
BSRC118		6763887		651491	340	-60		321	100 47		52	5	3.0
									includes 47		51	4	3.6
BSRC119		6763818		651559	340	-60		324	150 95		98	3	5.1
BSRC121		6763923		651525	339	-61		319	100 34		52	18	4.4
BSRC139		6763995		651948	344	-58		316	160 54		60	6	3.2
BSRC148		6764239		651985	349	-62		318	96 58		68	10	2.9
BSRC155		6764278		652090	347	-59		315	175 85		105	20	2.2
TFRC3317		6764063		651949	344	-61		320	150 139		141	2	7.2
TFRC3320		6763852		652161	345	-59		325	250 208		213	5	2.1
TFRC3321		6763955		652196	345	-61		319	238 181		213	**32 **	3.7
									includes 182		211	29	4.0
TFRC3322		6764275		652022	349	-61		318	150 61		66	5	3.5
TFRC3324		6764132		652164	348	-61		319	170 151		160	9	7.4
									includes 151		157	6	10.8
					BOSTONSHAKERDIAMOND
TFRC3295D		6763745		651704	341	-63		317	219 168		178	10	2.5
									219 183		202	19	1.9
TFRC3299D		6763889		652265	346	-62		323	282 247		269	22	4.4

Table 2: Significant New Havana Deeps Diamond Drilling Results (Down-hole Widths Approximate True Widths)

Hole No.	Northing (m)	Easting (m)	RL (m)	Dip (degr)	Azi (degr)	Total Depth (m)		From (m)	To (m)	Width (m)	g/t Au
			HAVANADEEPSDIAMOND
HDD001	6761255	650077	365	-60	324	438		386	404	18	3.5
						includes		387	401	14	4.2
HDD005	6761283	650332	365	-54	327	648		584	608	24	1.5
HDD005						includes		596	608	12	2.2
HDD006	6761393	650271	366	-62	328	601		508	513	5	3.6
HDD006	6761393	650271				601		519	539	20	2.2
HDD006						includes		532	536	4	7.0
HDD008	6761368	650402	364	-57	327	709		607	619	12	5.3
HDD012	6761799	650250	360	-62	318	478		417	430	13	6.1
TPD408	6761471	650193	365	-64	321	526		460	489	29	2.0
TPD408						includes		477	488	11	3.8
TPD409	6761432	650345	366	-61	322	628		550	572	22	4.0
TPD409						includes		558	572	14	5.8
TPD411	6761341	650502	361	-57	327	714		663	677	14	4.8

BACKGROUND

Independence Group NL (IGO) has a 30% contributing interest in the Tropicana Joint Venture managed by AngloGold Ashanti. The Tropicana JV comprises 13,000km[2] of prospective tenure covering a strike length of 300km.

The Tropicana project was generated by IGO and joint ventured to AngloGold Ashanti on 30 January 2002. The first major discovery within this extensive tenement package is the Tropicana deposit, comprised of the Tropicana and Havana Zones, on which results of a Bankable Feasibility Study are expected to be announced in the December 2010 quarter.

The Pre-feasibility Study Measured, Indicated and Inferred Mineral Resource estimate is 75.3Mt grading 2.07g/t Au for 5.01M oz Au with a pit optimisation at an assumed A$1,250/oz gold price.

The Proved and Probable Ore reserve using the estimated break-even cut-off grade of 0.7g/t Au for oxide and transitional materials and 0.8g/t Au for fresh material on a 100% basis is 45Mt @ 2.3g/t Au for 3.3M oz Au at an assumed A$1,059/oz gold price. .

The Havana Deeps and Boston Shaker gold discoveries (refer to 17 March 2010 and 16 April ASX releases) could also add to Resources and Reserves.

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Christopher Bonwick MANAGING DIRECTOR

Sign Off: The information in this report that relates to Exploration Results and Ore Reserves is based on information compiled by Mr Christopher M Bonwick who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Christopher Bonwick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Christopher Bonwick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements : This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Independence Group NL’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Independence Group NL believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

BOARD OF DIRECTORS Oscar Aamodt Non-Executive Chairman Chris Bonwick Managing Director Kelly Ross Executive Director Rod Marston Non-Executive Director John Christie Non-Executive Director Peter Bilbe Non-Executive Director CONTACT Address: PO Box 496 South Perth, WA, 6951 Telephone: (08) 9479-1777 Facsimile: (08) 9479-1877 Email: contact@igo.com.au Website: www.igo.com.au SHARE REGISTRY Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross, WA 6153 Telephone: (08) 9315-0933 Facsimile: (08) 9315-2233

	STOCKEXCHANGELISTING	STOCKEXCHANGELISTING	STOCKEXCHANGELISTING
Australian Stock Exchange
ASX Code:	IGO
		CAPITALSTRUCTURE
Ordinary Shares			113,813,539
Unlisted Options
Expiry Date	30 June	2011		1,087,500
	SUBSTANTIALSHAREHOLDERNOTICES
JF Capital Partners			11,645,716	(10.23%)
Orion Asset	Management		8,294,564 (7.29%)
NAB (MLC)			6,823,578 (6.02%)

TROPICANA CURRENT RESOURCE CLASSIFICATION

CLASSIFICATION
	TONNES (MT)	GRADE (G/T AU)	MOZ	% OUNCES
Measured	24.2	2.3	1.79	36%
Indicated	39.8	2.0	2.58	51%
Inferred	11.3	1.8	0.64	13%
TOTAL	75.3	2.1	5.01	100%

June 2009 Resource Classification within A$1250/oz Au Pit Optimisation. Cut offs: 0.6g/t Au oxide ore, 0.7g/t Au fresh ore.

TROPICANA CURRENT RESERVE CLASSIFICATION

	TONNES	GRADE	CONTAINEDGOLD	CONTAINEDGOLD
CLASSIFICATION	(MT)	(G/T)	(T)	(MOZ)
Proved	22	2.4	53	1.7
Probable	23	2.1	50	1.6
TOTAL	45	2.3	103	3.3

The Proved and Probable Ore Reserve using the estimated break-even cut-off grade of 0.7g/t gold for oxide and transitional materials and 0.8g/t gold for fresh material on a 100% basis using a A$1059/oz gold price as at 31 December 2009.