IGO LIMITED — Capital/Financing Update 2010

Jan 27, 2010

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ASX Code : STB Berlin : SO3-Ber Frankfurt : SO3-Fra

Share Price: 29.5 cents

Follow-up RC and Diamond Drilling Commences at the ROSIE Ni-Cu-PGE Prospect

Market Cap: $17.5M

Shares on issue: 61.28M

Cash at Bank: $3.0M ASX listed shares: $1.7M

Top 20 shareholders – 48%

South Boulder Mines Ltd (ASX: STB) is pleased to announce that a substantial follow up RC and diamond drilling program has commenced at the Rosie Ni-CU-PGE Prospect.

Joint Venture partner Independence Group NL (ASX: IGO) has advised that a 15-20 combination RC and diamond drill program commenced on the 27[th] of January and is expected to be completed by the end of February depending upon results.

Contact Details

133-135 Edward St Perth WA 6000

PO Box 8355 Perth BC WA 6849 Telephone +61 8 9227 1144 Facsimile + 61 8 9328 8302

For further information about the previously intersected Ni-CuPGE results from the Rosie Prospect and the Duketon Nickel JV refer to the Exploration Update released by South Boulder to the ASX on the 14[th] of January 2010. Initial drilling results from this program are expected in mid February and will be released as they come to hand.

About the Nickel Joint Venture

www.southbouldermines.com.au

LISTED EQUITY HOLDINGS

• (ASX: MZM) - 3.975m shares (ASX: MZMO) - 1.037m options (ASX: IXR) - 0.0750m shares (ASX: AVZ) - 0.400m shares (ASX: BUX) - 1.000m shares

• 0.750m options (ASX: UNX) - 0.700m shares (CDNX: CNI.V) - 130,000 share Auvex (Pte) - 1.000m options

In early 2004, South Boulder entered a farm-out Joint Venture (JV) Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of grant of the relevant tenement.

About South Boulder Mines Ltd

Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer primarily focused on gold, nickel, potash and phosphate.

More information:

Lorry Hughes Managing Director South Boulder Mines Ltd + 61 (8) 9227 1144

This ASX release has been compiled by Lorry Hughes using information on exploration results supplied by Independence Group who are the operator of the Duketon Nickel JV. Lorry Hughes is a member of the Australian Institute of Mining and Metallurgy. Mr Hughes is a geologist and he 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 “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Lorry Hughes consent to the inclusion in the report of the matters based on his information in the form and context in which it appears