IGO LIMITED — Director's Dealing 2003

Nov 27, 2003

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	Independence Gold NL
ABN	46 092 786 304

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Rodney Marston
Date of last notice	13 March 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct	Indirect
Nature of indirect interest (including registered holder) Nattai Pty Ltd (family trust)	1,000,000 unlisted $$1.33$ options 60,000 fully paid ordinary shares 30,000 listed options	90,000 fully paid ordinary shares 10,000 listed options
Date of change	27 November 2003
No. of securities held prior to change	60,000 30,000	90,000 shares 10,000 listed options
Class	Unlisted options to acquire ordinary shares. Exercisable at \$1.33 before 30 June 2008.
Number acquired	1,000,000	nil
Number disposed	Nil	nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		\$103,000 (payable 25% each year until November 2006)

^÷ See chapter 19 for defined terms.

No. of securities held after change	60,000 30,000 1,000,000	90,000 fully paid ordinary shares 10,000 listed options unlisted \$1.33 options nil
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Issue of unlisted options pursuant to Resolution 6 passed at 2003 AGM.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Thing

28 November 2003

C M Bonwick Managing Director

Date

• See chapter 19 for defined terms.

Appendix 3Y Page 2

$\div$ See chapter 19 for defined terms.