IGO LIMITED — Director's Dealing 2005

Feb 13, 2005

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 Group 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	Christopher Bonwick
Date of last notice	14 December 2004

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)	1,500,000	unlisted \$1.03 options
Virtual Genius Pty Ltd (relevant interest under s608(1)(b) of the Corporations Act 2001)		3,450,000 ordinary shares
As Trustee for the Bonwick Super Fund A/c	123,506	ordinary shares $\overline{\phantom{a}}$
Date of change	14 th February 2005
No. of securities held prior to change	shares.	1,500,000 \$1.03 unlisted options and $7,873,506*$ ordinary
Class	ordinary shares
Number acquired	36,006	ordinary shares
Number disposed		4,336,006 * ordinary shares
Value/Consideration Note: If consideration is non-eash, provide details and estimated valuation	\$40,327	$$4,446,327$ *

⁺ See chapter 19 for defined terms.

No. of securities held after change	123,506 3,450,000 ordinary shares unlisted \$1.03 options 1,500,000 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	* Mr Bonwick held a part indirect interest in 3,000,000 IGO shares held by Independence Mining Exploration NL ("IME"). The shareholders of IME voted to sell the company which included the IGO shares and tax losses to an outside party. Mr Bonwick therefore no longer has an interest in any of the assets held by IME, which included the IGO shares.

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

Immd r

14^th February 2005

C M Bonwick Managing Director Date

$+$ See chapter 19 for defined terms.

Appendix 3Y Page 2