IGO LIMITED — Interim / Quarterly Report 2008

Oct 29, 2007

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INDEPENDENCE GROUP NL

QUARTERLY REPORT FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2007

GROUP HIGHLIGHTS

• September quarter NPAT – $23.6 million (Jun $21.1 million).

• $175.2 million cash and net receivables (Jun $165.5 million).

• 2006/7 final dividend of 7 cents plus special dividend of 5 cents per share (total 12 cents) paid during the quarter ($13.8 million).

OPERATIONS HIGHLIGHTS

• Production – 69,562t at 4.08% Ni for 2,838 Ni t (Budget 58,820t @ 3.79% for 2,231 Ni t).

• Cash costs – A$3.42/lb payable nickel (Budget A$4.65).

• June 2007 Resources – 1,552,000t @ 5.1% Ni – 79,300 Ni t.

• June 2007 Reserves – 1,101,000t @ 3.6% Ni – 39,600 Ni t.

• Exploration - McLeay Shoots 1 to 4 all remain open to the south . New intercepts outside June 2007 resource and reserve boundaries include 3.5m @ 4.6% Ni and 4.4m @ 7.3% Ni.

EXPLORATION HIGHLIGHTS

GOLD � Tropicana JV - New high-grade drill intersections outside April 2007 conceptual pit outlines include:

Havana Zone Tropicana Zone 30m @ 5.3g/t Au 19m @ 4.0g/t Au 30m @ 4.2g/t Au 29m @ 3.2g/t Au 22m @ 4.4g/t Au 22m @ 3.5g/t Au 18m @ 5.0g/t Au 22m @ 4.9g/t Au

• Significant new infill drill intercepts include:

Havana Zone Tropicana Zone 28m @ 5.1g/t Au 23m @ 6.4g/t Au 22m @ 5.0g/t Au 17m @ 3.8g/t Au 28m @ 6.8g/t Au 30m @ 3.4g/t Au 25m @ 5.3g/t Au 43m @ 5.3g/t Au 35m @ 5.0g/t Au

All intercepts approximate true width.

• Tropicana and Havana zones still remain open down-plunge and down-dip – deepest intersection 30m @ 4.2g/t Au (including 22m @ 5.4g/t Au) approximately 400m below surface .

• Initial resource estimate expected to be completed by end of next quarter.

• Feasibility Study drill-out (predominantly 25m x 25m drill spacing) has commenced and is being funded by AngloGold Ashanti and IGO .

• Holleton

• First results from RAB drilling returned highly encouraging results including 4m @ 5.7g/t Au and 2m @ 7.0g/t Au (EOH ) .

NICKEL

• Duketon JV - TEM Survey conductor (400m long) associated with a magnetic anomaly at Robinson Prospect.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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CORPORATE

DIVIDEND

IGO announced a final 2006/7 dividend of 7 cents per share and a special dividend of 5 cents per share. The 12 cent dividend was paid in September.

ANNUAL REPORT & AGM

The 2007 Annual Report has been distributed to shareholders and is available on the IGO website. The Annual General Meeting will be held on 21[st] November 2007 in Perth, Western Australia. A Notice of Meeting is on the IGO website.

PROFIT

The estimated and unaudited NPAT for the quarter is $23.6 million (Jun $21.1 million). The profit figures quoted in this report are subject to finalisation of estimated nickel prices and USD/AUD exchange rates. Unhedged receivables and sales figures in this report are based on a nickel price of AU$35,505/t.

ISSUED CAPITAL

At 30 October: 115,054,167 ordinary shares and 3,663,790 unlisted options.

CASH AND DEBT

CASH RESERVES

• $146.9 million cash (Jun $152.0M).

• $28.3 million nickel revenue in receivables net of creditors (Jun $13.5M).

• Total cash and net receivables were $175.2 million at the end of the quarter.

• Unhedged receivables have been valued using AU$35,505/t Ni.

Major cash expenditure during the quarter was:-

• $2.5 million spent on Long and regional exploration.

• $7.3 million income tax payment.

• $13.8 million dividend distribution to shareholders.

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INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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DEBT AT END OF THE QUARTER The Company owed $1.6 million at the end of the quarter for leased mining equipment (Jun $1.9M).

NICKEL SALES PRICE CALCULATION Due to the off-take agreement the Company has with WMC Resources Ltd (now BHP Billiton Nickel West Pty Ltd), nickel sales for any given month are required to be estimated. This is due to the lag-time between delivery of ore and setting of the price to be received, which is based on the average LME price prevailing in the third month after the month of delivery.

The Company is also required to estimate the USD/AUD exchange rate when calculating sales for any given month, as payment for nickel delivered is received in US dollars. Therefore, when calculating the quarter’s cash flow and profits, revenue which will be received based on future nickel prices is estimated using the most up-to-date price information available prior to the release of the quarterly report. The receivables figure used represents the estimated final USD nickel payment converted to AUD, also at an estimated exchange rate.

The effect of the changing nickel price and exchange rate on receivables is reflected in each quarter’s cash flow and profit figures.

2007/8 EXPLORATION EXPENDITURE & WRITE-OFF

• $2.5 million exploration expenditure was incurred during the quarter (Jun $3.4 million).

• $0.9 million exploration expenditure was written off during the quarter (Jun $5.4 million).

HEDGING

• Hedged nickel metal remaining at the date of this report was 4,200t at AU$18,169/t, which is scheduled to be delivered as follows: 2007/8 1,800t Average AU$17,744/t 2008/9 2,400t Average AU$18,489/t

INVESTMENTS

SOUTHSTAR DIAMONDS LIMITED (IGO 50%)

Exploration continued on diamond indicator anomalies generated from the De Beers database, including diamond-bearing intrusives.

MATRIX METALS LIMITED (IGO 17.7%) IGO has 124.1 million Matrix shares which were valued at $16.1 million at the end of the quarter (ASX Code: MRX). Production and shipment of copper cathode from the Leichardt processing plant commenced during the quarter.

ATLAS IRON LIMITED IGO has 1.8 million Atlas fully paid shares which were valued at $3.4 million at the end of the quarter (ASX Code: AGO).

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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MINING OPERATION

LONG NICKEL MINE IGO 100%

SAFETY

There were no Lost Time Injuries during the quarter. The Lost Time Injury Frequency Rate (LTIFR) since the mine re-opened in October 2002 is 2.21, which compares favourably to the Industry Average of 5.9.

PRODUCTION

Production for the quarter was 69,562t at 4.08% Ni for 2,838 tonnes contained nickel, which was mined by the following methods:

Jumbo Stoping	23,038	t @	5.0%	Ni for	1,172 Ni t
Long-hole	29,131	t @	3.8%	Ni for	967 Ni t
Hand-held	7,227	t @	6.0%	Ni for	435 Ni t
JumboDevelopment	10,166	t @	2.6%	Ni for	264 Nit
TOTAL	69,562	t @	4.1%	Ni for	2,838Nit

Production was from the following areas:

Long	42,223	t @	4.2% Ni for	1,753 Ni t
McLeay	16,784	t @	4.0% Ni for	663 Ni t
VictorSouth	10,555	t @	4.0%Ni for	422 Nit
TOTAL	69,562	t @	4.1%Ni for	2,838Nit

The budget for the quarter was 58,820t @ 3.79% Ni for 2,231 tonnes of contained nickel. Actual production during the quarter was 27% over budget in terms of contained metal.

2007/8 production is now likely to exceed previous guidance of 8,800 – 9,000 Ni t.

Metal during the quarter was won at a cash cost of A$3.42/lb payable nickel, against a budget of A$4.65/lb. The 26% reduction in cash costs can be attributed to lower mining costs (-7%), lower royalty costs, higher production rates and higher than budgeted grade.

Highlights in the September quarter included:

• 26% reduction in cash costs versus budget

• Higher production than budgeted in Long and McLeay

• Early production from the eastern edge of McLeay Shoot 1

• Stoping on the eastern edge of Victor South Shoot 2

JUNE 2007 RESOURCES AND RESERVES

During the quarter the June 2007 resources and reserves were released as follows: Resources 1,552,000t @ 5.1% Ni (79,300 Ni t) Reserves 1,101,000t @ 3.6% Ni (39,600 Ni t)

Since IGO opened the mine in October 2002 IGO had mined 37,443 Ni t to the end of June 2007, compared to the 2002 start-up reserve of 26,800 Ni t.

Despite record 2006/7 production of 9,825 Ni t, resources have increased by 14% to 79,300 Ni t. Approximately 39,700 Ni t in resources are outside current reserves. The Company has budgeted $10 million for exploration and decline development at the Long Nickel Mine in 2007/8 which will be used to test numerous nickel targets as well as being utilised for resource to reserve conversion drilling programs.

Long, Victor South and McLeay resources and reserves are depicted on Figure 1 .

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Refer to IGO’s announcement dated 8[th] October 2007 for more information on the resource and reserve estimates.

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Figure 1: Long Nickel Mine – Longitudinal Projection Showing Lava Channels, Significant Intercepts Outside Current Resources and 2007/8 Exploration Targets

DEVELOPMENT

CAPITAL DEVELOPMENT

• A total of 228 metres of twin boom capital advancement was achieved during the quarter (59 metres advancement occurred at McLeay with the remaining 169m at Long).

NORMAL DEVELOPMENT

• McLeay - Production development was focused in the 500mRL, 520mRL, 540mRl and the 545mRL. A total of 439 metres of advance was achieved, of which 268m was in ore and 170m in waste.

• Victor South – 22 metres of normal ore development was undertaken.

• Long – 547 metres of production development occurred in Long, of which 206m was in ore. Areas targeted during the quarter included the 16/3, 16/4, 16/5 and 14/1 blocks.

QUARTERLY FORECAST

The focus for the December quarter will be:

McLeay

• Initial ore drives on the 520mRL and 545mRL (McLeay Shoot 1).

• Stoping to continue in the 500mRL and 540mRL horizons.

• Commencement of ore access into McLeay Shoot 2 and the continuation of the 460mRL exploration drill drive.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Victor South

• Commencement of stoping on Shoot 4.

• Continued stoping of Shoot 2, eastern edge.

Long

• Stoping of the northern section of the 14/1 pillars.

• Completion of 15/2 stoping blocks.

• Continuation of stoping in the 16/3 and 16/5 ore blocks.

EXPLORATION

Infill drilling to upgrade resources at McLeay was completed in the last quarter, successfully extending McLeay Shoots 1 and 2 to the south and increasing the overall McLeay resource from 20,800 nickel tonnes (June 2006) to 28,600 nickel tonnes (June 2007).

McLeay Shoot 1

Infill 20m x 20m reserve definition drilling was completed this quarter extending the McLeay Shoot 1 Indicated Resource and Probable Reserve boundary an additional 230m to the south. McLeay Shoot 1 has a 650m strike length, is up to 200m wide, and is still open to the south-east and west ( Figure 2 ). Drilling indicates the southern end of Shoot 1 is offset by late faults.

McLeay Shoot 2

Infill drilling on 20m x 20m spacing extended the McLeay Shoot 2 Indicated Resource and Probable Reserve boundary an additional 110m to the south. McLeay Shoot 2 is approximately 435m in strike length and averages 50m in width ( Figure 2 ). It is still open to the south but closed off to the east and west. Two holes drilled 160m south of the reserve boundary intersected 3.5m @ 4.6% Ni and 1.4m @ 7.9% Ni indicating the shoot potentially extends beyond indicated resource boundary limits ( Figure 3 ). This shoot will be further tested in the December quarter.

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Figure 2: McLeay – 3D Isometric Model Showing Nickel Shoots

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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McLeay Shoot 3

McLeay Shoot 3 was excluded from the 2007 McLeay global resources as it was poorly constrained in all directions. Encouraging results returned during the quarter included 2.0m @ 3.3% Ni and 4.4m @ 7.3% Ni extending the eastern mineralised boundary ( Figure 4 ). Shoot 3 remains open in all directions. Planned December quarter drilling will better define the geometry and grade of the shoot which should allow conversion to a JORC compliant resource.

McLeay Shoot 4

The fault bounded McLeay Shoot 4 remains open to the south.

Long South Definition Drilling

Definition drilling on a 60m x 60m spacing commenced at Long South highgrade zones with the first fence of holes drilled from Long South Stockpile 6. Unfortunately the holes intersected porphyry obscured contact and have yet to be geophysically surveyed. Seventeen holes remain to be drilled from this program.

Long South Step Out Drilling

A program of wireline holes drilled to better define the position of the Long South komatiitic lava channel down-dip from McLeay commenced. Two holes (LSU-102 and LSU-103) collared in the McLeay development were drilled to test the Long South target stratigraphically below the hanging wall mineralisation (10.7m @ 1.1% Ni previously intersected by WMC) ( Figure 1 ).

LSU-102 intersected porphyry obscured contact, whilst LSU-103 drilled updip and 80m to the north of LSU-102 intersected 0.6m @ 1.9% Ni in footwall basalt before the hole was abandoned due to poor ground conditions. DHEM surveying in LSU-103 detected a strong conductor 55m x 50m in dimension lying 10m to the north of the hole on the ultramafic basal contact. This target will be tested in the December quarter.

Table 1: McLeay - Significant Intercepts Outside Reserves and Resources

**Shoot **	Hole No.	Northing	Easting	RL	Dip	Azimuth	E.O.H	From	To	Width	True	Grade
		(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)	(m)	Width	Ni%
											(m)
1	MDU-291	546993	375313	-446	-48	129	205.2	159.2	165.1	5.90	2.9	1.7%
1	MDU-298	546993	375313	-446	-44	142	219	164.55	165.1	0.55	0.6	2.2%
2	MDU-329	547022	375287	-447	-16	249	101.8	89.95	93.6	3.65	3.5	4.6%
2	MDU-330	547022	375287	-447	-26	244	108.4	85.95	87.35	1.40	1.4	7.9%
3	MDU-227	547130	375242	-449	-44	127	199.8	159.85	161.85	2.0	2.0	3.3%
3	MDU-335	547025	375304	-447	-72	49	150.4	123.85	128.25	4.4	4.4	7.3%

(Intersections calculated by the specific gravity method, VE = visual estimate)

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Figure 3: McLeay - Shoot 2 Plan Showing Significant Intercepts, Resource Boundaries and Drill Drive Location.

Intersection Widths are Down-hole widths

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Figure 4: McLeay - Shoot 3 Plan Showing Significant Intercepts, Shoot Boundaries and Drill Drive Location. Intersection Widths are Down-hole widths

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Seismic Survey

Initial post-stack migrated 3D seismic images generated from the Long South survey were received from Curtin University. These images define strong reflectors that appear to be associated with the McLeay ore environment and with the down-plunge projection of the Long South lava channel. This small-scale survey was read at low resolution and intended as a “proof of concept” exercise to demonstrate that 3D seismic surveying could detect coherent reflections in the complex hard-rock environment at Long. These results are highly encouraging, and a large-scale (10 km[2] ) survey at full resolution is scheduled for early December to mid-January. Vertical seismic profile (VSP) experiments will also be conducted when suitable drill holes are available.

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Figure 5: McLeay and Long South Seismic Section Showing Reflector Anomalies Possibly Associated with Nickel Sulphide

Long North

Surface exploration at Long North commenced this quarter with a fixed loop TEM (FLTEM) survey targeting mineralisation in the northern extension of the Gibb lava channel. However, no anomalies worthy of follow-up were detected to 200m below surface. The prospective contact to the north of this survey area remains untested, owing to restrictions on transmitter loop placement imposed by non-IGO existing tenure. Assay results from a soil sampling program were also received and final interpretation is awaited.

Three new holes are planned to be drilled in the December quarter to better define the channel position and guide the location of a potential Long North Drill Drive.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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LONGNICKELMINEPRODUCTIONSUMMARY Sep ‘07 2007/8 Note Quarter FY to Date Mining Reserve (Dry Tonnes) Start of Period 1,101,000 1,101,000 - ROM Production 1 (69,562) (69,562) End of Period 1,031,438 1,031,438 Production Details: Ore Mined (Dry Tonnes) 1 69,562 69,562 Ore Milled (Dry Tonnes) 69,562 69,562 Nickel Grade (Head %) 4.08 4.08 Copper Grade (Head %) 0.30 0.30 Metal in Ore Production (Tonnes) Nickel delivered 2 2,838 2,838 Copper delivered 2 208 208 Metal Payable IGO share (Tonnes) Nickel 1,715 1,715 Copper 84 84 Hedging Tonnes delivered into Hedge 600 600 Average Price (AU$/t) 17,451 17,451 Revenue/Cost Summary A$'000's A$'000's Sales Revenue (incl. hedging) 49,559 49,559 Cash Mining/Development Costs (8,275) (8,275) Other Cash Costs 3 (4,652) (4,652) Depreciation/Amortisation/Rehabilitation (2,664) (2,664) Total Unit Cost Summary A$/lb Total Metal Produced A$/lb Total Metal Produced Cash Mining/Development Costs 1.32 1.32 Other Cash Costs 3 0.74 0.74 Depreciation/Amortisation/Rehabilitation 0.43 0.43 Revenue/Cost Summary A$/lb Payable Metal A$/lb Payable Metal Sales Revenue (incl. hedging) 4 13.11 13.11 Cash Mining/Development Costs 2.19 2.19 Other Cash Costs 3 1.23 1.23 Depreciation/Amortisation/Rehabilitation 0.70 0.70 Safety and Productivity - Lost Time Injuries 2.2 2.2 - Medically Treated IFR 51.5 51.5 - Nickel Productivity Rate 5 97.0 97.0 Development/Exploration Drilling Metres Metres Development 0 0 Production 3,095 3,095 Exploration 4,326 4,326 7,421 7,421 Note 1. Production is sourced from both reserves/inventory and outside reserves. Note 2. The Recovery Rate is fixed with WMC depending on head grade. For grades from 3.0% to 3.5% recovery is 92%, for grades in excess of 3.5% recovery is 93%. Note 3. Other Cash Costs include milling, royalties and site administration. Note 4. Sales Revenue per pound includes nickel price adjustments for prior periods. Note 5. Nickel Productivity Rate = Annualised nickel tonnes per full-time-equivalent-employee.	Prev. Corresp. Quarter (Sep ’06) 1,114,000 (51,022)
	1,062,978 51,022 51,022 3.33 0.25 1,698 126 988 69 450 17,168 32,852 (7,756) (4,458) (1,734) 2.07 1.19 0.46 15.09 3.56 2.05 0.80 1 39.0 58.0 1,352 1,220 1,089
	3,661

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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REGIONAL GOLD EXPLORATION

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Figure 6: IGO Gold and Base Metal Project Locations

TROPICANA JV (IGO 30%, ANGLOGOLD ASHANTI AUSTRALIA LIMITED MANAGER 70%)

The Tropicana Joint Venture comprises approximately 13,000km[2] of largely unexplored tenure over a strike length of 330km along the Yilgarn Craton – Fraser Range Mobile Belt collision zone.

Highlights during the quarter

• Havana Zone still remains open down plunge and dip with significant extensions likely to the April 2007 preliminary Conceptual Open Pit Outline (eg 30m @ 5.3g/t, 30m @ 4.2g/t Au )

• .

• Havana infill 50m x 50m drilling confirms continuity of high-grade zones (eg 43m @ 5.3g/t Au, 38m @ 6.8g/t Au ).

• Tropicana Zone remains open down plunge and dip with significant extensions likely to the April 2007 Preliminary Conceptual Open Pit Outline (eg 29m @ 3.2g/t Au, 22m @ 3.5g/t Au ).

• Drilling at both Havana and Tropicana have enhanced previous results and in most cases confirmed continuity.

• 50m x 50m spaced resource drilling at Tropicana and Havana has now been completed. A “fast-track” budget to enable closer spaced feasibility study drilling on a predominantly 25m x 25m grid has been approved and drilling has commenced.

• Significant progress has been made on additional Pre-feasibility Study activities including plant design, metallurgical, hydrological and geotechnical studies and flora and fauna surveys.

• In-pit JORC-compliant mineral resource estimations are on track to be completed by the end of December 2007.

• Pre-feasibility Study scheduled for completion in mid 2008.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Figure 7: Tropicana JV - Prospect Plan Showing Significant Intercept Locations, g/t Au x Thickness (m) Contours, and Location of the Havana and Tropicana Zones

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Figure 8: Tropicana JV – Isometric Model Showing 0.3g/t Au Mineralised Envelope, g/t Au x Thickness (m) Contours Within, and Significant Intercepts Outside, the April 2007 Preliminary Conceptual Open-Pit Outline

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Figure 9: Tropicana JV - Havana Zone TPRC267 - TPD346 Cross-Section Showing Significant Drill Hole Results and April 2007 Preliminary Conceptual Open-Pit Outline

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Figure 10: Tropicana JV - Havana Zone TPRC344 - TPD308 Cross-Section Showing Significant Drill Hole Results and the April 2007 Preliminary Conceptual Open-Pit Outline

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Figure 11: Tropicana JV - Tropicana Zone TPRC045 – TPD253 Cross-Section Showing Significant Drill Hole Results and the April 2007 Preliminary Conceptual Open-Pit Outline

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 1: Tropicana Prospect - Havana Zone Diamond Drilling

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPD105 TPD109 TPD131 TPD160 TPD193 TPD191 TPD194 TPD196 TPD197 TPD198 TPD203 TPD205 TPD210 TPD212 TPD213 TPD259 TPD264 TPD273 TPD277 TPD282 TPD285 TPD286 TPD287 TPD288A TPD289 TPD290 TPD291 TPD296 TPD297 TPD298 TDP299 TPD300 TPD301 TPD302 TPD303 TPD304 TPD305 TPD306	649244 649210 649848 649224 649937 650114 650008 649778 649813 649848 649777 649736 649847 649720 649758 650603 650253 650286 650255 650182 650181 650214 649949 649988 650023 650057 650096 650020 650094 650191 650236 649911 649951 649982 650023 650054 650122 650129	6760687 6760436 6761428 6761200 6762398 6762291 6762327 6762205 6762167 6762135 6762133 6762109 6761919 6761976 6761944 6763069 6762506 6762331 6762298 6762225 6762149 6762113 6762311 6762277 6762242 6762207 6762170 6762170 6762100 6761996 6761957 6762210 6762174 6762135 6762100 6762065 6761999 6761992	363 371 368 355 352 354 354 356 362 361 363 363 365 364 364 345 352 353 354 356 360 360 354 355 356 358 360 359 360 360 359 357 359 360 361 361 361 360	322 321 316 323 318 320 318 322 326 324 320 321 329 319 316 322 322 322 321 329 322 321 322 323 323 322 321 324 322 317 321 321 320 317 323 320 325 319	-63 -61 -61 -59 -61 -61 -62 -62 -60 -61 -61 -60 -60 -61 -60 -60 -62 -61 -62 -59 -53 -62 -61 -61 -61 -60 -61 -60 -62 -55 -60 -59 -61 -60 -61 -61 -55 -60	265 370 274 178 200 328 285 171 202 232 181 171 298 214 232 200 346 372 382 370 399 448 277 286 318 331 336 325 358 436 460 241 280 307 334 361 418 412	206 204 222 Incl. 230 67 96 Incl. 102 148 Incl 279 229 116 147 179 137 129 234 Incl. 159 181 159 316 Incl. 318 345 345 344 349 370 173 209 Incl. 228 231 265 290 260 Incl. 266 294 Incl. 297 319 362 422 193 Incl. 199 230 250 281 286 349 Incl. 354 348	210 209 244 243 93 110 110 153 308 244 139 169 191 157 147 242 177 198 175 320 320 354 348 359 362 389 212 237 237 258 283 306 286 286 309 304 337 373 430 215 215 246 270 310 322 379 379 377	4.0 m @ 5.0 g/t Au 5.0 m @ 5.0 g/t Au 22.0 m @ 3.3 g/t Au 13.0 m @ 5.0 g/t Au 26.0 m @ 1.4g/t Au 14.0 m @ 3.7g/t Au 8.0m @ 5.9g/t Au 5.0 m@ 5.4g/t Au 3.0m @ 8.5 g/t Au 29.0 m @ 1.2 g/t Au 15.0 m @ 2.8 g/t Au 23.0 m @ 1.7 g/t Au 22.0 m @ 1.7 g/t Au 12.0 m @ 2.9g/t Au 20.0 m @ 1.6 g/t Au 18.0 m @ 1.6 g/t Au 8.0 m @ 3.4 g/t Au 3.0m @ 8.0 g/t Au 18.0 m @ 2.9 g/t Au 17.0 m @ 2.4 g/t Au 16.0m @ 3.3 g/t Au 4.0 m @ 10.0 g/t Au 2.0 m @ 19.7 g/t Au 9.0 m @ 3.3 g/t Au 3.0 m @ 6.0 g/t Au 15.0 m @ 1.8 g/t Au 13.0 m @ 2.3 g/t Au 19.0 m @ 1.3 g/t Au 39.0 m @ 1.9 g/t Au 28.0 m @ 5.1 g/t Au 9.0m @ 13.8g/t Au 27.0 m @ 2.2 g/t Au 18.0 m @ 1.6 g/t Au 16.0 m @ 1.4 g/t Au 26.0 m @ 3.4 g/t Au 20.0 m @ 4.2 g/t Au 15.0 m @ 4.9 g/t Au 7.0 m @ 9.7 g/t Au 18.0 m @ 2.4 g/t Au 11.0 m @ 2.6 g/t Au 8.0m @ 6.6g/t Au 22.0 m @ 5.0 g/t Au 16.0 m @ 6.4 g/t Au 16.0 m @ 4.0 g/t Au 20.0 m @ 2.7 g/t Au 29.0 m @ 2.0 g/t Au 36.0 m @ 3.0 g/t Au 30.0 m @ 5.3 g/t Au 25.0 m @ 6.3 g/t Au 29.0 m @ 3.3 g/t Au 21.0 m@ 4.4g/t Au
							Incl.356	377

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 1: Tropicana Prospect - Havana Zone Diamond Drilling (cont.)

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPD307 TPD308 TPD310 TPD311 TPD312 TPD313 TPD316 TPD317 TPD319 TPD321 TPD324 TPD326 TPD345 TPD346 TPD347 TPD348	650166 650199 649988 650068 650168 650176 650088 650131 649983 650095 649948 650024 649880 649917 649793 649863	6761958 6761920 6762067 6761985 6761883 6761877 6761897 6761852 6761922 6761817 6761885 6761818 6761536 6761500 6761555 6761481	360 359 362 360 360 360 361 360 362 361 363 362 369 368 368 369	322 320 317 322 319 319 317 322 318 319 318 320 319 321 321	-60 -61 -60 -61 -67 -61 -60 -61 -59 -62 -62 -61 -61 -61 -61	442 463 325 385 455 448 399 419 320 403 313 390 316 349 244 301	380 392 Incl. 400 248 324 Incl. 329 369 Incl. 371 398 379 335 356 212 361 202 335 213 285 237 Incl. 237 310 156 182 Incl. 185 255	393 422 422 278 347 346 391 390 402 407 345 381 216 373 204 342 240 294 267 255 320 173 225 189 270	13.0 m @ 2.8 g/t Au 30.0 m @ 4.2 g/t Au 22.0 m @ 5.4 g/t Au 30.0 m @ 2.2 g/t Au 23.0 m @ 2.8 g/t Au 17.0m @ 3.4g/t Au 22.0 m @ 4.4 g/t Au 19.0 m @ 5.0 g/t Au 4.0 m @ 6.7 g/t Au 28.0 m @ 2.3g/t Au 10.0 m @ 3.1 g/t Au 25.0 m @ 2.1 g/t Au 4.0 m @ 22.1 g/t Au 12.0 m @ 3.4 g/t Au 2.0 m @ 8.3 g/t Au 7.0m @ 7.3g/t Au 27.0m @ 3.8 g/t Au 9.0 m @ 8.0 g/t Au 30.0 m @ 3.5 g/t Au 18.0 m @ 5.0 g/t Au 10.0 m @ 9.5 g/t Au 17.0 m @ 1.8 g/t Au 43.0 m @ 1.8 g/t Au 4.0 m @ 9.0 g/t Au 15.0 m @ 1.6 g/t Au 9.0 m@ 4.3 g/t Au
							273	**282 **

Table 1: Tropicana Prospect - Havana Zone RC Drilling

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC320 TPRC321 TPRC322 TPRC325 TPRC327 TPRC329	649580 649618 649687 649509 649581 649666	6762044 6762013 6761940 6762189 6762117 6762030	363 363 363 356 359 365	326 324 323 320 316 326	-47 -61 -61 -62 -61 -61	120 130 180 60 100 170	44 Incl. 47 61 Incl. 70 41 81 Incl. 90 149 28 47 Incl. 57 130	57 57 89 88 47 114 113 161 34 72 72 148	13.0 m @ 4.9 g/t Au 10.0 m @ 6.3 g/t Au 28.0 m @ 6.8 g/t Au 18.0 m @ 10.0 g/t Au 6.0 m @ 2.4 g/t Au 33.0 m @ 3.6 g/t Au 23.0 m @ 4.8 g/t Au 12.0 m @ 4.2 g/t Au 6.0 m @ 12.8 g/t Au 25.0 m @ 5.3 g/t Au 15.0 m @ 7.5 g/t Au 18.0 m @ 2.6 g/t Au 14.0m@1.7g/tAu
TPRC333	649633	6762132	360	323	-61	110	74	88

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 1: Tropicana Prospect - Havana Zone RC Drilling (cont.)

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC336 TPRC338 TPRC340 TPRC342 TPRC345 TPRC346 TPRC347 TPRC348 TPRC349D TPRC352 TPRC353D TPRC358 TPRC364 TPRC367 TPRC368 TPRC496 TPRC497 TPRC523 TPRC524 TPRC525 TPRC526 TPRC527 TPRC622 TPRC624 TPRC633 TPRC634 TPRC638 TPRC639 TPRC734 TPRC737	649562 649639 649599 649707 649754 649772 649809 649840 649881 649880 649948 649919 649914 649934 649899 649205 649281 649708 649739 649704 649672 649705 649970 650038 649864 650043 649848 649535 649546 649653	6762269 6762208 6762313 6762345 6762370 6762345 6762313 6762281 6762243 6762312 6762243 6762347 6762487 6762541 6762650 6761287 6761220 6762270 6762238 6762207 6762170 6762132 6762720 6762650 6762682 6762505 6762206 6761742 6761482 6761376	356 358 355 354 355 354 355 356 356 354 356 353 352 355 349 356 356 356 357 359 360 362 348 349 348 352 358 364 363 366	321 323 320 322 322 319 320 322 321 320 318 320 322 320 318 321 322 316 319 314 324 325 322 318 321 317 323 320 324 322	-61 -61 -61 -78 -61 -61 -61 -61 -61 -61 -61 -60 -49 -62 -60 -62 -61 -60 -61 -60 -61 -61 -60 -60 -61 -60 -61 -61 -60 -62	60 80 80 100 85 120 150 185 228 200 262 210 90 90 100 130 180 110 129 130 120 150 100 180 50 200 200 95 85 150	27 56 23 54 41 89 Incl. 89 108 137 167 Incl. 177 141 212 138 Incl. 160 34 38 Incl. 38 28 Incl. 29 Incl. 39 92 Incl. 95 76 76 93 Incl. 96 87 80 Incl. 85 100 Incl. 100 82 114 Incl. 124 22 134 153 40 Incl. 40 Incl. 53 33 Incl. 34 108 Incl. 109 Incl. 120 Incl. 142	42 63 38 70 57 110 103 126 147 193 192 180 229 192 191 46 61 49 49 32 48 99 98 96 88 109 99 101 92 92 123 116 90 128 127 30 144 172 73 46 71 48 44 150 117 137 149	15.0 m @ 3.4 g/t Au 7.0 m @ 3.4 g/t Au 15.0 m @ 4.9 g/t Au 16.0 m @ 3.1 g/t Au 16.0 m @ 2.5 g/t Au 21.0 m @ 2.8 g/t Au 14.0 m @ 3.6 g/t Au 18.0 m @ 2.0 g/t Au 10.0 m @ 2.4 g/t Au 26.0 m @ 2.8 g/t Au 15.0 m @ 4.1g/t Au 39.0 m @ 4.6 g/t Au 17.0 m @ 3.4 g/t Au 54.0 m @ 1.7 g/t Au 31.0 m @ 2.3 g/t Au 12.0 m @ 3.2 g/t Au 23.0 m @ 4.0 g/t Au 11.0 m @ 5.1g/t Au 21.0 m @ 5.9 g/t Au 3.0 m @ 6.7 g/t Au 9.0 m @ 11.0 g/t Au 7.0 m @ 9.6 g/t Au 3.0 m @ 21.6 g/t Au 20.0 m @ 1.6g/t Au 12.0 m @ 3.1 g/t Au 16.0 m @ 2.0 g/t Au 3.0 m @ 5.7 g/t Au 14.0 m @ 4.2 g/t Au 12.0 m @ 3.4 g/t Au 7.0 m @ 5.2 g/t Au 23.0 m @ 2.7 g/t Au 16.0 m @ 3.6 g/t Au 8.0 m @ 2.7 g/t Au 14.0 m @ 2.7 g/t Au 3.0 m @ 10.3 g/t Au 8.0 m @ 3.5 g/t Au 10.0 m @ 2.1 g/t Au 19.0 m @ 1.6 g/t Au 33.0 m @ 3.7 g/t Au 6.0 m @ 3.8 g/t Au 18.0 m @ 5.1 g/t Au 15.0 m @ 4.2 g/t Au 10.0 m @ 6.0 g/t Au 42.0 m @ 3.9 g/t Au 8.0 m @ 3.1 g/t Au 17.0 m @ 2.4 g/t Au 7.0 m @ 13.2 g/t Au 25.0m@1.5 g/tAu
TPRC738	649686	6761340	368	322	-60	170	126	151

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 1: Tropicana Prospect - Havana Zone RC Drilling (cont.)

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC740 TPRC741 TPRC742 TPRC743 TPRC744 TPRC745 TPRC746 TPRC748 TPRC749 TPRC750 TPRC751 TPRC753 TPRC755 TPRC757 TPRC758 TPRC759 TPRC760 TPRC761 TPRC762 TPRC763	649548 649580 649616 649650 649509 649547 649582 649650 649688 649581 649618 649688 649617 649584 649617 649651 649580 649616 649652 649686	6761548 6761516 6761480 6761446 6761657 6761621 6761585 6761515 6761481 6761659 6761622 6761551 6761693 6761798 6761764 6761727 6761871 6761835 6761801 6761764	363 364 365 365 362 363 364 366 366 364 365 366 365 363 364 366 362 363 364 365	324 325 324 324 323 325 323 323 319 320 319 317 319 319 319 326 321 319 322 328	-61 -61 -61 -60 -62 -61 -62 -61 -61 -61 -61 -62 -60 -61 -60 -62 -60 -61 -61 -61	105 95 95 125 80 95 105 115 125 85 150 180 130 120 150 157 110 140 162 180	33 Incl. 34 70 42 65 Incl. 66 62 Incl. 62 Incl. 91 12 Incl. 17 Incl. 23 34 Incl. 39 54 94 68 90 Incl. 95 Incl. 106 52 Incl. 78 101 113 97 Incl. 114 39 102 Incl. 102 63 Incl. 69 69 Incl. 89 54 108 Incl. 116 57 Incl. 64 69 75 Incl. 93 44 Incl.51 97 Incl. 114 137	53 47 74 60 71 69 68 66 94 56 20 36 64 63 81 98 92 118 99 118 85 85 110 120 123 123 62 119 118 88 87 104 104 78 132 132 73 72 72 110 100 68 60 130 128 154	20.0 m @ 2.6 g/t Au 13.0 m @ 3.7 g/t Au 4.0 m @ 4.3 g/t Au 18.0 m @ 6.1 g/t Au 6.0 m @ 6.4 g/t Au 3.0 m @ 12.0 g/t Au 6.0 m @ 6.9 g/t Au 4.0 m @ 10.0 g/t Au 3.0 m @ 5.4 g/t Au 44.0 m @ 5.3 g/t Au 3.0 m @ 8.0 g/t Au 13.0 m @ 14.3 g/t Au 30.0 m @ 3.1 g/t Au 24.0 m @ 3.7 g/t Au 27.0 m @ 1.4 g/t Au 4.0 m @ 4.6 g/t Au 24.0 m @ 1.3 g/t Au 28.0 m @ 2.5 g/t Au 4.0 m @ 7.5 g/t Au 12.0 m @ 2.8 g/t Au 33.0 m @ 1.6 g/t Au 7.0 m @ 5.01 g/t Au 9.0 m @ 5.2 g/t Au 7.0 m @ 3.8 g/t Au 26.0 m @ 1.8 g/t Au 9.0 m @ 3.2 g/t Au 23.0 m @ 1.0 g/t Au 17.0 m @ 2.8g/t Au 16.0 m @ 2.9 g/t Au 25.0 m @ 3.5 g/t Au 18.0 m @ 4.5 g/t Au 35.0 m @ 1.3 g/t Au 15.0m @ 2.1g/t Au 24.0 m @ 1.3 g/t Au 24.0 m @ 5.2 g/t Au 16.0 m @ 7.3 g/t Au 16.0 m @ 2.5 g/t Au 8.0 m @ 4.4 g/t Au 3.0 m @ 6.9 g/t Au 35.0 m @ 1.3 g/t Au 7.0 m @ 4.1 g/t Au 24.0 m @ 2.0 g/t Au 9.0 m @ 4.0 g/t Au 33.0 m @ 2.7 g/t Au 14.0 m @ 5.0 g/t Au 17.0 m @ 6.6 g/t Au 13.0 m@ 8.4g/t Au
							**Incl. 137 **	150

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 1: Tropicana Prospect - Havana Zone RC Drilling (cont.)

Hole	Easting	Northing	RL	Azimuth	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC764 TPRC765 TPRC766 TPRC767 TPRC768 TPRC769 TPRC771 TPRC772 TPRC773 TPRC774 TPRC778 TPRC779 TPRC780 TPRC781 TPRC782 TPRC783	649583 649615 649653 649599 649635 649671 649635 649670 649599 649634 649723 649758 649793 649829 649833 649866	6761940 6761904 6761870 6761993 6761959 6761922 6762029 6761994 6762134 6762100 6762152 6762191 6762225 6762256 6762326 6762366	362 362 363 362 362 363 364 363 359 361 362 360 358 357 354 353	322 322 323 319 318 319 323 321 321 323 319 316 317 314 317 322	-60 -60 -60 -60 -61 -61 -60 -59 -61 -61 -61 -63 -62 -61 -62 -61	105 140 170 117 145 170 135 165 70 129 135 145 180 180 190 165	54 Incl. 56 30 Incl. 34 89 Incl. 90 Incl. 100 57 115 Incl. 115 64 75 Incl. 77 94 Incl. 104 122 Incl. 132 Incl. 143 106 126 Incl. 133 53 Incl. 55 81 Incl. 90 107 108 Incl. 108 120 Incl. 130 126 112 97 116	89 82 46 45 106 96 106 75 133 123 72 90 89 124 124 150 139 148 124 150 150 70 64 103 102 125 133 121 140 139 145 138 111 155	35.0 m @ 5.0 g/t Au 26.0 m @ 6.5 g/t Au 16.0 m @ 4.2 g/t Au 11.0 m @ 5.8 g/t Au 17.0 m @ 4.6 g/t Au 6.0 m @ 6.1 g/t Au 6.0 m @ 6.5 g/t Au 18.0 m @ 1.6 g/t Au 18.0 m @ 7.7 g/t Au 8.0 m @ 14.6 g/t Au 8.0 m @ 2.5 g/t Au 15.0 m @ 5.9 g/t Au 12.0 m @ 7.1 g/t Au 30.0 m @ 4.5 g/t Au 20.0 m @ 5.4 g/t Au 28.0 m @ 1.9 g/t Au 7.0 m @ 3.5 g/t Au 5.0 m @ 4.1 g/t Au 18.0 m @ 4.8 g/t Au 24.0 m @ 2.6 g/t Au 17.0 m @ 3.1 g/t Au 17.0 m @ 2.5 g/t Au 9.0 m @ 3.8 g/t Au 22.0 m @ 2.9 g/t Au 12.0 m @ 4.5 g/t Au 18.0 m @ 2.2 g/t Au 25.0 m @ 1.8 g/t Au 13.0 m @ 2.6 g/t Au 20.0 m @ 1.4 g/t Au 9.0 m @ 2.0 g/t Au 19.0 m @ 1.5 g/t Au 26.0 m @ 2.0 g/t Au 14.0 m @ 1.5 g/t Au 39.0 m @ 1.6 g/t Au 21.0m@2.4g/tAu
							Incl. 132	153

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling	Table 2: Tropicana Prospect – Tropicana Zone Diamond Drilling
Hole	Easting	Northin g	RL	Azimut h	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPD219 TPD220 TPD222 TPD224 TPD228 TPD229 TPD230 TPD231 TPD233 TPD234 TPD244 TPD245 TPD246 TPD248 TPD251 TPD253	651169 651204 651273 651248 651081 651160 651198 651070 651136 651170 651101 650890 650960 651036 650853 650948	6763640 6763602 6763536 6763494 6763521 6763438 6763403 6763458 6763392 6763359 6763215 6763355 6763285 6763214 6763248 6763153	341 341 341 341 341 342 341 341 342 342 342 342 342 342 342 342 344	325 322 325 323 322 324 322 320 319 323 321 319 320	-62 -64 -62 -62 -61 -62 -61 -60 -59 -61 -62 -60 -61	231 244 298 286 286 220 256 283 220 232 291 378 226 297 325 235 300	148 170 205 201 228 165 Incl. 179 193 Incl. 208 215 241 170 Incl. 178 195 Incl. 203 234 306 179 237 Incl. 237 278 Incl. 284 168 261	168 193 238 225 246 200 200 234 228 267 266 199 199 224 223 252 326 201 262 239 297 296 193 273	20.0 m @ 1.6 g/t Au 23.0 m @ 1.3 g/t Au 33.0 m @ 1.3 g/t Au 24.0 m @ 2.7 g/t Au 18.0 m @ 2.9 g/t Au 35.0 m @ 1.9 g/t Au 21.0 m @ 2.6 g/t Au 41.0 m @ 1.7 g/t Au 20.0 m @ 2.5 g/t Au 52.0 m @ 1.9 g/t Au 25.0 m @ 2.9 g/t Au 29.0 m @ 3.2 g/t Au 21.0 m @ 4.1 g/t Au 29.0 m @ 1.6 g/t Au 20.0 m @ 1.9 g/t Au 18.0 m @ 1.2 g/t Au 20.0m @ 2.2 g/t Au 22.0 m @ 3.5 g/t Au 25.0 m @ 2.2 g/t Au 2.0 m @ 15.6 g/t Au 19.0 m @ 3.0 g/t Au 12.0 m @ 4.0 g/t Au 25.0 m @ 3.2 g/t Au 12.0 m @ 5.4 g/t Au 9.0 m@ 7.0 g/t Au
							Incl. 264	273

Table 2: Tropicana Prospect – Tropicana Zone RC Drilling

Hole	Easting	Northing	RL	Azimut h	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC113 TPRC116 TPRC123 TPRC124 TPRC125 TPRC126 TPRC183 TPRC184D TPRC188 TPRC189 TPRC544D TPRC545 TPRC547	650531 650769 650962 651031 651030 651101 650748 650817 650572 650638 651068 651134 650997	6763222 6763265 6763778 6763708 6763778 6763708 6763357 6763284 6763251 6763180 6763746 6763672 6763672	342 343 340 340 340 340 342 342 342 343 340 341 340	321 321 321 324 322 321 318 319 321 323 321 320	-60 -61 -61 -61 -60 -61 -61 -62 -60 -60 -60 -61	120 156 70 130 90 150 145 198 120 170 108 195 140	71 Incl. 77 123 40 Incl. 40 70 39 98 Incl. 116 86 Incl. 96 141 74 Incl. 85 110 Incl. 117 63 126 86 Incl. 104	85 83 135 51 47 109 60 123 123 121 102 163 91 91 123 123 86 146 115 115	14.0 m @ 5.9 g/t Au 6.0 m @ 12.8 g/t Au 12.0 m @ 2.3 g/t Au 11.0 m @ 2.6 g/t Au 7.0 m @ 3.8 g/t Au 39.0 m @ 1.9 g/t Au 21.0 m @ 2.0 g/t Au 25.0 m @ 1.9 g/t Au 7.0 m @ 3.6 g/t Au 35.0 m @ 2.2 g/t Au 6.0 m @ 4.3 g/t Au 22.0 m @ 4.9 g/t Au 17.0 m @ 1.9 g/t Au 6.0 m @ 3.6 g/t Au 13.0 m @ 3.9 g/t Au 6.0 m @ 6.5 g/t Au 23.0 m @ 2.2 g/t Au 20.0m @ 2.1 g/t Au 29.0 m @ 1.7 g/t Au 11.0 m @ 2.9 g/t Au 17.0m@ 3.0 g/tAu
TPRC549	650820	6763710	340	320	-60	70	33	50

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Table 2: Tropicana Prospect – Tropicana Zone RC Drilling (cont.)

Hole	Easting	Northing	RL	Azimut h	Dip	E.O.H.	From	To	Intercepts
No.	(m)	(m)	(m)	(degr)	(degr)	(m)	(m)	(m)
TPRC550 TPRC552 TPRC553 TPRC555 TPRC556 TPRC557 TPRC561 TPRC562 TPRC565 TPRC566 TPRC567 TPRC573 TPRC574 TPRC576 TPRC578 TPRC579 TPRC584 TPRC585 TPRC586 TPRC588 TPRC796 TPRC803 TPRC804 TPRC805 TPRC806 TPRC807	650853 650997 650993 650786 650855 650924 650744 650819 650677 650710 650781 650608 650677 650536 650680 650500 650386 650427 650495 650360 650907 650942 650978 651011 650975 651014	6763675 6763534 6763458 6763604 6763532 6763464 6763497 6763427 6763425 6763391 6763324 6763283 6763212 6763284 6763145 6763249 6763221 6763181 6763115 6763176 6763586 6763693 6763656 6763619 6763724 6763690	340 341 341 341 341 341 342 342 342 342 342 342 343 343 344 342 342 343 344 344 341 340 340 341 340 340	320 321 322 321 322 317 320 319 317 317 320 321 320 321 320 319 319 319 319 322 320 323 318 318	-59 -60 -60 -60 -60 -60 -61 -61 -61 -60 -60 -60 -60 -59 -61 -61 -61 -61 -59 -60 -62 -60 -61 -62	100 175 168 85 108 155 120 150 90 114 162 114 174 90 200 100 100 114 150 95 121 91 138 150 100 130	49 Incl. 69 135 137 Incl. 144 38 Incl. 47 53 Incl. 53 102 39 96 39 Incl. 39 57 Incl. 57 136 Incl. 79 111 44 151 Incl. 154 38 Incl. 41 42 65 104 40 80 110 64 93 120 42 72	78 78 155 153 153 61 61 89 57 119 47 119 69 48 96 65 141 86 130 54 168 168 57 55 54 89 111 64 87 116 84 118 144 71 113	29.0 m @ 1.9 g/t Au 9.0 m @ 4.6 g/t Au 20.0 m @ 1.8 g/t Au 16.0 m @ 4.2 g/t Au 9.0 m @ 6.8 g/t Au 23.0 m @ 6.4 g/t Au 14.0 m @ 9.9 g/t Au 36.0 m @ 2.3 g/t Au 4.0 m @ 10.9 g/t Au 17.0 m @ 3.8 g/t Au 8.0 m @ 4.2 g/t Au 23.0 m @ 2.2 g/t Au 30.0 m @ 3.4g/t Au 9.0 m @ 5.9 g/t Au 39.0 m @ 2.5 g/t Au 8.0 m @ 4.5 g/t Au 5.0 m @ 3.5 g/t Au 7.0 m @ 3.2 g/t Au 19.0 m @ 2.9 g/t Au 10.0 m @ 3.1 g/t Au 17.0 m @ 2.6 g/t Au 14.0 m @ 3.0 g/t Au 19.0 m @ 4.0 g/t Au 14.0 m @ 5.3 g/t Au 12.0 m @ 3.8g/t Au 24.0 m @ 1.7 g/t Au 7.0 m @ 4.3 g/t Au 24.0 m @ 1. 7 g/t Au 7.0 m @ 6.3 g/t Au 6.0 m @ 3.2 g/t Au 20.0 m @ 2.0 g/t Au 25.0 m @ 1.8 g/t Au 24.0 m @ 2.2 g/t Au 29.0 m @ 1.8 g/t Au 41.0 m @ 2.8 g/t Au 27.0m@1.8 g/tAu
TPRC808	651049	6763654	340	319	-62	160	114	141

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Tropicana Prospect Drilling Results

During the quarter the majority of RC and diamond drilling was focussed on completing the 50m x 50m drilling within the pre-feasibility target resource areas at the Havana and Tropicana Zones. A total of 28,012m of RC and 7,341m of diamond drilling were completed.

In addition to this work, the Joint Venture partners agreed to fund a “fasttrack” budget that will enable certain key critical path feasibility study activities to take place in parallel with PFS activities. IGO is funding 30% of this expenditure. As part of this fast-track work, a further 7,842m of infill RC drilling was completed on 25m centres.

Havana Zone

At Havana infill drilling results confirmed the grade and continuity of mineralisation and in some cases significantly enhanced previous results. Primary lode intersections included 43m @ 5.3g/t Au, 35m @ 5.0g/t Au, 28m @ 6.8g/t Au and 28m @ 5.0g/t Au .

Encouraging results have also been received from holes drilled outside of the April 2007 conceptual pit outline including intercepts of 30m @ 5.3g/t Au, 30m @ 4.2g/t Au and 22m @ 4.4g/t Au . The 30m @ 4.2g/t Au intercept in TPD308 has also extended the main shoot to 550m down-dip and approximately 400m vertically below the surface . ( Figures 7 - 10 ).

The Havana Zone also contains a secondary lode on some sections (Figure 9 ) situated above the primary lode. The secondary lode has generally been lower grade, however extensional drilling intersected 27m @ 3.8g/t Au and 30m @ 3.5g/t Au indicating potential for high-grade zones. Both the Havana Primary and Secondary lodes remain open down-dip and downplunge.

All significant September quarter Havana and Tropicana drill results are summarised in Tables 1 and 2. Intersections approximate true width unless otherwise stated.

Tropicana Zone

The majority of drill results received from the Tropicana Zone during the quarter were from outside the April 2007 preliminary conceptual pit shell. Encouraging results were received from between the main Tropicana and Tropicana South conceptual pits and included 14m @ 5.3g/t Au, 6m @ 12.8g/t Au and 14m @ 3.7g/t Au. Mineralisation at Tropicana remains open down-plunge and down-dip (Figures 7, 8 and 11) .

Regional Exploration

Auger Geochemistry

Auger drilling concentrated on sampling areas around Tropicana West, Tropicana Group 2 (located 5-10kms SSW of Tropicana) and the Beachcomber area (220kms south-west of Tropicana). Coherent anomalies were defined at Beachcomber and Tropicana West.

Aircore Drilling

Aircore drilling focussed on infill drilling of prospects proximal to Tropicana. Numerous encouraging results were returned including 9m @ 2.4g/t Au from Double Vision (previously reported). The remainder of the Double Vision trend was tested and results greater than 100 ppb Au now define a trend extending over 10km north-east of Tropicana.

Anomalous intersections were also returned from Zombie, Tropicana East, Tropicana West, Stromboli and Screaming Lizard.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Proposed December Quarter Exploration Programs

RC and diamond drilling will focus on testing areas at the southern end of Havana within the July 2007 conceptual pit shells and testing MIMDAS (IP) anomalies to the west of the conceptual pit shells. Infill drilling as part of the “Fast Track” feasibility budget will continue.

Aircore drilling will be split between testing regional targets and testing MIMDAS geophysical anomalies and auger geochemical targets adjacent to Tropicana.

RC drilling is also planned to follow-up priority regional targets. RC drill testing of Beachcomber is expected to commence in mid-November, with the scope of the program dependant on currently outstanding aircore results. The RC rig will also be used to expedite water exploration as part of the ongoing Pre-feasibility Study.

Tropicana Pre-feasibility Study

AngloGold Ashanti made significant progress on the Tropicana PFS during the quarter. Key activities are summarised below:

Drilling

187,500m of resource RC and diamond drilling had been completed by the end of the quarter. An additional 7,842m of “fast-track” infill feasibility RC drilling was also completed.

Resource Estimation

An updated geological interpretation for the final PFS resource model is nearing completion. It is expected that a JORC code compliant inferred and indicated resource estimate will be completed by the end of 2007.

Metallurgy

Comminution test work is now complete and the final report is awaited.

Phase 2 metallurgical test work commenced and various flow sheets are being tested, including CIL, flotation and regrinding, all at various grind sizes.

Water

Miscellaneous Licences for water exploration have now been granted. RIWA Section 26D Permits and Mining Act POWs have been obtained and heritage surveys have been completed enabling the water exploration program to commence.

RC drilling has commenced in the Rason area with two holes completed. Results to date are promising, indicating potential for an extensive basin containing a wide sand aquifer consistent with the interpretation of TEM data.

Two rotary mud drill rigs are scheduled to commence water bore drilling in mid-November. Positioning of these holes will be reviewed pending the results of the RC program currently in progress. The mud rotary bores will be pump tested to determine water extraction rates.

Flora and Fauna

Consultants are continuing with various flora and fauna surveys.

Ethnographic and Archaeological

Ethnographic survey of water search tenements completed with no issues identified.

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Preliminary work with the Wongatha Heritage team on the Heritage Management Plan commenced. JV Background The Tropicana project was generated by Independence Group NL and was one of the projects contained in the Company’s 2002 IPO prospectus. The project was joint ventured to AngloGold Ashanti Australia Limited on 30 January 2002.

The Tropicana Prospect, comprising the Tropicana and Havana Zones, is the first discovery within this extensive tenement package and is the subject of a Pre-feasibility Study examining the viability of a number of development scenarios.

In addition to the high level of activity at the Tropicana Prospect, surface sampling and follow up drilling are continuing at a number of priority regional locations throughout the project area.

DALWALLINU (IGO 100%)

DALWALLINU (IGO 100%)
	The Dalwallinu Project is situated at the southern margin of the Murchison
	Province of the Yilgarn Block in Western Australia between the Boddington
	Gold Mine (+20M oz resource) and the Mt Gibson Gold Mine (+1M oz).
	An RC drilling program to test the down-plunge and depth extents of the
	high grade zone at Pithara as well as RAB and aircore targets within the
	Pithara corridor is scheduled for the December quarter.
COOMBERDALE
(IGO 100%)	Coomberdale is located within freehold farm land approximately 60kms
	west-north-west of the Dalwallinu Project and covers a shallowly covered
	and largely unexplored greenstone belt with an interpreted strike length of
	up to 60kms.
	Further drill testing is impeded by cropping activities. The southern portion of
	the belt is amenable to stream sediment sampling and this method will be
	used to prioritise areas of interest during the cropping season. Ongoing drill
	testing will recommence following the harvest in late 2007/early 2008.
COBAR
(IGO 100%)	An RC drilling program comprising 10 holes for 1,084m tested three of five
	priority prospect areas.
	Results from these targets are not sufficiently encouraging to warrant further
	drilling. The remaining two priority prospects, Prince William and Sir
	Lancelot, will be drilled when a suitable rig can be secured.
HOLLETON
(IGO 90-100%)	The Holleton Project comprises numerous tenements and tenement applications covering an area of 1,257 km2over the largely unexplored
	Holleton greenstone belt in the Southern Cross Province of the Archaean
	Yilgarn Craton.
	IGO’s main interest in the project is a large area of interpreted amphibolite
	facies greenstone under cover that has yet to be subject to any effective
	exploration for gold (Figure 12). These tenements are in the process of
	being granted so exploration in this area has not yet commenced.
	Closer to the old Holleton mining area, an initial RAB drilling program was
	completed on 3 wide spaced traverses testing for high grade mineralisation
	along a north-west trending structure in part coincident with gold anomalism
	in soil sampling. Results from this work were highly encouraging returning
	best intercepts on the southern traverse of4m @ 5.7g/t Au and 4m @
	1.3g/t Au (EOH)in silica/pyrite/arsenopyrite altered amphibolite. On the

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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central traverse, 700m to the north, intercepts included 2m @ 7.0g/t Au in weathered mafic rocks.

An auger sampling program has been planned over the Gibb Rock Prospect ( Figure 12 ), an area of surface gold anomalism identified by Normandy in the 1990’s which was never drilled.

A first pass regional roadside lag sampling program across the previously untested northern Holleton exploration licences is due for completion in October.

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Figure 12: Holleton Project – Project Tenure over Regional Geology Showing Historic Au Geochemical Coverage and Large Gold Mines in the District

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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REGIONAL NICKEL EXPLORATION

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Figure 13: IGO Nickel Project Locations

RAVENSTHORPE JV (IGO EARNING 51% - EXCLUDING NICKEL LATERITE AND IRON)

IGO is earning a 51% interest in Traka Resources Limited’s (“Traka”) Ravensthorpe Nickel Project by spending $5 million on exploration and/or development (excluding nickel laterite and iron ore rights).

The project covers about 60 kilometres of prospective ultramafic stratigraphy along strike from the RAV8 nickel sulphide deposit, which produced 443,000t at 3.46% Ni for 15,350t Ni.

• Scoping study

A scoping study to provide a preliminary appraisal of the viability of mining the shallow low-grade nickel mineralisation located at RAV 1, RAV 4, and RAV 4 West in the Jerdacuttup area ( Figure 14 ) indicates that they have marginal economics at projected longer term nickel prices. However there is potential for higher grade extensions to these occurrences at depth. In the upper zones of these occurrences the nickel sulphides are strongly violaritised and cannot be detected by conventional TEM surveying methods. It is expected that at depth this mineralisation will be present as more typical pyrrhotite-pentlandite and it is therefore planned to use IGO’s high-powered transmitter in the December quarter to delineate drill targets.

• Mt Short

At Mt Short in the north western portion of the project, TEM surveys testing an extensive covered ultramafic horizon have located a conductor (MS7) associated with RAB anomalies up to 0.6% Ni and 0.8% Cu within a broad area of surface anomalism. This high priority target will be drill tested once all Western Australian Government access approvals are in place.

• Other Prospects

Prospective ultramafic and interpreted ultramafic stratigraphy yet to be tested by TEM for nickel sulphide mineralisation includes:

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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• The Gap (7.7 strike km)

• Mt Short Eastern Limb (9.5 strike km)

• Mt Short Western Limb (8.2 strike km)

• Mt Short North (9.1 strike km).

A combination of rugged terrain, thick scrub, and cropping activities make these areas difficult to access for surface TEM surveys and consequently consideration is being given to a heliborne survey, tentatively scheduled for January 2008.

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Figure 14: Ravensthorpe JV – Project Tenure Over Magnetic Image Showing Prospects and Significant Intercepts

DUKETON NICKEL JOINT VENTURE (IGO MANAGER EARNING 70% NICKEL RIGHTS)

The Duketon Nickel JV covers approximately 60kms of strike of ultramafic rich stratigraphy in the Duketon Greenstone Belt. The belt is prospective for Ni-Cu-PGE mineralisation and prior to IGO’s involvement had not been subjected to modern nickel sulphide exploration techniques.

The Bulge

Previous RC drilling at the Bulge Prospect ( Figure 15 ) has confirmed the presence of disseminated nickel sulphide mineralisation with associated PGE anomalism. A follow-up aircore program comprising 101 holes on 400m x 100m centres was completed during the quarter to delineate the potential extent of mineralisation. Approximately 25% of the area could not be tested due to a thick silica cap rock which could not be penetrated by the aircore rig.

In the area that was effectively tested, numerous zones of disseminated sulphide were observed however this was mostly logged as pyrite, pyrrhotite and lesser chalcopyrite. Assay results are awaited.

• Robinson Prospect

A TEM survey testing ultramafic stratigraphy at the Robinson Prospect, located between the Bulge and the Camp Oven Ni-Cu-PGE occurrence has been completed. One conductor delineated during the survey (Anomaly B) is closely associated with a magnetic anomaly at the interpreted ultramafic

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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contact. The anomaly is 400m long with a sub-vertical dip and is considered a high priority nickel sulphide target.

• Bulge Bandya

A TEM survey has been completed at the Bulge-Bandya area testing ultramafic stratigraphy south-east along strike from the Bulge. A strong, short strike length anomaly consistent with a nickel sulphide response has been identified close to or on the ultramafic-sediment contact.

Priority conductors at the Robinson and Bulge-Bandya prospects will be drill tested once access issues have been finalised.

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Figure 15: Selected Nickel Project Locations and IGO North-Eastern Goldfields Nickel Projects Over Magnetic Image

MUSGRAVE JV (IGO 51%/GOLDSEARCH 49% BHP BILLITON EARNING 65%)

IGO on behalf of its Joint Venture partners is managing exploration on the Musgrave JV, which comprises tenements and applications covering approximately 18,000 square kilometres of the South Australian portion of the Musgrave block. Most of the project area is held under Aboriginal Freehold tenure and has subsequently only been subject to cursory exploration in the past. IGO has reached an exploration agreement with the Aboriginal owners and two priority exploration licences have been granted.

The tenements contain the Wanka Wanka Prospect, a nickel sulphide occurrence identified and partially tested by explorers in the 1970’s. An examination of historic core during the quarter confirmed the presence of probable magmatic sulphide aggregates within a gabbroic host rock. A program of surface sampling and TEM surveying is planned to test this prospect as soon as access is finalised.

An agreement is in place with BHP Billiton whereby they can earn a 65% equity in the project by spending $25m or by completion of a bankable feasibility study. BHP Billiton has approved an initial budget of $631,000 to commence exploration of the two granted tenements.

The Wiluna Joint Venture with Oxiana comprises a package of tenements located on the northern end of Agnew-Wiluna Greenstone Belt. This belt is

WILUNA NICKEL JV (IGO OPTION TO EARN UP TO 70% NICKEL SULPHIDE RIGHTS)

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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one of the most highly endowed nickel sulphide belts in the world, containing such deposits as Mt Keith (2.3M Ni t resource), Leinster (1.7M Ni t), Cosmos group (0.4M Ni t) and Honeymoon Well (1M Ni t).

The JV tenure covers approximately 40kms of strike of the ultramafic trend immediately north of Honeymoon Well and the Wedgetail Deposit (resource of 1Mt @ 6.9% Ni).

A number of prospect areas are currently being evaluated including:

• Bodkin

Previous RC testing of the Bodkin prospect by IGO intersected nickel sulphide mineralisation on a basal ultramafic contact including 1m @ 6.4% Ni, 0.5% Cu and 2.5g/t Pt+Pd from 72m. This mineralisation is open downdip to the east and a TEM survey using IGO’s proprietary high-powered transmitter is planned to assist in targeting the next round of deeper drill testing.

• Lake Way

The Lake Way prospect comprises approximately 9 strike kilometres of prospective ultramafic stratigraphy immediately north-west of the Wedgetail deposit. The prospect has not previously been systematically tested as conventional TEM techniques are ineffective in areas covered by conductive saline lake sediments. IGO plans to test the area using the super-sensitive LT SQUID TEM sensor which the company has access to under a licensing arrangement with Anglo American.

PROJECTS RELINQUISHED OR AVAILABLE FOR JOINT VENTURE

Results from the following projects do not meet with the company’s project investment criteria and exploration has ceased accordingly:

NICKEL PROJECTS: Royal North: RC test of EM targets intersected barren sulphides. JV partner sought to test gold and base metals potential BASE METAL/GOLD PROJECTS: Brandy Hill: JV partner being sought to test copper and gold potential (including intersection of 6m @ 1.7% Cu) MAGNETITE PROJECTS: Goldsworthy: JV partner being sought to assess magnetite iron ore potential DECEMBER QUARTER EXPLORATION PROGRAM REGIONAL NICKEL EXPLORATION Ravensthorpe: Drill testing new MS7 target at Mt Short. TEM testing down-plunge positions of, RAV4, RAV4W, and RAV1 using HP transmitter Duketon: Drill testing of TEM conductors at the Robinson and Bandya prospects. Continued TEM testing of prospective ultramafics Lefroy: SQUID surveying on AngloGold Ashanti, Yamarna and Gladiator JV’s

INDEPENDENCE GROUP NL QUARTERLY REPORT: 30 SEPTEMBER 2007

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Wiluna: TEM testing of Bodkin mineralisation and Lake Way prospect Musgrave: Surface geochemistry and TEM testing of Wanka Wanka Prospect (subject to access) REGIONAL GOLD EXPLORATION Tropicana: Diamond, RC and aircore infill and regional drilling towards completion of Pre-feasibility Study over Tropicana and Havana Zones and regional target assessment Holleton: Target generation, first pass surface sampling and auger drilling Coomberdale: Stream sediment survey on southern tenements

IGO EMAIL SERVICE To receive copies of ASX announcements including quarterly reports via email, please register for Email Alerts via the Investor Centre page of the website: igo.com.au.

INDEPENDENCE GROUP NL

CHRISTOPHER M. BONWICK

MANAGING DIRECTOR

Note: The information in this report that relates to Exploration Results, Mineral Resources or 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.

PO BOX 893

SOUTH PERTH WA 6951

T: +61 8 9367 2755 F: +61 8 9367 3288 E: contact@igo.com.au W: www.igo.com.au