IGO LIMITED — Major Shareholding Notification 2003

Nov 25, 2003

26 November 2003

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

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PERILYA REDUCES SHAREHOLDING IN INDEPENDENCE

Independence Gold NL is pleased to announce that major shareholder Ranger Minerals Ltd (a subsidiary of Perilya Limited) has reduced its holding of Independence's ordinary shares from 30.23% to 15.63%.

Perilya remains the largest holder (27.84%) of Independence listed options.

The Independence Gold shares were sold by Perilya to institutional investors and high net worth individuals in Australia and overseas.

China,

CHRISTOPHER BONWICK Managing Director

PO Box 893, South Perth. Western Australia, 6951 Phone: (08) 9367 2755 Facsimile: (08) 9367 3288 Email: contact@independencegold.com.au Website: www.independencegold.com.au