IGO LIMITED — Major Shareholding Notification 2004

Feb 2, 2004

3rd February 2004

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

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PERILYA REDUCES SHAREHOLDING IN INDEPENDENCE

Independence Group NL is pleased to announce that Ranger Minerals Ltd (a subsidiary of Perilya Limited) has reduced its holding in Independence and is no longer the Company's major shareholder.

Ranger Minerals Ltd today sold 10.7 million shares and 8 million listed options in Independence Group.

The Independence Group shares were sold by Perilya to international and domestic institutional clients of Hartleys Limited.

Immal ,

CHRISTOPHER BONWICK Managing Director