IGO LIMITED — Major Shareholding Notification 2004

Feb 2, 2004

3 February 2004

Company Announcements Office Australian Stock Exchange Limited $10^th$ Floor 20 Bond Street SYDNEY NSW 2000

Dear Sirs

SALE OF INDEPENDENCE GROUP NL SHARES FORM 605 - NOTICE OF CEASING TO BE A SUBSTANTIAL SHAREHOLDER

Perilya advises that it has today sold its holding of 10.7 million ordinary shares and 8 million options in Independence Group NL for a total consideration of \$18.3 million. Hartleys Limited undertook the sale, on behalf of Perilya, placing the securities to its international and domestic institutional clients.

Please find attached Form 605 dated 3^rd February 2004 in relation to the above.

Yours faithfully PERILYA LIMITED

JOHN TRAICOS Company Secretary

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Independence Group NL
ACN/ARSN	ACN 092 786 304
1. Details of substantial holder(1)

Name ACN/ARSN (if applicable)	Perilya Limited
	ACN 009 193 695
The holder ceased to be a substantial holder on	3 / 02 / 2004

28 / 11 / 2003

$27 / 11 / 2003$

The previous notice was dated

The previous notice was given to the company on-

2. Changes in relevant interests

Partículars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
3/02/2004	Perilva Limited	On Market	\$1.07 per share	Ordinary	15.62%
				-10,700,000

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
	N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Perilva Limited	Level 2, 31 Ventnor Avenue, West Perth WA 6005

Signature

John Traicos print name

capacity Company Secretary

sign here

date $03\,$ $\,$ / $\,$ $02$ $/2004$