IGO LIMITED — Major Shareholding Notification 2011

May 5, 2011

6 May 2011

Company Announcements Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney NSW 2000

Form 603 for Musgrave Minerals Limited (ASX: MGV)

Enclosed is a Form 603 (Notice of initial substantial holder) in relation to Musgrave Minerals Limited.

Form 603 Corporations Act 2001
Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Musgrave Minerals Limited
ACN/ARSN	143 890 671
1. Details of substantial holder (1)
Name	Independence Group NL
ACN/ARSN (if applicable)	092 786 304
The holder became a substantial holder on	29/04/2011

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class s of securities	Number trities. 9901 ---------------------------------------	∵votes (5). erson's . ________	------------- power (6) xına
Fully paid ordinary shares _________	000 ---------------------------------------	.000	------------------------------- .46% --------------------------------------- _________

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Independence Group NL	Registered holder	9,027,000 fully paid ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number
interest	securities	registered as holder (8)	of securities
Independence Group NL	Independence Group NL	Independence Group NL

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition		Consideration (9)
		Cash	Non-cash
Independence Group NL	29/04/2011	\$459,000	Sale of assets	9,027,000 fully paid ordinary shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if .	. . Nature of association . --------
N/A	N/A --------------------------------------- .

7. Addresses

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

Vame	_______
.	ddress
independence Group NL	Suite 1, 183 Great Eastern Highway, Belmont, Western Australia, 6104 . _________

Signature

	print name Kelly Ross --------------------------	capacity	Director . .
sign here	ستشتر مستعدد الاستصحاب	date	N6/N5/2011

DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and $(1)$ trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a $(5)$ relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any $(a)$ document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown." $(8)$
• $(9)$ Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

$(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.