IGO LIMITED — Major Shareholding Notification 2011

Mar 15, 2011

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

ACN/ARSN

Jabiru Metals Limited ( Jabiru ) 060 620 751

1. Details of substantial holder (1)
Name Independence Group NL (ACN 092 786 304) (Independence) and each of the entities listed in Annexure A
ACN/ARSN (if applicable) See Annexure A
There was a change in the interests of the
substantial holder on 15/03/11
The previous notice was given to the company on 11/03/11
The previous notice was dated 11/03/11
2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:
Previous notice			Present notice
Class of securities (4) Person’s votes		Voting power(5)	Person’s votes		Voting power(5)
Ordinary shares 152,013,397	27.47% (based on 553,304,180 ordinary shares on issue)		158,101,425		28.57% (based on 553,304,180 ordinary shares on issue)
3. Changes in relevant interests
Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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 (6)		Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected

	Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
			Acquisition of relevant
			interests in ordinary
			shares in Jabiru as a
			result of acceptances
	14/03/2011	Independence	of takeover offers made by Independence dated 28 February 2011, the terms of which are contained in Section	1 ordinary share in Independence for every 8 ordinary shares in Jabiru, subject to the terms of the Offers	2,485,116 ordinary shares	2,485,116
			11 of its bidder’s
			statement dated 23
			February 2011
			(Offers)
			Acquisition of relevant
			interests in ordinary
			shares in Jabiru as a
			result of acceptances
	15/03/2011	Independence	of takeover offers made by Independence dated 28 February 2011, the terms of which are contained in Section	1 ordinary share in Independence for every 8 ordinary shares in Jabiru, subject to the terms of the Offers	3,602,912 ordinary shares	3,602,912
			11 of its bidder’s
			statement dated 23
			February 2011
			(Offers)

7964992

page 1

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	Holder of		Registered	Registered			Person entitled	Nature of	Class and
	relevant		holder of				to be registered	relevant	number of	Person’s votes
	interest		securities				as holder (8)	interest (6)	securities
								Relevant interest under
	Independence		Independence			Independence		section 608(1) of the Corporations Act as registered holder of the	58,000,000 ordinary shares	58,000,000
								shares
								Relevant interest under
								section 608(1) and/or
								section 608(8) of the
								Corporations Act pursuant
								to acceptances of the
								Offers. The shares which
								are the subject of the
								acceptances have not yet
	Independence		Various offerees who have accepted an Offer			Subject to the terms of the Offers, Independence		been transferred Independence’s name. Independence’s power to	100,101,425 ordinary shares	100,101,425
								vote or dispose of the
								shares the subject of
								acceptances of the Offers is
								qualified since the Offers
								have not been declared
								unconditional and it is not
								presently registered as the
								holder of the shares.
5. Changes in	association
The persons who have become		associates (2) of, ceased				to be associates of, or		have changed the nature of their association (9) with, the substantial holder in
relation to voting	interests in the company or scheme are as follows:
	Name and applicable)			ACN/ARSN	(if		Nature of association

Name and ACN/ARSN (if applicable)	Nature of association
The companies listed in Annexure A	Each company listed in Annexure A is an associate of Independence pursuant to section 12 of the Corporations Act as it is controlled byIndependence

6. Addresses

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

Name	Address
Independence and each company listed in Annexure A	Suite 1, 183 Great Eastern Highway, Belmont, Western Australia

Signature

print name Kelly Ross	capacity	Director
sign here	date	15/03/11

7964992

page 2

DIRECTIONS

• (1) 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 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 6 of the form.

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

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any 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

• (b) 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 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.

• (7) Details of the consideration must include any and all benefits, money 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 on 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.

• (8) 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’”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

7964992

page 3

Annexure A

This is Annexure A of 1 page referred to in Form 604 – Notice of change of interests of substantial holder signed by me and dated 15 March 2011

==> picture [129 x 35] intentionally omitted <==

_______ Kelly Ross Director Independence Group NL (ACN 092 786 304)

Related bodies corporate of Independence Group NL (ACN 092 786 304)

Lightning Nickel Pty Ltd (ACN 098 270 789) Karlawinda Pty Ltd (ACN 146 899 863) Newsearch Pty Ltd (ACN 142 195 701)

7964992