IGO LIMITED — Major Shareholding Notification 2011

Feb 27, 2011

==> picture [315 x 92] intentionally omitted <==

28 February 2011

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

NO. OF PAGES : (4)

Takeover bid by Independence Group NL for Jabiru Metals Limited Form 604 – Notice of change of interests of substantial holder

We enclose an ASIC Form 604 ‘Notice of change of interests of substantial holder’ in relation to the substantial holding of Independence Group NL ( Independence ) in Jabiru Metals Limited ( Jabiru ).

Although Independence’s holding has not changed since its last notice dated 9 February 2011, we enclose the attached notice, as required by paragraph 671B(1)(c) of the Corporations Act 2001 (Cth), in relation to Independence’s offmarket takeover bid for all the shares in Jabiru.

Yours faithfully

==> picture [130 x 36] intentionally omitted <==

Kelly Ross Company Secretary

==> picture [417 x 20] intentionally omitted <==

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To Company Name/Scheme Jabiru Metals Limited ACN/ARSN 060 620 751 1. Details of substantial holder (1) Name Independence Group NL ACN 092 786 304 ( Independence ) and its related bodies corporate (listed in Annexure A) ACN/ARSN (if applicable) N/A There was a change in the interests of the N/A – Independence gives this notice under section 671B(1)(c) of the Corporations Act in connection with substantial holder on its takeover bid for all the issued shares in Jabiru Metals Limited, in respect of which a bidder’s statement was lodged with ASIC on 23 February 2011 The previous notice was given to the company on 09/02/2011 The previous notice was dated 09/02/2011

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:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Fully paid ordinaryshares	110,468,574	19.97%	110,468,574	19.97%

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
N/A	N/A	N/A	N/A	N/A	N/A

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Independence	Independence	Independence	Relevant interest under section 608(1) of the Corporations Act as owner of shares	58,000,000 ordinary shares	58,000,000
Independence	Metals X Limited	Independence upon transfer of the shares in accordance with the pre-bid acceptance deed with Metals X Limited (copy annexed to previous notice dated 9 February2011)	Relevant interest under section 608(8) of the Corporations Act pursuant to a pre-bid acceptance deed with Metals X Limited (copy annexed to previous notice dated 9 February 2011).	52,468,574 ordinary shares	52,468,574

7774313.4

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 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	28/02/2011
DIRECTIONS
er of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and
trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar,
ed to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members
paragraph 6 of the form.
f "associate" in section 9 of the Corporations Act 2001.
f "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
of a company constitute one class unless divided into separate classes.
divided by the total votes in the body corporate or scheme multiplied by 100.

• (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.

7774313.4

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 28 February 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)

7774313.4