IGO LIMITED — Regulatory Filings 2004

Nov 17, 2004

18 November 2004

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

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CANCELLATION OF UNLISTED OPTIONS

Independence Group NL has issued various unlisted options to employees under the company's Employee Option Plan. One of the conditions of the plan is that the options only vest after certain dates providing there is continuous employment of the option holder.

Independence Group NL advises that due to the departure of an employee, 375,000 unlisted options exercisable at 96 cents granted in September 2003 have been cancelled.

The options are unquoted and have the ASX code IGOAI.

CHRISTOPHER BONWICK Managing Director

PO Box 893, South Perth Western Australia 6951 Tel: +61 8 9367 2755 Fax: +61 8 9367 3288 E-mail: contact@independencegroup.com.au Website: www.independencegroup.com.au