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The Company has identified and acquired an interest, or right to earn an interest in, several prospective projects, via strategic joint ventures and the direct acquisition of tenements. These projects are:

Nickel	Gold
Duketon Joint Venture Wiluna Joint Venture Ravensthorpe Joint Venture Lefroy Joint Venture Storbodsund Joint Venutre Musgrave BHP Billiton Joint Venture Mt Isdell	Tropicana Joint Venture Dalwallinu Coomberdale – Gold Holleton Cobar Empress Springs

Nickel Projects

Previous Exploration History
The Company commenced regional nickel exploration in early July 2003 with the aim of discovering new high-grade low cost nickel mines in the Yilgarn block. Expenditure to 30 June 2005 is $1.9 million. The WMC and De Beers geochemical and chromite data bases combined with state of the art geophysical TEM technology and expertise, have given IGO a considerable technical advantage. Targets to date include blind nickel sulphides in known belts and new potential nickel sulphide camps. Twelve conductors have been identified to date which require follow-up.

Future Investment Strategy
Since the 1970’s nickel boom, generally very little regional nickel exploration has been undertaken in Australia. The Company’s chromite technology, although yet to be proven, does identify known fields and has also generated numerous stand alone anomalies. The Mag TEM and SQUID TEM sensors give the Company a considerable technological advantage, especially in covered or highly saline terrain. Independence has commenced a study to define and rank world-wide nickel provinces to ensure exploration funds are spent in the most prospective terrains.

Gold Projects

Previous Exploration History

To date IGO has spent over $7 million exploring for gold in Australia predominantly focusing on WMC data base and conceptual greenfields targets. At Tropicana, a number of strong gold anomalies have been defined which may lead to economic mineralisation.

Work is continuing on the Tropicana, Mt Isdell, Mt Padbury and Dalwallinu projects. Over the last six months 11 gold projects have been relinquished, leaving 19 regional gold plays, excluding Tropicana which is managed by AngloGold Ashanti.

Future Investment Strategy

One of the Company’s strengths is underground mining and Independence is targeting the delineation of high-grade/low cost resources close to existing mills and suitable for underground extraction. Conceptual targeting using in-house gold distribution criteria and stress analysis are being used to generate new high-quality targets in Australia, especially in the less explored States of Queensland and NSW.