25/07/2016

TROPICANA GOLD MINE - DELINEATION OF HIGH-GRADE HAVANA SOUTH ORE-SHOOT

Independence Group NL (Company) (ASX: IGO) is pleased to report recent high-grade gold mineralisation intersected at Havana South, as part of a continued work program to unlock the upside potential of the Tropicana Gold Mine, a Joint Venture with AngloGold Ashanti Australia (AGAA).

The extensive resource extension drilling program, which was initiated at Tropicana during 2015 to provide a framework for the understanding of the Tropicana Mineralised Complex, was completed in the June quarter. The drilling forms part of the ongoing mining studies internally referred to as the Long Island Study (refer ASX Release dated 29 February titled "Tropicana Gold Mine - Exploration Update").

Recent drilling identifying the high-grade plunging shoot at Havana South, which is open down plunge and is outside the current Mineral Resource1, includes:

 11.7m @ 8.90g/t Au from 352.3m (HSD052)

 15m @ 8.77g/t Au from 510m (HSD054)

 8m @ 10.8g/t Au from 434m (HSD053)

 10m @ 8.55g/t Au from 432m (HSD077)

 15m @ 4.62g/t Au from 429m (HSD088A)

 6.4m @ 10.8g/t Au from 416.6m (HSD099)

IGO's Managing Director, Peter Bradford, commented: "The recent significant drilling results returned from Havana South continues to highlight the potential of the Tropicana Mineralised Complex. The high-grade intersections are associated with a new ore-shoot, outside of the existing Mineral Resource. The ore-shoot remains open down plunge."

"The drilling program forms part of the joint venture partners' commitment to unlocking the full potential of Tropicana. The completion of this phase of exploration, which has confirmed both the strike and depth extensions of mineralisation, along with the discovery of additional high-grade ore-

1 Resources and Reserves (refer to IGO ASX release 28 October 2015)

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shoots forms the framework for the Long Island Study. We are confident in the potential to drive a step change to the value of the Tropicana asset."

"The next phase in the work program is the delivery of the Mineral Resource during the September quarter. The timing has been pushed back slightly compared to the original schedule, due to an extension of the drill program to define the Havana South ore-shoot. The release to the market on the Long Island Project will be provided in the December quarter."

Resource Extension Exploration Program

The Tropicana Mineralised Complex comprises four distinct structural domains; from north to south these are Boston Shaker, Tropicana, Havana and Havana South zones. These zones are effectively the same ore body offset by east to northeast striking, post mineralisation faulting. The mineralised zones within the four domains are principally hosted within quartzo- feldspathic gneisses.

A total of ~51,700m of drilling has been completed for calender year 2016. This brings the total drill metres completed since June 2015 to ~106,750m. A majority of the drill metres over the past two quarters have been completed in Havana South, consisting of 9,800m during the March quarter and 17,600m in the June quarter.

The drill hole spacings range from 50m x 50m down plunge of known higher-grade ore shoots to 100m x 100m, or greater, elsewhere along strike. The drill spacing on the Havana South ore-shoot is 50m x 50m. The ore-shoot has an approximate thickness of 20m, width of 100m and has been defined down plunge for a distance of 400m, outside the previous Mineral Resource.

The work program is continuing with the delivery of the Mineral Resource due during the September quarter and the Long Island Study during the December quarter.

Figure 1: Image showing Havana South drilling with recent high-grade intersections on the Havana South ore-shoot.

Table 1: Recent high-grade drill intersections associated with Havana South ore-shoot shown in the table below.

Downhole widths shown which approximate true width. Coordinates and azimuth are MGA94 Zone 51. Azimuth (Azi) is in degrees. Hole dips (Dip) is in degrees. Holes shown are from the Havana South high-grade ore shoot completed in the June quarter 2016.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr. Matt Dusci who is a full-time employee and security holder of the Company and is a member of the Australian Institute of Geoscience. Mr. Dusci has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Dusci consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the IGO ASX Release for Mineral Resources and Ore Reserves dated 28 October 2015 and is available on the IGO website:www.igo.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed and confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

For further information contact:

Peter Bradford Managing Director

Independence Group NL Telephone: 08 9238 8300

Joanne McDonald Company Secretary Independence Group NL