IGC Resources Inc.
TSX VENTURE : IGC
FRANKFURT : I6G
PINK SHEETS : IGCGF

IGC Resources Inc.

January 11, 2007 12:24 ET

IGC Resources Receives Approval for Grant of 2M Warrants for Plant Option Extension at Blackburn Gold Project, W.A.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2007) - IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FWB:I6G)(WKN:A0HGX4) is pleased to announce that the TSX Venture Exchange has approved the grant of a transferable warrant to Great Southern Resources Pty Ltd. ("GSR") to purchase up to 2,000,000 common shares of IGC exercisable at $0.35 per share exercisable until December 8, 2008 (see our December 4, 2006 press release).

The warrant is being granted to GSR in return for GSR granting IGC an extension to the term of option agreement with Great Southern Resources Pty Ltd. ("GSR") to purchase the plant, equipment and related infrastructure at IGC's Blackburn Gold Project in Western Australia, from an expiry date of December 8, 2006 to December 8, 2008.

About IGC Resources Inc.: IGC Resources Inc.'s principal business activities are the exploration, development and mining of gold, copper and uranium prospects within Australia, while continuing to investigate other mineral resource prospects for potential acquisition globally. Website: http://www.igcresources.com.

Statements in this release may constitute forward-looking statements which involve known and unknown inherent risks and uncertainties that are detailed in IGC's periodic filings with Canadian securities regulators. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Actual events or results could differ materially from IGC's expectations and projections.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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