IGC Resources Inc.

IGC Resources Inc.

December 20, 2007 09:09 ET

IGC Resources Appoints Dave Holden as President

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2007) - IGC Resources Inc. ("IGC") (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) announces that David Holden, BSc (Geology) and MBA, Director and Chief Executive Officer of the Company, has been appointed President effective December 17, 2007, taking over that position from Clive Hartz, who remains in his role as Chairman of the Board.

Mr. Holden is a consulting geologist and a Member of the Australasian Institute of Mining & Metallurgy and CIM, with 20 years experience as an Exploration Geologist in Australia and New Zealand. He has held senior management positions with West Australian based mining and exploration companies, has mine experience in open cut and underground operations, and played a senior role in developing deeper underground mechanical mining methods in South Africa. Mr. Holden was intimately involved in the discovery of the Mt Todd and Brocks Creek deposits (Northern Territory, Australia) and the Nimary/Jundee deposits (Western Australia). In 1997, Mr. Holden founded Ravensgate Pty Ltd of Perth ("Ravensgate"), Western Australia, serving as Managing Director until early 2006.

Ravensgate, a consulting geologist group, is a specialist resource based company that provides wide ranging services to major and junior resource developers internationally. The core business of Ravensgate is resource modeling and estimation, technical due diligence and project. During his time with Ravensgate, Mr. Holden gained valuable experience, especially in project assessment, and has developed a wide network of associates invaluable for identifying and acquiring projects or joint venture partners for the Company as it moves forward.

Mr. Holden currently serves as Managing Director of Shackleton Capital Pty Ltd, a private consulting company in Perth, Western Australia, which offers corporate assistance to the resource sector. He has previously held board positions with publicly listed companies including Prosperity Resources Limited (ASX listed and has been involved in the successful listing of junior explorers on the Australian Stock Exchange).

At IGC's annual meeting held December 17, 2007, the disinterested shareholders of the Company approved amendments to the Company's stock option plan (the "2007 Plan") that increased the number of shares available for grant under the 2007 Plan from 1,856,000 to 3,024,664 Common Shares, representing approximately 15% of the current issued and outstanding shares of the Company, subject to approval by the TSX Venture Exchange.

About IGC Resources Inc.: IGC's principal focus is the exploration and development of the Blackburn Gold Project and Fraser Range copper/gold/rare earth elements project in Western Australia. IGC holds a 28.55% interest in Atomic Resources Ltd (ASX:ATQ), an Australian listed company exploring for uranium in Western Australia and Tanzania.

For more information, please visit our website at www.igcresources.com, email us at info@igcresources.com or call us at +1 604-664-7424.

Linda Holmes, Corporate Secretary

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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