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

IGC Resources Inc.

February 27, 2007 11:37 ET

IGC Resources Cancels a Portion of President's Options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 27, 2007) - IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FRANKFURT:I6G)(WKN: A0HGX4) announced today that, at the request of Clive Hartz, President of the Company, of a total of 300,000 incentive stock options exercisable at $0.45 until January 13, 2010 held by him, 81,000 have been canceled effective today.

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.

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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