IGC Resources Inc.

IGC Resources Inc.

June 14, 2007 17:18 ET

IGC Resources Closes Non-Brokered Private Placement of 600,000 Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2007) - IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) is pleased to announce today that the non-brokered private placement announced May 16, 2007 of 600,000 units (the "Units") at $0.45 per Unit for gross proceeds of $270,000 closed today. Each Unit consists of one fully paid and non-assessable Common Share in the capital stock of the Company (a "Share") and one-half of one non-transferable share purchase warrant (a "Warrant"). One whole Warrant entitles the holder thereof to purchase one additional Common Share of the Company at $0.65 in the first year and at $0.90 in the second year from the closing date. A finder's fee of $16,200 (6% of the gross proceeds from the private placement) is payable. The Shares are subject to a four-month holding period ending October 15, 2007. Proceeds from the private placement will be used for to expand the exploration programs.

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. IGC also holds an IOCG exploration project in the southern Fraser Range proterozoic mobile belt and a copper-gold/uranium project at Uaroo, immediately south of the Manyingee uranium deposit near Onslow, Western Australia.

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.

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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