IGC Resources Inc.

IGC Resources Inc.

April 16, 2007 09:56 ET

IGC Resources Identifies 22 New Targets at the Blackburn Gold Project in Australia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - IGC Resources (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) is pleased to announce that the recently completed VTEM survey over the central mineralized corridor of the Blackburn Gold Project in Australia has identified 22 new targets. (To view the survey, visit www.igcresources.com)

The targets dominate the region to the south of the Jinkas Pit and a number of them are in areas not previously identified from historical surface sampling exploration activity. The survey has significantly expanded the exploration focus for the technical team at IGC and provides the Company with a number of opportunities for additional new discoveries.

Work will begin immediately to identify the source of the target anomalies in the field, and it is anticipated that as a result of the evaluation process, in conjunction with analysis of historical data, a number of targets will be prioritized in preparation for drill testing later in the year.

The mineralized shoot at the Jinkas Pit can clearly be seen in the processed geophysical data provided by the VTEM survey, and it is on this interpretation that anomalies with similar characteristics have been identified. Technical information in this announcement was reviewed by Mr. Dave Holden, CEO, who is a Member of the AusIMM and a "Qualified Person" as defined under Canadian National Instrument 43-101 ("NI 43-101").

The Blackburn Project hosts gold resources of 212,100 ounces inferred (6,244,600 tonnes at 1.06 grams per tonne ("gpt"); 19,900 ounces indicated (328,900 tonnes at 1.47 gpt gold); and 9,800 ounces measured ounces (51,300 tonnes at 5.92 gpt gold) as detailed in the NI 43-101 compliant Valuation Report prepared by Malcolm Castle, B.Sc.(Hons), MAusIMM, and filed on SEDAR (www.sedar.com) June 17, 2004. In addition, IGC has an option to acquire the plant and equipment already within the project area. With this in mind the Company is focused on building additional resources within the area over the coming months and is aggressively working towards developing a production profile at the Blackburn Gold Project.

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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