IGC Resources Inc.

IGC Resources Inc.

March 03, 2008 08:30 ET

IGC Resources Inc.: Significant Gold and Copper Exploration Project Acquired in Zambia, Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) is pleased to announce it has entered into an option agreement to acquire approximately 3,500 square kilometres of exploration ground within the copper province in central Zambia, Africa. The agreement is subject to completion of a technical and legal due diligence by 17 May 2008. To date historical data indicate the areas are highly prospective for copper and gold mineralisation.

Initially the Company will pay a non-refundable payment of US$50,000 to secure an exclusive 90 day period during which the Company will complete a technical and legal due diligence. On successful completion of a satisfactory due diligence the Company will pay a further US$100,000, followed by two additional payments of US$100,000 and US$100,000 each subsequent six months on the anniversary of signing to acquire a 90% interest in the project.

The summary data provided to the Company by the vendors indicates that the project comprises two granted exploration permits within the central region of Zambia, Africa. A number of prospects have already been identified with historical samples reporting significant copper and gold mineralisation. Values of up to 38.1% copper have been recorded in trenching and pit samples with seven advanced targets identified within the concessions.

Previous exploration by a number of companies up until the mid 1970's has seen a significant database developed including over 300 shallow holes and 10 diamond holes drilled on the Chimena and Karibarembi prospects with areas of ground and airborne geophysics and extensive pit and trench sampling completed throughout the concessions.

Of particular interest amongst the advanced targets is the Karibarembi prospect. This prospect is considered to have the potential for Carlin type (Nevada) gold mineralisation with argillaceous host rocks displaying strong silicification and anomalous gold, arsenic and tungsten mineralisation.

Further to this, Roan Consolidated Mines throughout the 1950's to 1970's have recorded occurrences of copper including chalcopyrite, malachite and haematitie and limonite associations in vein systems within the Karibarembi prospect. Assays from trench sampling at the prospect gave up to 39.4% copper and 5.8 dwt. gold (9.02 grams per tonne, 0.29 oz per ton).

The Company will now embark upon an independent geological assessment of the existing data including verification of all historical data as claimed by the vendors in their summary report and as reported in this release. It is anticipated that following a positive result of the due diligence by early 2008 work will commence immediately on ground with field surveys confirming previous results, and defining probable drill targets for early drilling later in 2008.

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").

About IGC Resources Inc.: IGC Resources Inc.'s principal business activities are the exploration, development and mining of gold copper projects in Australia and Africa while continuing to investigate other mineral resource prospects for potential acquisition globally. IGC holds gold resources at Blackburn, Western Australia, 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.

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.

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.

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

Contact Information