IGC Resources Inc.

IGC Resources Inc.

March 29, 2006 09:00 ET

IGC Resources Moves to Purchase Gold/Copper Tennant Creek Property in Central Australia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - IGC Resources Inc. ("IGC") (www.igcresources.com) (TSX VENTURE:IGC)(FWB:I6G) announced today that it had submitted a tender for the purchase of a substantial mineral field at Tennant Creek, central Australia.

- The land position covers more than 2,500 square kilometers of granted tenements both for exploration and mining, which would make IGC the dominant landholder in the region.

- The mineral assets at Tennant Creek are reported to host a number of inferred and indicated resources.

- Significant resources still remain to be mined and IGC is confident that aggressive exploration in the region will lead to additional significant discoveries.

- The offer includes the purchase of the only plant and infrastructure within the Tennant Creek mineral field.

- The Tennant Creek mineral field has an historical recorded production of more than 5.5 million ounces of gold and 400,000 tonnes of copper both from open pits and high-grade underground mines.

- This mineral field is a proterozoic age sequence of metasediments intruded by later stage granites. Ore deposition is considered to be consistent with iron/oxide, copper/gold models.

- This offers a unique opportunity for IGC to accelerate its strategic plan to become a producer, and also to add to the region's potential by applying modern exploration techniques to an area poorly explored previously.

- Although the mineral assets are reported to host a number of inferred and indicated resources, IGC is cognizant of the need to ensure that resources and reserves are reported in accordance with Australian JORC and National Instrument 43-101 requirements and will complete a full due-diligence process on historical resource estimation prior to final purchase.

Clive Hartz, President & CEO of IGC says, "the Tennant Creek decision presents an opportunity for IGC to advance its strategic plan to become a mid-tier gold producing company. In addition the exploration programs are continuing at our exciting Blackburn project as well as our very prospective Fraser Range project. We will release more information as our investigation and acquisition process on Tennant Creek continues."

IGC Resources Inc.'s principal business activities are the exploration, development and mining of gold, copper and uranium prospects within Western Australia, while continuing to investigate other mineral resource prospects for potential acquisition globally. The Company trades on the TSX Venture Exchange under the symbol "IGC" (IGC.V for yahoo.com quotes) and Frankfurt symbol "I6G".

On behalf of the Board,

Clive Hartz, President & CEO

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.

13.5M shares outstanding; Last trade: C$0.69

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

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