IGC Resources Inc.

IGC Resources Inc.

November 08, 2005 16:00 ET

IGC Resources Retains Mining Interactive Investor Relations to Name Brand the Company in the Capital Markets of Canada, the United States and Europe

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - IGC Resources Inc. (the "Company") (TSX VENTURE:IGC). Mr. Clive Hartz, President & CEO, is pleased to announce that, in keeping with the Company's stated goal to optimize shareholder value, it has retained the services of Nick L. Nicolaas, a sole proprietorship operating under the name Mining Interactive (MI), to assist the Company in its investor relations activities.

MI, based in Vancouver, British Columbia, offers a broad range of integrated investor, media, financial and corporate-communication services. MI is dedicated to providing its client companies with comprehensive and effective investor-relations programs based on the client company's specific needs. In addition, MI assists its clients in communicating effectively with the capital markets of Canada, the United States and Europe, including fund and portfolio managers, brokers and investors. MI's mission and primary objective is to assist small and medium-cap companies in the mining, oil and gas, and energy sectors in order to achieve optimum company shareholder value.

Mr. Nicolaas has over 37 years of leadership, management, marketing and financing expertise. He has been involved in the forming and structuring of private and public companies including financial consulting services, corporate communications, and investor relations to assist in the creation of strong after market support and subsequent shareholder value. Mr. Nicolaas has actively participated as a member of corporate boards of directors setting direction and implementation levels within corporate structures by identification of strategy, goals and policy formulation.

MI has been retained under a service agreement dated November 1, 2005, (the "Services Agreement") for a one-year term at $5,000 per month plus G.S.T. and a fee of $250.00 per month plus G.S.T. commencing October 15, 2005 and payable on the first day of each following month to reimburse incidental expense related to all long distance telephone, cell phone charges and MI office supplies incurred in the performance of the services performed for the Company. Under the terms of the Services Agreement, MI will provide to the Company, on a non-exclusive basis, an ongoing public and investor relations program and use MI's expertise and contacts to prepare and execute a program of financial and investor relations, public relations and communications with potential investors and shareholders, advise and assist the Company in the conduct of its investor relations activities, particularly with regard to soliciting and encouraging investment in the Company and its projects and establishing business relationships with the financial and mining community, all with the objective to name brand the Company and to enable and procure financing for the Company. The Company will make no payments to MI until receipt of the TSX Venture Exchange's (the "Exchange") acceptance of the Services Agreement. The relationship between MI and the Company is at arms' length.

IGC has also granted MI an incentive stock option to purchase up to 200,000 common shares at an exercise price of $0.38 cents per share for a one-year period, which option will be vested as to 25% of the shares every three months commencing February 1, 2006 in accordance with the Exchange rules. The Services Agreement with Mining Interactive is subject to prior review and acceptance for filing by the Exchange.

In other matters, the Company is progressing with its exploration strategy to explore for new discoveries among the 16 known well-defined targets as well as the many other anomalies of the Blackburn Gold Project and begin exploration of the recently approved Fraser Range iron-oxide/copper/gold/uranium prospect and when granted, the Uaroo copper/gold/uranium and rare earth elements prospect.

IGC's principal business activities are the exploration, development and mining of gold, copper and uranium within Western Australia, however IGC continues to investigate other mineral resource prospects for potential acquisition globally.

On behalf of the Board,

Clive R. 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.

13.5 million shares outstanding

Last trade $0.38

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

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