April-May 2007 Private Equity Financing Exploring for GOLD in India

April-May 2007 Private Equity Financing Indo Gold Mines Pvt Ltd Indo Gold Limited 70% Metal Mining India Pvt Ltd 30% Free Carry to BFS (Bhukia) Indian JV Company

April-May 2007 Private Equity Financing Company Highlights 2 years since start of JV and incorporation of company A$5.8 million private equity financing (23.1 M shares) No JORC-compliant resources at outset Rapid build-up in JORC-compliant Inferred Mineral Resource gold inventory reported: –22 nd Aug Moz –8 th Sept Moz –3 rd Oct Moz (1.22 Moz attributable) Huge upside; moving to list shares on AIM in 2007

April-May 2007 Private Equity Financing Properties Rajasthan main focus –Jagpura Project Applications pending elsewhere

April-May 2007 Private Equity Financing Udaipur – our regional base Early morning on Lake Fateh Sagar Water infrastructure built circa by Maharana Jai Singh

April-May 2007 Private Equity Financing Geology Archaean – Proterozoic cratonic terrain similar to Australia World-class deposits –Iron ore –Base metals –Gold –Diamonds –Coal –Chromite

April-May 2007 Private Equity Financing Large Mines/Deposits Khetri % Cu, 0.5 g/t Au Rampura-Agucha %Zn,1.9%Pb,45 g/tAg Rajpura-Dariba 20 7% Zn, 2% Pb, 100 g/t Ag Zawar 69 4% Zn, 2% Pb, 50 g/t Ag Ambamata 8.3 2% Cu, 6% Zn, 6% Pb Bhukia ? >2 Moz Au Rajasthan Mining Culture Oil/gas, Lignite

April-May 2007 Private Equity Financing Rampura-Agucha World-class Proterozoic Zinc-Lead-Silver mine

April-May 2007 Private Equity Financing We are Exploring in ‘Elephant Country’!

April-May 2007 Private Equity Financing Tenements 2,135 km² 2 RPs granted 2 RPs applied 1 PL applied, ‘in process’

April-May 2007 Private Equity Financing Regional Geology New Gold (Copper) Province Ancient (?2000 years) gold and copper workings Very limited modern exploration

April-May 2007 Private Equity Financing Bhukia Prospect Geology Multiple zones defined by ancient workings, GSI/HZL drilling (wide-spaced) Geology dominated by dolomites, quartzites and calc- silicates Geology comparable to other Proterozoic terrains (e.g Mt Isa district )

April-May 2007 Private Equity Financing Lithology Dolomitic Marble

April-May 2007 Private Equity Financing Lithology Quartz Albite Alteration

April-May 2007 Private Equity Financing Lithology Calc Silicate Alteration

April-May 2007 Private Equity Financing Lithology Gossan

April-May 2007 Private Equity Financing Bhukia Gossan Outcrops Panch Mahuri Delwara South

April-May 2007 Private Equity Financing Bhukia Ancient Workings Panch Mahuri Delwara

April-May 2007 Private Equity Financing Bhukia Prospect - Soils & Resource Zones  High-order soil anomaly, open  IGL’s soil sampling adds greater definition and discovers extensions  Soil sampling continuing

April-May 2007 Private Equity Financing Bhukia Prospect JORC Mineral Resources Zone Inferred Net Attributable TonnesAu g/t Au ounces to IGL (70%) Mahi24,100, ,010,000710,000 Panch Mahuri Main Domain2,500, ,000160,000 Low-grade Domain11,900, ,000350,000 Sub-total14,400, ,000510,000 Total38,500, ,740,0001,220,000 Notes: Rounded to the appropriate number of significant figures Resource estimates by Golder Associates Pty Ltd, September 2006

April-May 2007 Private Equity Financing IGL Drilling at Panch Mahuri Zone at Mahi Zone

April-May 2007 Private Equity Financing Mahi Zone g/t Au Resource outline extends around ancient workings More drilling required to close-off

April-May 2007 Private Equity Financing Mahi Zone 200 Level Mineral Resource Blocks

April-May 2007 Private Equity Financing Mahi Zone Section 6110 N Mineral Resource Blocks

April-May 2007 Private Equity Financing Mahi Zone Section 6360 N Mineral Resource Blocks

April-May 2007 Private Equity Financing Panch Mahuri Zone Section 6960 N Mineral Resource Blocks

April-May 2007 Private Equity Financing N 0 m500 m Resource Zones Plan View showing ancient workings

April-May 2007 Private Equity Financing N 0 m 500 m Resource Zones Isometric View showing ancient workings

April-May 2007 Private Equity Financing N 0 m 500 m Bhukia Perspective Quickbird Satellite Image showing resource zones at surface

April-May 2007 Private Equity Financing Mahi Resource Section 6300 N - Preliminary Pit Optimization

April-May 2007 Private Equity Financing Grassy Hill

April-May 2007 Private Equity Financing Drill Core Early Barren Massive Pyrrhotite Breccia 0.35g/tAu, 0.02%As, 0.04%Cu

April-May 2007 Private Equity Financing Drill Core Mineralised Massive Pyrrhotite Breccia, With Asp 3.72g/tAu, 1.18%As, 0.11%Cu

April-May 2007 Private Equity Financing Drill Core Mod to High Grade Shear Controlled Asp Mineralisation 1.63/2.64g/tAu, 0.38/2.62%As, 0.25/0.18%Cu

April-May 2007 Private Equity Financing Drill Core Low Sulphide Mineralisation 2.51/7.49g/tAu, 0.07/0.01%As, 0.13/0.05%Cu

April-May 2007 Private Equity Financing Drill Core Late Cross-cutting Chalcopyrite Mineralisation Tourmaline Flooding 0.50/3.2g/tAu, 0.87/1.02%As, 0.33/0.27%Cu

April-May 2007 Private Equity Financing Metallurgical Considerations HZL Results: Deemed partially refractory Maximum 75% recovery by direct leach (CIL) Flotation concentrate & regrind – up to 85% recovery IGL Preliminary Results: 3 composites tested so far, low, medium and high sulphur types Recoveries 79% and 84% by combined gravity+leach (CIL) with conventional grind; expect 90% with fine grind 90% of gold reports to concentrates

April-May 2007 Private Equity Financing Permitting Issues Bureaucracy! Environmental & Forestry approvals granted (first foreign company in Rajasthan) Pioneering project so we lead, but suffer the steep learning curve! Final approval of PL awaited

April-May 2007 Private Equity Financing Targets Drill-out to commence first half 2007 subject to permitting approvals 65,000 metres in first phase Target +5 Mozs (+3.5 Mozs equity) in Meas + Ind + Inf Resources Bhukia Elsewhere Explore 60 km along the Jagpura province where Bhukia-like targets are present Maximize our pioneering position in India

April-May 2007 Private Equity Financing Bhukia Prospect - Soils & Target Zones  High-order soil anomaly, open  IGL’s soil sampling adds greater definition and discovers extensions  Soil sampling continuing

April-May 2007 Private Equity Financing Bhukia Ancient Workings Timran Mata Largest Ancient Open Pit No GSI ‘Resource’ Estimates Available High order soil anomaly Person standing at edge of open pit here

April-May 2007 Private Equity Financing Bhukia Prospect – Size Comparisons  Cadia Total 27.9Moz  Cadia Open Pit 11.9Moz  Telfer Open Pit 13.0Moz  Bhukia ???????

April-May 2007 Private Equity Financing Bhukia Prospect – Size Comparisons TELFER OPEN PIT COWALCADIA HILL OPEN PIT BHUKIA POTENTIAL Strike (km) >3 Width (km) Depth (m) >200 Reserve (Mt) >40 Reserve g/tAu Reserve %Cu Total Gold (Moz) >2 Gold equiv. grade (g/tAu)

April-May 2007 Private Equity Financing Indo Gold Limited Exciting new gold (copper) province in India Multi-million ounce potential Growth by own exploration Bhukia – a possible very large, future mining centre?

April-May 2007 Private Equity Financing IGL - Financials 23.1 M shares on issue, 8.65 M Options A$2.7 M cash Apr-May Private Equity Round Max A$10M at A$1.25 (8M shares) Planned Resulting in 31.1 M shares on issue (undiluted) New notional market cap. will be A$39 M Sets up company to commence Bhukia drill-out prior to IPO if necessary

April-May 2007 Private Equity Financing IGL – Planned IPO Still on track for planned Admission London AIM in late-2007 or early-2008 subject to permitting and market In parallel, new Placement for +A$10 M Bhukia – target for first 2 years after permitting is +5 Moz (+3.5 Moz equity ) in resources

April-May 2007 Private Equity Financing THE END? Thank you