Norrlandsfonden of Sweden provides additional funding for IGE's Rönnbäcken Nickel Project

Norrlandsfonden of Sweden provides additional funding for IGE's
Rönnbäcken Nickel Project

IGE Resources AB (OSE: IGE) today announced that the Company has
accepted a SEK 5 million convertible loan for its Rönnbäcken nickel
project from Sweden's Norrlandsfonden.

The funding from Norrlandsfonden will be used as working capital in the
ongoing exploration and development of the Rönnbäcken project, one of
Scandinavia's largest nickel deposits.

"The participation by Norrlandsfonden is a clear endorsement of the
Rönnbäcken project. Norrlandsfonden recognizes the importance of this
project for the region and is co-funding the Rönnbäcken development with
a long-term perspective.  The loan will be well-timed to help finance
Prefeasibility Study activities," said Fredric Bratt, CEO of IGE Nordic.

The SEK 5 million (USD 600,000) loan is designated for use as working
capital for the Rönnbäcken nickel project. The loan is repayable in
eight years, timed to coincide with Rönnbäcken starting to generate
positive a cash flow. In case of conversion to equity, the conversion
rate is fixed at the IGE share price on the date of issue (NOK 0.48 per
share) with a 20 per cent conversion premium. The term of the loan is
STIBOR 90 days (currently 0.67 percent) plus 4 percent. Norrlandsfonden
has indicated that additional funding for the Rönnbäcken project could
be available.

Norrlandsfonden provides risk capital loans for small and medium-sized
companies in Sweden's five northernmost counties. The fund provides
loans, convertible loans and guarantees for start-ups, development and
expansion. For information about the activities of Norrlandsfonden,
please refer to their website
(www.norrlandsfonden.se (http://www.norrlandsfonden.se/))

For additional information, please contact:

Tomas Fellbom

CEO, IGE Resources AB

Phone: +46 8 402 28 00 / Mobile: +46 73 322 57 86

E-mail: tomas.fellbom@ige.se (tomas.fellbom@ige.se)

Fredric Bratt

CEO, IGE Nordic AB                                  

Phone: +46 8 402 28 00 / Mobile: +46 762 35 32
60                                 

E-mail: fredric.bratt@igenordic.se (fredric.bratt@igenordic.se)