IGE: Nickel Mountain Resources IPO Withdrawn

IGE Resources AB (OSE: IGE) today announced that the contemplated
Initial Public Offering of its subsidiary Nickel Mountain Resources AB
has been withdrawn. The current uncertainty in the financial markets has
caused the decision.

"Having reviewed recent market developments, our conclusion is that an
IPO under the current market conditions is not in our shareholders' best
interest. Investors are very cautious and several natural resource
juniors have seen their market value come under pressure, or even
withdrawn their equity offerings" said IGE's acting CEO Thomas Carlsson.

IGE Resources will consider alternative financing options for the
Rönnbäcken nickel project, both for the shorter and the longer term. An
IPO in an adequate market place when the financial markets have
recovered remains a possible source of financing for Nickel Mountain
Resources.

For additional information, please contact:

Thomas Carlsson

CFO and acting CEO, IGE Resources AB

Telephone +46 8 402 28 05 / +46 70 552 26 22

E-mail thomas.carlsson@ige.se (thomas.carlsson@ige.se)

Fredric Bratt

CEO, Nickel Mountain Resources AB

Telephone +46 762 35 32 60

E-mail fredric.bratt@nickelmountain.se (fredric.bratt@nickelmountain.se)

IGE Resources AB (publ) is a Scandinavian company focusing on diamonds
exploration and production in Southern Africa and the development of
Scandinavia's largest nickel deposit. IGE is headquartered in Stockholm
and its shares are listed on the Oslo Stock Exchange (ticker: IGE).
Please refer to www.ige.se (http://www.ige.se/) for more detailed
information.