IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK
SHEETS:IGCGF)(FRANKFURT:I6G)(WKN: A0HGX4) today informed the market that the
Company will not be proceeding with the acquisition of 90% of TransAfrican
Limited Zambia, a company holding gold and copper concessions in Zambia. Further
to a recently completed second-step field evaluation, the Company deemed that
opportunities offering a greater return on investment may be found elsewhere in
projects that are not in such an early stage of development.


IGC is continuing to evaluate a number of opportunities globally and will
continue to progress the existing projects within its portfolio, namely the
Blackburn Gold Deposit and Fraser Range IOCG target.


About IGC Resources Inc.: IGC's principal business activities are the
exploration and development for mining of its gold and copper projects while
continuing to investigate other mineral resource prospects for potential
acquisition globally.


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.