IGC

IGC Resources Inc. (TSX VENTURE:IGC)(PINK
SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) is pleased to announce that the
non-brokered private placement of 6,000,000 units (the "Units") at $0.20 per
Unit, announced February 28, 2008, has closed for gross proceeds of $1,200,000.
Each Unit consists of one Common Share of the Company and one-half of one
non-transferable share purchase warrant. One whole warrant will entitle the
holder to purchase one additional Common Share of the Company at $0.30 for two
years from the closing date.


The Company paid cash finder's fees of 7% ($40,250) and issued 86,250 finder's
warrants on a portion of the gross proceeds of the placement to certain finders
in consideration of their efforts in introducing placees to the Company. In
addition, Bolder Investment Partners, Ltd. has received a cash finder's fee of
7% ($28,000) and been issued 200,000 finder's warrants for Units sold to their
clients. Each finder's warrant entitles the holder to purchase one Common Share
of the Company at $0.30 per Common Share until April 4, 2010. Mara Pty Ltd., a
company controlled by IGC's President, Clive Hartz, and an insider of the
Company, purchased 1,075,000 Units under the Offering.


All securities issued under the placement are subject to a hold period expiring
on August 5, 2008. Proceeds from the private placement will be used for
exploration and drilling of the Company's current properties, acquisition of
additional properties and for working capital.


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


IGC also holds approximately 28% of Australian-listed energy explorer, Atomic
Resources Limited (ASX:ATQ) (www.atomicresources.com.au) which focuses on coal
and uranium exploration.


For more information, please visit our website at www.igcresources.com, email us
at info@igcresources.com or call John Braden at +1 604-664-7424.


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.

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