IGC

IGC Resources Inc. ("IGC" or the "Company") (TSX VENTURE:IGC)(PINK
SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) wishes to update the market as to
activities at their Blackburn Gold Project in Western Australia.


Initially acquired in 2005 because it offered the Company an opportunity to
establish an early production profile and cash flow, subsequent falling gold
prices and escalating operating costs following that time delayed the Company's
plans to proceed to production. Instead, the Company focused upon exploring for
additional gold resources at the property with the intention of improving the
economics through increasing the existing gold resources.


In 2006 the Company embarked upon an ambitious exploration program seeking to
prove that the genesis of the ore could be related to a large intrusion or
porphyry at depth and provide significant upside to the project. In 2008, as a
result of further geophysical work and the success of 2007 diamond drilling
work, further testing of targets outside the known deposit areas identified
mineralised zones with a grade tenor of between 1-1.5 grams per tonne ("g/t").
The zones were located up to 400 metres east and at least 5,000 metres to the
north of the known deposit.


These programs substantially increased the opportunity to identify and develop
additional resources at the project. The existing Canadian National Instrument
43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") compliant
resource estimate is 51,300 tonnes at 5.92 grams per ton ("g/t") measured,
328,900 tonnes at 1.47 g/t indicated and 6,244,600 tonnes at 1.06 g/t inferred.


In response to a strengthening gold price in Australian dollar terms and falling
fuel and labour costs the Company is now planning to re-evaluate original
scoping studies and mining proposals with a view to possibly commencing
production by way of trial or small scale mining at the property.


The review will focus on the near-term production of already delineated material
at surface possibly as a low cost heap leach operation. It will also explore the
possibility of extracting the higher grade underground shoots identified beneath
the historical Jinkas open pit.


Over the coming months the Company will re examine all the exploration drill
data, historical scoping studies and mine plans and will determine if a return
to production in the immediate future is economically feasible. Surplus funds
generated as a consequence of production could then be re invested into
continued exploration work on the property over time.


The Company's technical group still believe that there are geological parallels
to the Boddington Mine which is located in a similar geological setting some 150
kilometres away and which now boasts over 26 million ounces.


Even with tightened capital markets, the right confluence of operating
parameters and improving gold price may well suit a return to mining of the
pre-existing resources.


The Company is also aware that growth through acquisition is an opportunity
borne from the current global economic crisis, and is actively identifying and
evaluating gold projects and companies that may fit well with IGC's current
strategic direction.


The Company wishes to remind shareholders that whist IGC is focused on gold and
to a lesser degree, copper, it also has an indirect exposure to the coal and
uranium (solid energy) sector with its 28% equity in Atomic Resources Limited
(ASX:ATQ).


Atomic now has though its joint venture with the Tanzanian government, measured,
indicated and inferred coal resources ((i)JORC-compliant) in Africa and is
looking to work with that government to develop energy solutions and power
generation solutions for the country.


(i)See Atomic's news release dated February 9, 2009. The resource potential
stated therein is compliant with section 18 of the Australian Code for Reporting
of Mineral Resources and Ore Reserves ("JORC code") and guidelines in stating a
resource potential target based upon the geological information provided.


Mr. Chrisant Mzindakaya, speaking as chairman for the Tanzanian National
development Corporation ("NDC"), was recently quoted in the privately-run
Guardian newspaper in Tanzania as saying:


"Tanzania plans to build a 400 megawatt coal-fired power plant by 2012 at a cost
of US$1.2 billion.


Tanzania suffered serious power cuts in 2006 after drought slashed hydropower
production, making the need to diversify to other electricity sources more
urgent.


NDC intends to build the plant near two coal deposits in southwestern Tanzania
and is working through Tancoal Energy Limited, a joint venture with Pacific
Corporation East Africa, a subsidiary of Australia's Atomic Resources Ltd."


The Tanzanian project is now progressing to bankable feasibility study and is
looking to a positive outcome early in 2010.


Technical information in this announcement was reviewed by Mr. Dave Holden,
President and CEO, who is a member of The Australian Institute of Mining and
Metallurgy and a "Qualified Person" as defined under NI 43-101.


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


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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