Rights Issue & Shortfall Placement

IBML is pleased to announce that the Hunan Central South Biohydrometallurgy Company Ltd. of Beijing has taken up 6,250,000 shares in IBML for a sum of $500,000 under a shortfall placement. In addition, cornerstone investor West Minerals Pty Ltd. has invested a further A$2.5 million with the Company to take up 31,250,000 shares at 8c per share. This investment was approved by Shareholders at the EGM on 31 July 2009 and West Minerals Pty Ltd now owns 37.9% of the Company.