West Minerals Pty Ltd exercises its 6 256 000 options.

IBML is pleased to announce that as at 29 June 2009 West Minerals Pty Ltd, its cornerstone investor, has again affirmed its support for the Company’s exploration initiatives. West Minerals exercised its 6,256,000 options resulting in additional funding of $312,500 and has at the same time converted its $850,000 secured convertible loan plus interest into 17,493,158 fully paid ordinary shares.

Both these transactions were approved by shareholders at an EGM on 5 February 2009 and West Minerals actions have occurred ahead of the termination dates in both instances.
 
The Company’s assets are no longer unencumbered.
 
The Company continues to seek additional funding to maintain its active exploration programmes.