Peter Bradford, Managing Director/CEO of Independence Group NL (ASX:IGO), Presents at Denver Gold Forum

September 16, 2014

Peter Bradford, Managing Director/CEO of Independence Group (IGO) of Perth, Australia, said the company has a $1 billion AU market capitalization as of Sept. 12.

Independence Group (IGO) is an Australian producer of gold and base metal, with three Australian mines producing gold, nickel, zinc and copper. The company has fiscal year profit after tax of $46.6 million AU and net cash as of June 30 of this year at $28 million AU. Independence Group has a fiscal year free cash flow of $55.9 million AU, Bradford said.

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The company has a primary focus on organic growth, Bradford said. It seeks to unlock value through discovery and development, but is also using joint ventures and acquisition to build its product pipeline.

A JV with AngloGold Ashanti on the Tropicana mine has resulted in discoveries of three substantial gold deposits, Bradford said, with project construction currently underway. In addition, Independent Group’s wholly-owned Jaguar mine is producing an annual mining rate of 444,000 tons, with 10% yielding zinc and 1.8% copper. The Jaguar mine is expected to generate a fiscal year 2014 free cash flow of $21.2 million AU, Bradford said.

The company has an Australian focus, having also acquired De Beers Australia Exploration and taking over Jabiru Metals Limited. But it is also looking offshore, Bradford said. He predicted a strong market for zinc, driven by mine closures, and copper prospects are also looking robust, Bradford said.

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