IGE Nordic Announces Additional Encouraging Drill Results from the Rönnbäcken Nickel Project

IGE Nordic AB (“IGE Nordic or the Company”) is very pleased to provide the third update on exploration results from its 16,000 metre drill program at Rönnbäcken, which began in April 2008. Two previous press releases, dated October 1, 2008 and November 19, 2008 which can be found on the website (www.igenordic.se), reported the results on 33 out of 88 holes. IGE Nordic now has an additional 30 holes with complete assay results which are shown in Table 1. In total, 95 holes have been drilled - 41 holes at Vinberget (7,916 m) and 54 holes at Rönnbäcksnäset (7,065 m).

Highlights:
1. Today’s results are encouraging as they continue to be consistent with the assays from the surface sampling program that was done previously.

2. The new drilling confirms that the mineralization extends at depth and along strike.

3. At Vinberget, the drill holes 36, 39, 42, 43 and 46 have been extended down to 300-350 m to test the continuity of serpentinite at depth.

4. The extension of Vinberget towards the north-west was drilled from a fan of holes sub-parallel (VIN105) to the strike due to the rough topography. The mineralization is still open towards the north-west.

5. New drilling at the southern part of Rönnbäcksnäset confirms the sub-horizontal structure of serpentinite. Indicated thickness is up to 230 m and is open down dip towards north.

As the holes in the 16,000 m drilling program have been deeper than planned, some of the prospective other outcropping serpentinite lenses in the area have been left untested.

IGE Nordic has engaged the mining engineering consultant Scott Wilson RPA. (www.scottwilson.com) to provide a mineral resource estimate and prepare a Scoping Study that will meet the requirements of a Preliminary Assessment under NI 43-101 regulations and include a preliminary open pit design, and economic analysis on the Rönnbäcken Nickel Project. The scoping study is expected to be completed by the second quarter of 2009.

IGE Nordic’s resource target remains at 180-220 million tonnes, grading 0.10-0.15% nickel in sulphide. These are preliminary numbers and further work needs to be carried out before the mineral resource can be estimated.

The drill program for the Rönnbäcken Project is the responsibility of Benny Mattsson, Exploration Manager of IGE Nordic. Benny Mattsson is registered as a Qualified Person (“QP”) with Swedish Association of Mines, Mineral and Metal Producers (“SveMin”).

See attached pdf-file of the location map for Rönnbäcken identifying the holes that have been drilled as well as those that will be drilled in early 2009.

Table 1: Most recent assays values from Rönnbäcken 2008 drilling program.
Hole # Section From To Length Total Ni Ni-AC Total Co Total S Comments
Local (m) (m) (m) (%) (%) (%) (%)
VIN37 750 N 6.0 296.5 290.5 0.19 0.14 0.010 0.10 New
VIN105 750 N 0.6 332.0 331.4 0.19 0.15 0.010 0.12 New
VIN39** 700 N 0.0 170.4 170.4 0.20 0.14 0.010 0.08 New
VIN40 700 N 0.6 168.0 167.4 0.19 0.13 0.009 0.10 New
VIN35 650 N 0.3 144.0 143.7 0.18 0.10 0.009 0.06 New
VIN41 650 N 2.0 170.5 168.5 0.20 0.14 0.010 0.08 New
VIN42 650 N 0.4 370.9 370.5 0.19 0.13 0.009 0.09 New
296.0 370.0 74.9 0.18 0.15 0.009 0.14 New
VIN44 600 N 4.0 165.3 161.3 0.19 0.13 0.009 0.08 New
VIN46 550 N 0.0 220.0 220.0 0.18 0.11 0.009 0.11 New
54.0 178.2 124.2 0.19 0.13 0.010 0.12 New
VIN45 550 N 0.5 90.3 89.8 0.19 0.11 0.009 0.15 New
VIN47 550 N 1.4 111.3 109.9 0.19 0.13 0.010 0.07 New
VIN48 550 N 0.9 135.05 134.15 0.19 0.11 0.010 0.08 New
VIN49 500 N 0.0 168.0 168.0 0.19 0.14 0.009 0.12 New
VIN50 500 N 0.0 90.4 90.4 0.18 0.11 0.009 0.08 New
VIN101 450 N 2.0 43.6 41.6 0.19 0.10 0.009 0.12 New
VIN102 450 N 0.2 48.0 47.8 0.20 0.09 0.010 0.09 New
VIN103 450 N 0.5 61.3 60.8 0.19 0.14 0.009 0.10 New
VIN104 450 N 0.2 80.0 79.8 0.18 0.13 0.009 0.11 New

RON60 1200 N 30.0 58.0 18.0 0.19 0.07 0.010 0.06 New
RON87 1000 N 144.3 174.6 30.3 0.17 0.03 0.009 0.03 New
RON69 600 N 2.0 53.8 51.8 0.18 0.05 0.009 0.03 New
RON70 600 N 40.0 90.4 50.4 0.18 0.05 0.009 0.03 New
RON71 600 N 88.0 134.5 46.5 0.16 0.06 0.009 0.06 New
RON85 600 N 138.0 184.0 46.0 0.21 0.10 0.011 0.05 New
RON72 500 N 38.0 127.3 89.3 0.18 0.08 0.009 0.05 New
RON74 500 N 14.0 64.0 50.0 0.20 0.11 0.010 0.06 New
RON76 400 N 38.0 70.0 32.0 0.20 0.12 0.010 0.07 New
RON79 * 300 N 5.0 78.0 72.5 0.18 0.08 0.009 0.05 Corrected
34.0 78.0 44.0 0.18 0.10 0.010 0.06 Corrected
RON81 200 N 20.0 115.0 95.5 0.16 0.09 0.009 0.05 New
RON82 200 N 68.0 148.8 80.8 0.19 0.11 0.010 0.05 New
RON90 0 E 54.0 89.9 35.9 0.19 0.12 0.009 0.07 New
RON91 0 E 4.0 48.3 44.3 0.21 0.13 0.010 0.07 New
* Corrected values from PR 2008-11-19
** Extended hole


Table 2: The following table shows the location of the new holes for which there are assay values.
Hole # Local N Local E North East Elevation Azimuth Azimuth Dip Total length
(m) (m) (m) (m) (m asl) (°) (°) (°) (m)
VIN35 650 430 7262628 1484112 663 264 219 -50 173
VIN37 750 434 7262708 1484040 664 -88 315
VIN39 700 435 7262668 1484074 660 82 37 -68 356
VIN40 700 429 7262664 1484069 659 271 226 -68 171
VIN41 650 428 7262628 1484112 664 271 226 -75 170
VIN42 650 435 7262632 1484116 664 84 39 -75 372
VIN44 600 431 7262595 1484143 667 262 217 -73 182
VIN45 550 440 7262567 1484186 667 92 47 -50 103
VIN46 550 440 7262566 1484186 668 87 42 -73 235
VIN47 550 435 7262563 1484182 667 270 225 -50 113
VIN48 550 436 7262564 1484183 668 273 228 -74 161
VIN49 500 419 7262513 1484205 661 93 48 -74 119
VIN50 500 412 7262509 1484202 661 250 205 -85 98
VIN101 457 435 7262489 1484236 660 91 46 -75 67
VIN102 457 435 7262490 1484236 660 90 45 -51 63
VIN103 457 431 7262486 1484233 660 268 223 -50 63
VIN104 457 431 7262487 1484234 660 268 223 -74 85
VIN105 750 432 7262709 1484039 664 358 313 -51 360

RON60 1100 840 7268781 1481311 508 92 112 -49 75
RON69 700 730 7268204 1481146 551 92 112 -50 54
RON70 700 830 7268222 1481092 541 89 109 -49 110
RON71 600 870 7268239 1481040 529 87 107 -50 137
RON72 600 810 7268135 1481038 538 93 113 -50 141
RON74 500 784 7268096 1481141 562 84 104 -49 74
RON76 500 895 7268010 1481075 559 89 109 -50 89
RON79 400 927 7267920 1481039 561 92 112 -50 89
RON81 400 860 7267839 1480972 553 89 109 -50 117
RON82 300 861 7267855 1480918 541 91 111 -50 161
RON85 200 822 7268282 1480907 508 85 105 -60 188
RON87 200 765 7268697 1480937 483 87 107 -60 177
RON90 600 620 7267551 1480345 422 183 173 -51 98
RON91 1000 500 7267488 1480355 419 188 178 -50 65

For more information on how the samples were prepared, please see the Rönnbäcken press release dated November 19, 2008.


Forward-Looking Statement
This press release contains or refers to forward-looking information, including statements regarding estimates and/or assumptions about potential mineralization, potential mineral resources and reserves, Rönnbäcken project development, recoveries and grades for concentrate, the ability of the Company to create strategic partnerships and is based on current expectations that involve a number of business risks and uncertainties. Actual results may vary from the forward-looking information contained herein.

The Company provides this information to shareholders and analysts because they are the key drivers of the business. Readers are cautioned that this information may not be appropriate for other reasons. The Company updates its Forward-looking Information as material information becomes available.

Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, failure to establish an estimated mineral resources and reserves, the possibility that actual circumstances will differ from the estimates and assumptions used in the potential of Rönnbäcken Nickel Project (there is no certainty that the concentrate grade or recoveries proposed will be achieved), the environmental and social cost of proceeding with any of the projects, uncertainty relating to the availability and costs of financing needed in the future, general business and economic conditions, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, changes in legislation governing emissions into the air and water, waste, and the impact of future legislation and regulations on expenses, capital expenditures and taxation and other risks involved in the mineral exploration and development industry. When used in this press release, words such as "schedule", "could", "plan", "anticipate", "estimate", "expect", "believe", "intend", "may" and similar expressions are forward-looking information.

This forward-looking Information represents the views as of the date of this press release. The company anticipates that subsequent events and developments may cause its views to change.

For further information, please contact:
Fredric Bratt, CEO Benny Mattsson, Exploration Manager
Mobile: +46 762 35 32 60 Mobile: +46 703 19 93 56
E-mail: fredric.bratt@igenordic.se E-mail: benny.mattsson@igenordic.se