Ann: NOTICE OF MEETING PROXY COVER LETTER, page-29

Hi Rob,

Thanks for your post. I've had experience with investing in another explorer company a few years ago with a director who also had a similar situation of running a corporate advisory/venture capital firm. In that situation he added no practical benefit to company other than ensuring that it was his firm to conduct the inevitable capital raisings with the predictable motive. Its something that I took note of to avoid in future research into other companies.

I am not alluding that situation is repeated here at ICG, in the case of this director but it has served to be a concern for me when I do come across it with different companies. Sure, potential conflicts of interest can be managed in many situations and I am not fully across Inca at this stage to offer a definitive view. I will say though, that Inca is now at a point when the money men can step aside in preference for the people who have the qualifications, experience and tenacity to discover tier 1 mining assets. This is normally a person with a strong exploration track record, experience in geology and mining. Not deal makers.

Your feedback has been very helpful to me Rob and Grub.

By the way, I did not see said director on the latest top 20 shareholders list. Unless of course he holds under s company name? I would hope he has participated in past capital raisings. Directors need to to be invested to the company (IMO) as skin in game ensures everyone is on same page in so many ways.