Always good to keep a history of previous...

Always good to keep a history of previous announcements.

"...........

On 31 March 2005, IRN and Xstrata agreed to amend the Option Agreement between the two parties resulting in:

* bring froward Xstrata's option exercise date from 31/12/07 to 30/09/06, or requires Xstrata to sole fund project expenditure between the above mentioned dates; and

* limiting IRN's commitment to sole fund feasibility studies to $27 million.

The previous 2003 option agreement required IRN to sole fund the Tampakan Project until 31/12/0-7 when Xstratra would decide either to proceed with or to terminate its option to acquire a 62.5% ownership in Sagittarius Mines Inc., a Phillipne incorporated entity which holds the mining rights to the Tampakan Project.

The revised terms limit IRN's commitment to sole fund feasibility studies to $27 million. the sole funding obligation concludes on the completion of the agreed PFS work programme or at 30/09/06, whichever is latter (in most recent quarterly IRN stated that the PFS is due for completion by the end of SEptember, which suggest no fear of going beyond the 30/09/06 timing..

Following the completion of the IRN sole funding obligation, Xstrata Copper is required to decide either to exercise its option, terminate its option or sole fund any further work necessary to enable it to reach a decision to either exercise or terminate its option.

Should Xstrata Copper decide to fudn further work in order to reach a decision on whether to exercise or terminate its option, it is required to sole fund all other project expenditures. In addition, any further work that Xstrata Copper decides to undertake must be completed by no later than 31/12/07.

IRN will receive approx $52 million on the exercise by Xstrata Copper of its option. Around $32 million of this amount reimbursement by Xstrata Copper of its share of project expenditure incurred at that point. Shoul;d Xstrata elect to sole fund further studies and these studies continue beyond 12/06 the amount payable to IRN will compound according to the agreed formulae set out in the option agreement.

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All good times ahead for IRN, I am sure if Xstrata Copper pulls out there is no shortage of other majors eyeing out Tampakan

I hold IRN