IDG has to be one of the most undervalued companies lisited on...

IDG has to be one of the most undervalued companies lisited on the ASX...

Indago Resources notes the successful listing of Tusker Gold on the Australian Securities Exchange today
following a heavily over-subscribed$10 million Initial Public Offering.
Indago holds a 67.5 per cent stake in Tusker, valued at $13.5 million based on the 20 cent issue price of
Tusker Gold shares. Tusker Gold shares hit an intra-day high of 40 cents before closing at 37cents,
valuing Indagos stake at $25million.
These respective valuations of Indagos investment in Tusker compare with Indagos market
capitalisation of $28million, based on its closing pricetodayof28cents a share.
Indago also holds cashin excessof $15.5million andfollowing completion of the sale ofitsUranium
and Nickel assets, Indagowill receivea further $3 million dollars in cash and shares. Indago has also
retained its Georgetown base metals project in Queensland.

Indago Director Tim Kestell said the valuation placed on Tusker by the market highlighted the benefits of
Indagos decision to maximise shareholder value by spinning off its gold assets.
Thesharemarketvalue of Indagos shareholding in Tusker is now equivalent toan additional $25million
in asset value for Indago, Mr Kestell said. Given that Indago also hasover$15.5million cash and other
resource assets, I am confident the market will soon recognise the value this highly successful float brings
to Indago.