Intrafrican Resources Limited

Intrafrican Resources Limited (IRL), incorporated in Mauritius, is a wholly owned subsidiary of Intra Energy Corporation Limited (IEC), and ASX listed mining company. IRL has invested in Intra Minerals Limited (IML), a Mauritian company that owns 95% of the exciting Minas Do Lurio Gold Project in Mozambique. It is IRL's intention to become a Gold Industry Company incorporating exploration, development and production but also trading, refining, storing and minting using Mauritius as the hub for its processing and trading activities.

The Minas Do Lurio Gold Project comprises a 168.56 km2 prospecting license (8416L) in the historically underexplored Lurio Belt. Recent exploration activities including trenching and sampling have been completed at Savane, a prospective area within the prospecting license. Positive results indicative of a potentially substantial gold discovery, with subsequent survey work identifying new gold-bearing areas as well as a potential alluvial 'sink' amenable to an early stage dredging program.

IRL currently holds 15% equity in IML and has entered into an Investment Agreement to increase its equity to 45% in IML for US$1.3M which will be used to drill and survey the license area and establish production targets. Right of First Refusal is held over another portion of IML equity for US$875,000 which will be used to develop the early stage dredging operation.

IRL is currently raising funds of US$2.5M to undertake the Investment Agreement and increase its equity in IML and subsequently in the Minas Do Lurio Gold Project. As the operating company, IML is also undertaking discussions with other gold projects in Mozambique and is developing a contracting company in Mozambique, Pioneer Services, Limitada to assist in the development of gold resources.

Intrafrican Resouces Limited is offering 25% of its shares to raise the US$2.5M required as its First Tranche Funding.