During the quarter, IRL expanded its footprint in the growing Indian resources sector, with the acquisition of a 17% stake in fellow Indian minerals developer Pebble Creek Mining Ltd.

Pebble Creek is a Canadian-based minerals exploration company listed on the TSX Venture Exchange (TSX-V:PEB) with its primary project, the Askot base metal project, located in the Uttaranchal state, northern India. Further information on Pebble Creek is available at www.pebcreek.com.

Askot Zinc and Copper Deposit

Pebble Creek started a 10,000m drilling program in July 2007. The program is intended to establish a NI 43-101 compliant mineral resource of several million tonnes of high-grade ore and continue for purposes of mine planning.

The Company expects future mine-run ore to contain 2.45% copper, 7.50% zinc, 4.00% lead and 0.40 grams of gold per tonne and 120 gpt silver.