INDEPENDENCE GROUP NL MONGOLIAN RESOURCES CORPORATION LIMITED MRC is an Australian listed Mongolian resource company. MRC's  main two gold projects include the high grade Kargana (Blue Eyes)  Gold Project (85%) and the Sujigtei Gold Project (90%) which are  located 7 kms apart within the North Khentei gold belt of Mongolia.  The Blue Eyes deposit has been mined for over 80 years by artisanal  miners and currently contains an existing operation which is  advancing over three levels. Sujigtei was actively explored and  developed on five levels over 150 vertical meters in the 1960’s by the  East German Geological Department and has been worked in recent  times by artisanal miners.  During the year Independence successfully completed the off  market takeover of Jabiru Metals Limited (“Jabiru”). Metals X Limited  participated in the takeover of Jabiru by signing a pre-bid agreement  with Independence to sell its 19.99% interest in Jabiru for cash and  shares in Independence. The Company received $48,089,540 in  cash and 6,558,571 Independence shares as consideration for its  19.99% interest in Jabiru. The Jabiru share sale has resulted in a  profit of $55,268,640 for the Company. Independence is an ASX listed (ASX:IGO) Australian diversified  explorer, developer and producer. Operations include the Long Nickel  mine and the high grade Jaguar VMS copper, zinc, and silver mine  in Western Australia. Independence also owns 30% of the 3.9Moz  Tropicana gold project currently being developed and holds various  exploration projects within Australia including the Stockman Copper,  Zinc and silver project and the Karlawinda gold project. During the year Westgold successfully completed the off market  takeover of Aragon Resources Limited (“Aragon”). Metals X Limited  participated in the takeover of Aragon by accepting Westgold’s  offer to acquire the Company’s 8.70% interest in Aragon for shares  in Westgold. The Company received 20,271,858 Westgold shares  as consideration for its 8.70% interest in Aragon. The Aragon share  sale resulted in a profit of $196,199 for Metals X. As a result of the  takeover Metals X percentage holding in Westgold was decreased  from 31.99% to approximately 24.5%. Metals X acquired an additional  10,457,150 Westgold shares subsequent to the takeover and  currently holds 25.02% of Wesgold’s issued capital. 4.0Mt @ 8.2% (Zn + Pb) using a 5.0% Zn + Pb lower cut-off 8.7Mt @ 5.7% (Zn + Pb) using a 2.5% Zn+Pb lower cut-off; or Westgold announced a maiden identified mineral resource estimate  for Explorer 108 in 2008 as follows: Explorer 108 is a large alteration system, mineralised throughout  with broad (100m+) intervals grading 2 to 5% Zn + Pb, but  importantly contains a number of high grade lenses up to 60m thick  containing grades over 7% Zn + Pb. The most significant of these  discovered to date occurs in the base of dolomite sequence directly  above the contact with the underlying acid volcanic sequence. 17  OPERATIONAL REVIEW