IER Signs Iluka JV

Date: 29 October 2010

Ignite Energy Resources Limited is pleased to announce the formation of a farm-in joint venture ('JV') agreement with Iluka Resources Limited (ASX: ILU) for the mineral sands rights within EL 4416, IER's explortion licence in the Gippsland Basin of Victoria

Under the terms of the agreement Iluka will acquire a 75% interest in the joint venture (which hold the rights to mineral sands within EL 4416) upon Iluka incurring expenditure of A$1,000,000. Iluka is currently planning an exploration program, which is expected to commence shortly.