ECHO.L Regulatory News (ECHO)

16 April 2010 



Independent Resources plc

(the 'Company')

Notification of substantial shareholding

The Company received notification on 14th April 2010 from Matterhorn Investment Management LLP that, although non-beneficial funds under the discretionary management of Matterhorn Investment Management LLP continue to hold an interest in 4,416,667 ordinary shares of Independent Resources Plc, as a result of a recent transfer between funds, Matterhorn Investment Management LLP gives notice as follows:

1. The following interests are included in the number of shares shown above:

Fund Name and Address No of Ordinary Shares

The Wildhorn Master Fund 1,626,892

and

The Breithorn Master Fund 2,789,775

both of

89 Nexus Way

Camana Bay

Grand Cayman KY1-9007

Cayman Islands

2. The Palmyra Master Fund no longer holds a notifiable interest in Independent Resources Plc.

3. The registered holder of the total above mentioned shares is:

Registered Holder No of Ordinary Shares

Goldman Sachs Securities (Nominees) Limited 4,416,667

4. Neither Matterhorn Investment Investment Management LLP, The Wildhorn Master Fund nor The Breithorn Master Fund are interested in any of the above shares by virtue of such an interest as is mentioned in s.298(5) Companies Act 1985.

Enquiries:

Tim James, Financial Director,

Independent Resources plc 00 39 06 45 49 07 20