Holding(s) in Company

Independent Resources plc (the 'Company')

Notification for the purposes of s.198 Companies Act 1985

Following recent purchases of shares and a subsequent transfer of shares
between funds, Matterhorn Investment Management LLP hereby gives you notice as
follows:

1. Non-beneficial funds under the discretionary management of Matterhorn
Investment Management LLP now hold an interest in 4,966,667 ordinary shares of
Independent Resources Plc.

The following interest is included in the number of shares shown below:

Fund Name and Address       No of Ordinary Shares

The Wildhorn Master fund    1,600,309

and

The Breithorn Master Fund   3,258,025

Both of

89 Nexus Way

Camana Bay

Grand Cayman KY1-9007

Cayman Islands

2. The registered holders of the total above mentioned shares are:

Registered Holder                            No of Ordinary Shares

Goldman Sachs Securities (Nominees) Limited  4,966,667

3. Neither Matterhorn 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.208(5) Companies Act 1985

Enquiries:

For further information please contact:

Independent Resources plc

Tim James 00 39 06 45 49 07 20