Indo Mines Limited is raising additional working capital to progress the company"s Yogyakarta Ironsands Project by a share placement of 10 million shares at $0.17 per share to raise $1.7 million.

For every 10 shares subscribed, nine options will be granted for no further consideration. The options are exercisable at $0.20 on or 30 June 2010.

The placement has been arranged by Argonaut Securities Pty Ltd with the largest participant being Arredo Pty Ltd, a company associated with Ian Middlemas. The placement will increase the company's shares on issue to 60.5 million shares.

Ian Middlemas took up the role of deputy chairman and Mathew Rimes as an executive director of Indo Mines on Friday. Mark Pearce will replace Rowan Caren as company secretary.

Zlad Sas and Mark Stewart have resigned from the board.

The new Management will focus on the ongoing development of the Yogyakarta Project in Indonesia as well as creating value from the Company's other assets.