Release: AKD Limited: Prospectus closes over subscribed

February 14, 2006 ? AKD Limited is pleased to advise that its prospectus to raise $2.2m by the issue of 14,700,000 shares at 15 cents has closed over subscribed.

AKD will shortly be re-named ?Indo Mines Limited? (new code ?IDO?) and will now focus its efforts on developing the Yogyakarta Ironsands ? Pig Iron project located on the island of Java in Indonesia. Subject to feasibility, the ironsands deposit at Yogyakarta will be used as the basis for the establishment of a liquid iron (?pig iron?) making facility in the Yogyakarta Region to provide feedstock for major regional steel producers.

The Company will now commence preparations for an aircore drilling program using consulting geologists Mackay & Schnellmann to bring the large Yogyakarta ironsands deposit to JORC status. Simultaneously with the drilling program, Outokumpu Technology will commence a comprehensive technical review of the Yogyakarta Project modeled on the successful New Zealand Steel ironsands ? pig iron operations at Glenbrook.

The Outokumpu review of the Yogyakarta Ironsands Project, together with the drilling program, will form the basis of a bankable feasibility study which AKD intends to commence in the second quarter of 2006.

The Board of AKD looks forward to an exciting future for the new ?Indo Mines Limited?. (end of release)