Ann: 42.61% ZINC IN NEW CHANNEL SAMPLES AT CERRO RAYAS, page-40

Hi fellow ICG shareholders. Just a few comments on today's' ASX release. Excellent grades, as expected when you remember the photos they had in the last release from the current sampling batch, but pleasing none the less. Also encouraging to see that the majority of channel samples were of a good to high grade and this is an improvement on the last lot which had some patchy results in between the high grades. Another interesting observation is that there are very good grades of silver in a lot of these results, unlike the last announcement.

There is a clear relationship between silver and lead and where lead grades are very high, the silver grades are correspondingly high. An observation that I found interesting is that generally lead grades are good where they report high zinc grades but there are a number of examples where there are good lead-silver grades but zinc grades are low (see Table 2 data). It will be interesting to see the reason for this. I don't know if there is some paragenetic reason for this or whether it may be a reflection of the zinc being weathered/washed" away. It will be interesting to hear from the company on their take on these matters.

Figure 6 demonstrates that the veining looks to be complex and that there is a lot of faulting and post mineralisation movement. In addition, the size of the "mineralised trend" (as shown in Figure 7) is encouraging as that represents a significant area of interest. Again, it looks as though the mineralisation is largely in narrow (less than 1 m) veins - at least that which has been reported thus far - and so we are going to need a lot of veining and stockworks through out the mineralised trend for there to be a decent resource.

However, given that they report multiple brecciated zones, some up to 20 m wide and 110 m long withing the 1.2 km "mineralised trend" suggests that there is the opportunity for multiple veining occurrences. The fact that ICG believe that this trend is situated on a regional fault is a positive as clearly the mineralisation is structurally controlled and the brecciation in the mineralised veins, plus the fact that the clasts within the mineralised material is limestone/calcite ( essentially the country rock), is proof of this.

It is noted that limestone, whilst a relatively soft rock can be quite brittle and with repeated faulting and deformation is readily "crackled" and therefore provides opportunities for hydrothermal fluids to permeate and to deposit the Pb, Ag, Zn mineralisation. So, if the mineralised trend has multiple breccia zones as suggested, it augers well and the field mapping will clearly be given priority to get a better understanding of the overall dimensions and nature of this trend area and the extent to which multiple veining is apparent. I would love to see some close up satellite photos of this "mineralised trend" as shown in Figure 7 as it may give some insight into just how extensive the veining and structural features are. I would assume that ICG have this imagery and it would be great if they included it in a future ASX release, as it is amazing just how much geology you can determine from satellite imagery.

So, in summary, a very nice ASX release but clearly not enough to really get the share price moving up (although I suspect the day trades might also be causing that) but another positive tick that continues to add to the story. It is becoming increasingly clear to me that we are probably not going to get a paradigm shift in the share price but it will most likely be a steady flow of positive results that continue to grow the potential of the projects and will, over a longer period, lead to a re-rating of the company's value and worth. So patience and faith remain the keys and in light of the continuous flow of essentially positive news, I still have both!!