cash generation

Director Dr John Bishop commented that “Icon is moving forward on a number
of fronts. With initial positive recoveries and higher than expected zinc grades in the most
recent sampling, Grieves could shape up to be an early cash generator. Meanwhile any
brownfields exploration success at Foresthome will improve the development viability of
the existing larger than expected resource and NSW gold exploration continues in highly
prospective terranes. Icon will also review some development projects in Africa but will
consider appropriate corporate structures and funding to deliver value to Icon
shareholders without exposure to undue risk.”

Validation tests are currently being carried out to confirm high (90%) zinc recoveries on
the Grieves zinc-in-peat project achieved in late 2007. Zinc assays from the 2007 bulk
sample program have yielded values up to 28% zinc and compare favourably with the
initial resource with an average grade of 5% zinc. A decision to proceed with a pilot plant
is expected in the current quarter and partial Government funding though a Commercial Ready grant is being sought.

This project plus the Mt Carbine acquisition make for the long term future of icon
Worth a look