mt carbine-plan and plant

Icon Resources’ Board of Directors is pleased to announce that it has negotiated an agreement to
purchase Metal X Limited’s (ASX Code: MLX) Collingwood Tin Project which will provide a
suitable plant for re-development of the Company’s Mt Carbine Tungsten Project.
The Terms of the deal are:
1. An upfront payment of $250,000.
2. Icon issues a 3 year term Convertible Note to Metals X for a sum of $3.75M at a coupon
rate of 7.5%. Conversion of the note can take place any time after 12 months has elapsed
by giving one month’s notice. Conversion can be at the higher of 5 cents per share or the
volume weighted average price (VWAP) of Icon’s shares in the 3 months prior to
conversion.
3. Metals X agrees to make a loan of $896,200 to Icon at a rate of 7.5% for a term of
13 months to enable Icon time to repay/cover environmental performance bonds on BNPL
mining assets. Metals X has the election on maturity to elect to have the debt settled by
equity in Icon at the higher of 5 cents per share or 80% of VWAP in the month the loan
falls due.
4. Metals X will hold a first-ranking, fixed and floating charge over Icon’s assets, but will
not object to any second-ranking charges.
5. Metals X will take a placement of 5 million shares at 5 cents per share in Icon.
6. That the conditions precedent be achieved before 29 May 2009.
The Conditions Precedent include the following:
1. Icon completing an additional minimum raising of $500,000.
2. Shareholder approvals required for the Convertible Note, loan and capital raising.
3. Satisfactory completion of due diligence.
4. Metals X will hold a first-ranking, fixed and floating charge over Icon’s assets, but will
not object to any second-ranking charges.
5. Metals X will take a placement of 5 million shares at 5 cents per share in Icon.
6. That the conditions precedent be achieved before 29 May 2009.
Icon is in discussion with a number of parties to out-source re-treatment of the Mt
Carbine tailings. Collingwood has a similar resource and there is a high likelihood
that the Collingwood tailings will expand and significantly enhance this project.
The benefits of the deal are:
• Icon continues to fast track the development of the Mt Carbine Project with access to
the second hand Collingwood plant thereby saving considerable time and expenditure