announcements, page-3

Looks like the tailings won't start until the 2-3Q 2011 now. Also looks like it is to expense of an exercise to give the shares and options of FRY In-specie to shareholders, time will tell. Looks like more waiting on this one.

"Icon is moving quickly to implement the following strategies:
 Icon will focus solely on tungsten production, based initially on its Mt Carbine tungsten
project.
 Icon's copper-zinc prospects in Queensland were successfully spun out to Fitzroy Resources
Ltd (Icon retains approximately 20%) which raised $5 million to be spent testing the Fitzroy
copper-zinc prospect (JORC inferred resource of 1.75 million tonnes at 1.7% Cu, 2.1% Zn,
8.5 g/t Ag) and the Glentanna zinc prospect.
 Icon's gold prospects are being spun out into a new company, Gossan Hill Gold Ltd, with
the intent of raising fresh capital in an IPO, to enable drilling and further exploration of
these exciting prospects. The Company is also negotiating with third parties to add
additional advanced gold projects to the IPO.
 Joint Venture partners are actively being sought for the remaining Icon prospects."


"The Company owns 7.5 million shares and 5 million options in Fitzroy Resources Ltd, which have been escrowed by the ASX for two years from 9 December 2010. As previously advised, the Icon Board is investigating whether, subject to obtaining the necessary regulatory approvals, the shares
and options in Fitzroy Resources Ltd that Icon received as vendor consideration would be distributed, In-Specie, to Icon shareholders. Initial work has confirmed that the required ASX, ATO and shareholder approvals will take many months and be expensive in terms of legal and tax
consultant fees. Further work on this process has been deferred until later in 2011."