ASX AnnouncementMt Carbine Resource ClarificationIn response to...

ASX Announcement
Mt Carbine Resource Clarification
In response to an enquiry by the ASX regarding the status of the Mt Carbine resources described
on page 14 of the Prospectus lodged by Icon on 2 June 2008, Icon makes the following statement:-
Considerable work was carried out before the Mt Carbine mine shut down in 1987 to estimate
resources that formed a basis for ongoing tungsten production. This included sampling and
surveying of the No. 4 tailings dam and review of the resources that formed the basis for the
underground mine plan. Taking data from the 1985-1987 reports to the Joint Venture Management
Committee, Dr A.H. White reports the following JORC compliant inferred resources:

1.6 million tonnes in tailings dam No 4 with an estimated grade of 0.11% WO3, including an
estimate that the tailings dam contained 400,000 tonnes of minus 75 micron material with an
estimated grade of 0.3% WO3.

1,050,000 tonnes in the open pit with a recovered grade estimated to be 0.1% WO3.

9.6 million tonnes beneath the open pit at an estimated grade of 0.2% WO3,
Significant exploration potential exists north of the present open pit based on scheelite
mineralisation in the pit wall and extensive old workings on Carbine Hill. There are also tailings
dams No 2 and 3, which are expected to have WO3 grades comparable to or better than No 4 dam,
but whose volumes have to be verified.

How do those grades compare?