Mt Carbine Tungsten Project Moving ForwardThe Board of Directors...

Mt Carbine Tungsten Project Moving Forward
The Board of Directors of Icon is pleased to announce the following developments with its Mt Carbine tungsten project.
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Icon has now signed a formal binding contract with Mt Carbine Quarries Pty Ltd for Icon’s sub-leasing arrangement to mine (‘Mining Sublease Agreement’). The allocation of 3.5 million Icon shares to the vendor will occur over the next few days.
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Assays of random samples from Mt Carbine tailings have confirmed the historical overall grade of ~0.1% tungsten oxide (WO3). At current tungsten prices, the tailings have an insitu value of $30M-$40M and Icon expects to process the tailings over a 12 to 18 month period prior to restarting the current open pit mine.
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Comprehensive tests are underway to determine the optimum treatment process for the tailings. Tableland Analytical Pty Ltd has been retained to conduct a series of trial processes at its own metallurgical facility and to oversee additional tests to be carried out in other laboratories. It is envisaged that the final process chosen will form the basis of the ‘fines’ plant when the hard rock mining operation commences