Please find below latest Email update from Icon.Key Points.Mt...

Please find below latest Email update from Icon.

Key Points.
Mt Carbine Tungsten Tailings due to start Production BUY EARLY 2011.
A state of the art X-ray ore-sorter is due on site within the next few days
Tungsten Tailing offtake agreement close
Mt Carbine JORC update.


We promised a productive start to the new financial year in our last email update, and it has indeed been that. Welcome to our third company information update.


A recap of current activity at Mt Carbine tungsten project, far north Queensland



Bulk metallurgical testing of the tailings is now underway to confirm the optimal flowsheet to produce a mixed concentrate. Production is scheduled to start by early 2011.
An increased and upgraded geological model to provide a JORC-code Compliant Inferred Resource of the hard-rock mineralisation in the vicinity of the existing open cut: due late this month.
A state of the art X-ray ore-sorter is due on site within the next few days. This will be used to test bulk samples of Mt Carbine's extensive waste dumps. It is anticipated that the results (due October-November) will demonstrate that these can be profitably re-treated. Given positive results, processing of the dumps is scheduled to start in early 2012.
The geological resource will be used to update the mining and financial models used in the Scoping Study, to provide a revised and improved profitability forecast for the hard-rock mining which is scheduled to start in early 2013.
Expressions of interest have been received for purchase of the tailings concentrates and we are now in discussions with interested parties.

Results at Peel Fault


We recently completed drilling at our NSW gold project, Peel Fault, which intersected broad zones of intense alteration with some very encouraging gold values (advised in the June quarterly). This confirms our previous statements about the prospectivity of the Peel Fault, and we look forward to leveraging the value for shareholders for this and other projects, as advised in our 2010 Annual Report.


Fitzroy IPO announced


The first step to achieving a near-term return for shareholders is the vending of Icon?s Fitzroy and Glentanna copper/zinc projects in Queensland into a new company, Fitzroy Resources Ltd. Both tenements are considered prospective for extensions to the known mineralisation and for concealed systems that may form part of a volcanic hosted massive sulphide (VHMS) cluster.


The Managing Director of the new company will be Mr Will Dix, a geologist with 15 years experience in gold, nickel and base metal exploration, mining and project evaluation.


As reported to the ASX September 1st, Icon's Board anticipates that this move will enable Icon shareholders to benefit from a better market valuation of the Company's promising VHMS prospects, and allow a more efficient development of its Mt Carbine tungsten project.


It is anticipated that the new company, Fitzroy Resources Ltd, will be listed on the ASX with an IPO planned for late 2010. Icon shareholders will be offered a priority entitlement to a proportion of the share issue and Icon will own approximately 20% of the company upon listing.


Summary


All of the above activities and results are very positive developments for Icon. The change from ?explorer? to ?producer? is a most exciting phase for the Company, and one we suspect will place us more squarely on the market's radar.


Please see the ASX releases that detail the above on our website at www.iconresources.com.au/investors, where you will find the most recent presentations, latest ASX announcements, current share price, and more.


Melbourne presentation/opportunity to meet


If you are in Melbourne on Wednesday the 8th of September, you are invited to attend the AMEC - Proactive Investors ?one2one Investor Briefing Forum? at the Novotel, 270 Collins St, where I will be presenting. The event starts at 5.15pm and will conclude at around 7.30pm. Admission is free, but you will need to register with Proactive Investors. To learn more or register, go to: http://www.proactiveinvestors.com.au/register/event_details/19


Icon Annual General Meeting


I hope to see you at the Icon Resources AGM at Port Douglas September 16th, 2010. We will be doing a ?not-to-be-missed? tour of Mt Carbine on Friday the 17th of September. If you haven?t yet registered your attendance, please do so at your earliest convenience by emailing Dawn Hendrick in Icon?s Hobart office: [email protected], or phone (03) 6231 3948.


If you would like to update the contact details we have for you on file or have any general questions please email [email protected]. If you would like to contact me directly, please use [email protected].

Sincerely,

Dr John Bishop
Managing Director
Icon Resources (ASX: III)
Suite 505, 35 Lime Street
Sydney NSW 2000
Australia
Tel:+61 (0)2 9279 1252



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