ICN Resources Ltd.: Exploration Update
May 13 2010 - 12:31PM
Marketwired
ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE: ICN), is
pleased to announce that the TSX has approved the Company's recent
transaction with Seabridge Gold Inc., converting a cash payment
into an 18 month convertible note, allowing the Company to acquire
a 100% interest in the Hog Ranch Property (the "Property") (see
ICN's news release of April 21, 2010).
The Company plans to complete work towards a 43-101 resource at
Hog Ranch during 2010. Given results of ICN's 2009 drill program on
the Property (see ICN's news release of March 9, 2010), in
particular drill hole HR09-17 which intercepted 67.1 m of 0.61 g/t
Au, an initial 43-101 resource needs to be completed in order to
fully evaluate the known mineralization on the Property. This drill
hole, located to the northeast of the historic Geib pit, is in an
area of other historical drill holes with good grade intercepts. In
addition, three other deposits, Airport, Cameco and White Mountain,
which were not previously mined, are known to exist at Hog Ranch.
ICN is working to acquire additional historical drill hole data
that is not currently in the database. It is preferable from the
Company's perspective to first make every attempt to locate the
substantial amount of missing data, otherwise re-drilling of
certain areas would be necessary. ICN was recently successful in
acquiring data on another 70 drill holes, along with additional
historical geophysical information that highlights several untested
targets on the Property. The Company is actively using its best
efforts to locate this information as a means to most efficiently
advance the project.
On other strategic fronts, the Company is completing evaluation
of numerous other opportunities, at both early exploration stages
and more advanced resource stages in order to expand ICN's project
portfolio. The overall strategy calls for a focus on acquisition of
early stage projects where application of improved geologic
targeting entices major companies to farm in, mitigating the
greater risk-reward profile of such opportunities to ICN. However,
other opportunities being pursued have the potential to provide a
"go it alone" approach to future success.
The Company is primarily focused in Nevada, but is initiating
evaluation of other potential projects in established mineral belts
elsewhere in the United States, and is considering implementation
of an evaluation and project acquisition approach in eastern
Canada. Corporately, the Company is continuing with its transition
in management, and is seeking to add an Advisory Board.
On Behalf of the Board of Directors of ICN Resources Ltd.
Carl Hering, President & CEO
ICN Resources Ltd.
The forward-looking information contained in this press release
is made as of the date of this press release and, except as
required by applicable law, ICN does not undertake any obligation
to update publicly or to revise any of the included forward-looking
information, whether as a result of new information, future events
or otherwise. By its very nature, such forward-looking information
requires Icon to make assumptions that may not materialize or that
may not be accurate. This forward-looking information is subject to
known and unknown risks and uncertainties and other factors, which
may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such
information.
Neither TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: ICN Resources Ltd. Tasso Baras 1-877-738-3882
www.icnresources.com
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