ICN Acquires Nevada Property, Located South of the Sleeper Mine
August 31 2010 - 8:30AM
Marketwired
ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE: ICN) is
pleased to announce the 100% acquisition of 358 unpatented lode
mining claims. The claims cover approximately 3000 hectares (7400
acres) and lie along the west flank of the Slumbering Hills in
Humboldt County, Nevada. These claims are located between the
well-known Sleeper Mine (Paramount Gold & Silver Corp.) and the
newly discovered mineralization at the Sandman Project (Fronteer
Gold - Newmont Mining JV). The Property is immediately north and
west of Sandman, and adjoins ICN's recently staked Dunes Project.
"We recognize that the Property is an area of significant
opportunity given the location between two high grade deposits,
Sleeper and Sandman. The Sleeper deposit is recognized as a high
grade gold deposit, producing over 1.5 million oz Au from ore
occasionally grading over 1%. The Sandman deposits, located
approximately 16 miles south of Sleeper are currently being
explored by Newmont Mining under joint venture from Fronteer Gold.
In June, Fronteer news released results of Newmont drill hole
NSM-164 which contained 80.58 g/t gold (2.35 oz/ton) and 1,137.55
g/t silver (33.18 oz/ton) over 2.93 metres. In addition, NSM-137
intercepted 98.24 g/t gold (2.87 oz/ton) over 2.65 metres,"
comments Carl Hering, President and CEO of ICN.
Purchase and Sale Agreement
ICN Resources has entered into a purchase and sale agreement for
the Property from an arms length public company. The terms of the
agreement call for a payment of US$50,120 (paid), with a final
payment of approximately $35,000 within 60 days following receipt
of all the past exploration data on the property. The vendor
expended in excess of $ 1.8 million dollars exploring the property
during 2007 and 2008, and they will retain a 2% net smelter
royalty. A finder's fee of 200,000 ICN shares will be paid upon
closing of this transaction.
About ICN Resources
ICN is primarily focused on exploration for volcanic-hosted
precious metal deposits in Nevada, emphasizing targets with
geological similarities to Sleeper, Hollister, Midas and Aurora in
Nevada and El Penon in Chile. ICN plans to explore for the
high-grade feeder zones associated with large low-grade gold and
silver systems, primarily in western Nevada, but are looking for
similar opportunities in established mineral belts elsewhere in the
United States. The ICN management and geologic team have extensive
experience in Nevada and will use it to generate prime
opportunities.
Nancy J. Wolverson, CPG, a Qualified Person as defined by
National Instrument 43-101, has reviewed the technical contents of
this news release.
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 ICN 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 or
604-738-3882 www.icnresources.com
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