ICN Icn Resources Ltd.

ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN), wishes to update
shareholders on the year's progress towards the Company's corporate objectives,
as well as discuss its exploration plans. ICN has completed a corporate
reorganization, with new officers and a new Vancouver office. A major private
placement of 14,000,233 common shares at a price of $0.30 per common share for a
gross proceeds of $4,200,070 was closed. This financing provides the required
capital for ICN to advance its existing projects as well as continue to evaluate
new, quality opportunities. The Company's Annual General and Special Meeting was
held on October 27, 2010 and a new 10% rolling stock option plan was adopted by
shareholders and approved by the TSX Venture Exchange.


Corporate Update:



--  In August of this year, ICN appointed George Brack and Raymond Threlkeld
    to its Advisory Board; both of these individuals bring a wealth of
    experience to the Company as it continues to grow under its current
    strategy. 
    
--  In addition to the above two new members of the ICN team, new senior
    management, including Denise Lok, CFO and Nancy Wolverson, V.P.
    Exploration and Acquisitions to augment the ICN group as we pursue our
    corporate objectives. 
    
--  With the completion of the recent financing, ICN is now poised for
    development of our existing portfolio, acquisition of new opportunities
    and significant growth ahead. 
    



Exploration Update:



--  A new exploration office has been established in Reno, Nevada, and is
    being staffed and equipped to advance our existing projects and
    implement near- and long-term exploration plans. Field programs have
    been designed and are being initiated now at both Rockland-Pine Grove,
    as well as Hog Ranch. 
    
--  At Rockland, initial work will focus on surface mapping and verification
    sampling of the East Zone target, which is located at lower elevation
    than Rockland Mine area. This initial program will explore untested
    surface rock and soil anomalies, as well as work to ascertain controls
    on mineralization such as that found in historic drill holes PG-13, with
    27.4 m at 1.38 g/t Au, and PG-32, with 86.9 meters of 1.08 g/t Au
    (Please refer to the news release dated July 19, 2010). 
    
--  At Hog Ranch, historic reports from the early 1980's have recently been
    sourced. This newly acquired data includes maps showing elevated gold in
    soil samples in areas that have seen only limited, past exploration
    work. A work program is underway that will focus on verification and
    possible expansion of these areas. Past geophysical data was also
    reviewed and compiled, and we plan to initiate a CSAMT survey (designed
    to identify buried silicified or resistive targets) in the area of
    encouraging lower grade intercepts achieved from the 2009 drill program,
    such as drill hole HR09-17, located to the northeast of the historic
    Geib pit, with 67.1 m of 0.61 g/t Au and drill holes HR09-12 and HR09-16
    (16.8 m @ 0.99 g/t Au and 16.8 m @ 0.92 g/t Au, respectively (Please
    refer to the news release dated March 9, 2010). 
    
--  Historic data was acquired for the North Dunes area, and this
    information, along with drill cuttings, has been shipped to ICN's Reno
    office for evaluation. This compilation effort, now on-going, will be
    the first step in designing a new exploration program for both these
    claim blocks, with the advantage that field work can be carried out here
    during the winter months. 
    



While exploration programs are being implemented on existing projects, the ICN
team continues to search for and evaluate additional opportunities, in
particular more advanced-stage properties. The ICN focus continues to be
volcanic-hosted precious metal deposits related to Miocene Rift systems in
western Nevada, emphasizing targets with geological similarities to Sleeper,
Sandman, and Hollister. The high grade potential of these Nevada Rift related
targets is exemplified by a recent News Release from Great Basin Gold, where
bonanza grades of both gold and silver were encountered at their Hollister Mine.
Fronteer Gold also recently released news from a fourth deposit area at the
Sandman project (in joint venture with Newmont), and following Paramount Gold's
acquisition of the Sleeper mine area from X-Cal Resources, they have initiated a
drill program, testing for expansion of high grade vein occurrences. In addition
to ICN's focus on high grade epithermal systems in Nevada, they also continue to
review other opportunities in established metallogenic environments.


About ICN Resources

ICN is primarily focused on exploration for volcanic-hosted precious metal
deposits in western Nevada, emphasizing targets with geological similarities to
Sleeper, Sandman, 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 is looking
for other opportunities in established metallogenic belts elsewhere in the
United States. The ICN management and geologic team have extensive experience in
Nevada and will utilize this experience to generate prime opportunities for ICN
shareholders.


On Behalf of the Board of Directors of ICN Resources Ltd.,

Carl Hering, President & CEO

Icn Resources Ltd. (TSXV:ICN)
Historical Stock Chart
From Sep 2024 to Oct 2024

Icn Resources Ltd. (TSXV:ICN)
Historical Stock Chart
From Oct 2023 to Oct 2024