Icon Energy Ltd V.ICN

RE: From SI

[oiltar]

From: james flannigan	5/20/2011 8:19:22 AM
	of 3
In the past week ICN reported stunning holes from it first 4 holes from its GF Bonanza project.The grade in hole number 3 was as I have stated off the charts.There can be little doubt that ICN could be an off the chart stock story as well in 2011.The market cap is small when pitted against the massive rich drill intercept of hole number 3. This deposit has a strike of 5000 ft and if it proves to contain high grade gold the likes of the first 4 holes,then we are talking a rich open pit mine in the making in the multi million oz range. The ounces would add up ten times as fast as a typical ore discovery if those kind of grades keep being reported.We would also see exploration dollars spent deliver in ground values that mining company managements can only dream about.In other words for every dollar invested by the company it could produce $ thousands of dollars of in ground value again ten times the average run of the mill discovery. This point bodes well for current share holders simply because the nature of the high grade results mean small financings deliver massive NAV returns and in doing so require a lot less capital need to deliver millions of ounces of gold inventory. The early results suggest this is no one hit wonder but could be some thing like a Ventana in the making.Even VEN did not report any thing like ICN number 3. This could be a one hit wonder or the gold find of 2011. The next few holes will give us a clear picture.But I must say I think this company is very exciting at such an early stage. What is clear with a market cap of only $32 million and a few more of those kind of holes in the next few weeks a $300 million market cap could happen in very short order.There is alway risk at such an early stage,but the rewards are the best I have seen in a long time if we get more high grade holes in the next few weeks. James