Icon Energy Ltd V.ICN

NR

[hvar]

ICNAnnounces Acquisition of Additional Nevada Project and Finalizes Hog RanchOption and Joint Venture Agreement1 hour agobyMarketwire
ICN Resources Ltd. ("ICN" or the "Company")(TSX VENTURE: ICN), is pleased to announce that it has signed a LetterAgreement with two arm's lengthparties (the "Vendors") to acquire anew exploration project (the "AWA Project"). The AWA Project lies to theeast of the Sleeper Mine, ,and will further complement ICN's three other land holdings in the generalSleeper Mine area. It is located along the western segment of the NorthernNevada Rift, a widely recognized focus of Miocene epithermal precious metalmineralization. Further exploration focus by ICN in the general vicinity of theSleeper Mine and the Sandman deposit has led to the identification andacquisition of several new projects.
New Project
The AWA Project consists of two separate claim blocks. Sevenclaims lie to the north of Sleeper in the northwestern portion of the AwakeningHills, and the other block of claims (20 in total) lies to the east of theSleeper Mine, along the eastern margin of the Awakening Hills. The later blockof 20 claims is of principle interest to ICN. These claims cover an area of lowto high grade gold mineralization within pre-Tertiary sedimentary rocks, butalso offer untested, concealed, "Sleeper-type" potential withinyounger Tertiary volcanic rocks occurring north of the known mineralized zone.To acquire a 100% interest in the two claim blocks over a six (6) year optionperiod, ICN, at its sole option, would pay the Vendors a total of US$1,000,000in cash ($825,000 being the final payment on or before the sixth (6th) yearanniversary) and complete a minimum of US$575,000 in work commitments ($500,000in years four (4) through six (6)). The initial payment of US$5,000 has beenmade, and a second payment of US$5,000 is due by September 1, 2011. The AWA Projectis subject to a 3% net smelter royalty, and if ICN exercises the option andacquires the AWA Project, it can purchase 1% of the net smelter royalty forUS$1,000,000 at any time prior to completion of the first year of production.The option agreement for the AWA Project is subject to the approval of the TSXVenture Exchange.
ICN will evaluate both of these newly acquired claim blocks bygeologic mapping, geochemical sampling and compilation of existing data todefine drill targets and develop new target concepts. Following completion ofinitial detailed evaluation, a decision will be made regarding the optimal wayto further advance each of the separate claim blocks. ICN is in the process ofstaking additional claims in the area, and more detailed information will bereleased following the completion of land acquisition.
Hog Ranch Agreement
As announced on March 29, 2011, ICN entered into a Letter ofIntent with Pacific Rim Mining Corp. ("")for the Option and Joint Venture of ICN's Hog Ranch property. The due diligenceperiod has passed and a definitive agreement was executed on June 13, 2011,subject to receipt of approvals from the applicable stock exchanges (the"Effective Date"). willbe operator during their earn-in period, and they plan an aggressiveexploration program for the remainder of 2011. As per the Definitive Agreement,Pacific Rim has been granted the option to acquire a 65% interest (the"Interest") in the Hog Ranch Property through the expenditure of anaggregate of US$8 million in exploration work and the issuance of an aggregateof 1 million common shares of Pacific Rim, according to the following schedule.
Exploration expenditures:
1. US$500,000 on or before the first anniversary of the Effective Date; 2. an additional US$1,000,000 on or before the second anniversary of the Effective Date; 3. an additional US$1,500,000 on or before the third anniversary of the Effective Date; 4. a further US$2,000,000 on or before the fourth anniversary of the Effective Date; and 5. a final US$3,000,000 on or before the fifth anniversary of the Effective Date;
Share payments of up to 1.0 million shares:
1. 200,000 common shares of within five business days of receipt of approval; 2. 200,000 common shares of on or before each of the second, third, fourth and fifth anniversaries of the Effective Date.
Tim Percival, P.Geo., a Qualified Person as defined by NationalInstrument 43-101, and a consultant to the Company, conducted the checksampling work at the AWA project and has reviewed and verified the technicalinformation contained in this news release.
About ICN Resoues
ICN is primarily focused on exploration for volcanic-hostedprecious metal deposits in western ,emphasizing targets with geological similarities to Sleeper, Sandman,Hollister, Midas and .ICN plans to explore the feeder zones associated with large low-grade gold andsilver systems, as well as explore for high grade deposits at the new GoldfieldBonanza Project located in western .ICN continues to evaluate opportunities in established metallogenic beltselsewhere in the . The ICN management and geologicalteam have extensive experience in and worldwide, utilizing this experience to generate prime opportunities forICN shareholders.
On Behalf of the Board of Directors of ICN Resources Ltd.,
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
The forward-looking information contained in this press release ismade as of the date of this press release and, except as required by applicablelaw, ICN does not undertake any obligation to update publicly or to revise anyof the included forward-looking information, whether as a result of newinformation, future events or otherwise, except as may be required by law. Byits very nature, such forward-looking information requires ICN to make assumptionsthat may not materialize or that may not be accurate. This forward-lookinginformation is subject to known and unknown risks and uncertainties and otherfactors, which may cause actual results, levels of activity and achievements todiffer materially from those expressed or implied by such information.
Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in policies of the TSX Venture Exchange) acceptsresponsibility 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
SOURCE: ICN Resources Ltd.
https://www.icnresources.com