Icon Industries Limited

Icon Industries Limited

January 17, 2008 09:30 ET

Icon Expands Property Position in the Otish Basin After the Airborne Radiometric Survey Identifies Multiple, Intense Radiometric Anomalies on the Otish Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2007) - Icon Industries Limited ("ICON" or the "Company") (TSX VENTURE:ICN) is pleased to announce ongoing exploration and acquisition developments regarding its Otish uranium project area (the "property"), located in the Otish Mountains of Central Quebec. The summer field reconnaissance program, the purpose of which was described in an earlier press release (ICN PR Aug 13, 2007) proceeded as planned, and succeeded in locating the Lac Henri boulder field (the "boulder field"). The field program was further complemented with a high-resolution, 825 line kilometer airborne radiometric-magnetic survey, which was undertaken by Geo Data Solutions Inc. ("GDS"). Due to contractor availability, the survey was only completed in early October, preventing ground follow-up of the results.

In addition, 10 claims which are adjacent to Icon's property along its northwestern boundary, and formerly held by a third party, became available for re-staking by online bidding on December 8, 2007. The Company is pleased to report that it has entered into arrangements with the three successful staking applicants, to acquire those claims which will enhance Icon's current property holding. Furthermore, it is of interest to note that the source areas of some of the most intense radiometric anomalies identified by the GDS radiometric survey are located on several of the newly acquired claims reported here.

The GDS airborne radiometric-magnetic survey has confirmed the position and extent of the historical radiometric anomaly on the property which was identified in the 1970's by Uranerz Exploration and Mining ("Uranerz"). Furthermore, the anomaly has been found to be more intense and extensive than expected, and internally contains areas of higher radioactivity which correspond with structural targets (faults) suggested by the magnetic survey. The anomaly is large, extending northeast for more than 6 kilometers across the north and central parts of the property, with a width of 1.2 - 2 kilometers. Few anomalies of this size are present in the Otish area. It is a composite anomaly comprised of a series of north-northeast trending areas of more intense radiometric response that include a broad, intense 2 by 3 kilometer highly anomalous area which is contiguous with the Lac Henri Boulder field. The reader is referred to the relevant maps on the Company's Website under the URL http://www.iconindustriesltd.com/s/Projects.asp.

The historical Lac Henri boulder field, where 49 grab samples collected historically by Uranerz returned an average grade of 0.11% U3O8, stands out clearly on the GDS radiometric map, and is actually not the most radiometric portion of the anomaly, suggesting other areas of radioactive boulders might also be present. The magnetic survey clearly shows several east-west to east-northeast trending faults which offset the basement metamorphic rocks. Faults of this orientation are known in the region to host uranium deposits (e.g. Lac Beaver).

Several of the most intense portions of the radiometric anomaly appear to terminate up-ice (towards the northeastern portion of the property, up-flow of the direction of prehistoric glacial ice flow) at the same position as the fault strands, which suggests that the anomalies are sourced along the faults. The most significant of these faults is also the potential source of the radioactive boulder field, which, based on the shape and size of the constituent boulders, is probably locally sourced. The most intense southern portions of the radiometric anomaly and the Lac Henri Boulder field itself consistently terminate up-ice over a more than 2 km strike length along the fault, forming a high priority drilling target. Western portions of this highly prospective target lie on two of the newly acquired claims. Other faults to the north of this target also appear to be directly associated with other intense parts of the central and northeastern parts of the radioactive anomaly, and are therefore also considered highly prospective. One of these interpreted fault strands passes adjacent to Jeans' showing, a narrow uranophane-bearing vein that is exposed in outcrop. The northerly trending Barou fault, which was previously interpreted as an important target, was not clearly defined during the field reconnaissance program, or on the magnetic maps, and may not be as an important target as first thought.

Both the Lac Henri boulder field and Jean's showing clearly demonstrate that hydrothermal uranium mineralization is present in the area. The recent ground program on the property has confirmed the presence and hydrothermal nature of mineralization, in these showings which occur in the form of hematitic breccias, uraniferous veinlets and quartz veins, both within the boulders, and also in outcrop for the case at Jean's showing. The importance of such an observation is that many areas which show elevated radioactivity levels in the Otish region are not related to hydrothermal mineralization, but are associated instead to pegmatites (granitic dykes) which are not considered as prospective for an economic uranium deposit. Further evidence in support of a potential hydrothermal source of the large radiometric anomaly on the Otish property, and not a pegmatite or granite source, is its overall high uranium to thorium ratio, whereas pegmatites or granites typically have a higher thorium to uranium content.

Overall, the results of the survey are very positive. The high resolution nature of both the magnetic and radiometric data, and the subsequent recognition of discrete faults associated with anomalous radiometric signatures, provides ideal, discrete drill targets to follow up for high grade fault and vein hosted uranium mineralization, such as is present on Strateco Resource's nearby Matoush property. An initial diamond drill program comprising approximately 12-15 drill holes and 2500-3000 m is proposed, and will be implemented as a Helicopter supported program when access conditions to the area are more favorable later in the season.

David Rhys (P. Geo.), a director of Icon Industries Limited, is the qualified person responsible for this release.

On behalf of the Board of Directors of Icon Industries Limited.

T. Barry Coughlan,


Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review Icon's filings on SEDAR at www.sedar.com

Maps are available at the following address : http://www.ccnmatthews.com/docs/icn117maps.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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