ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

August 31, 2010 08:30 ET

ICN Acquires Nevada Property, Located South of the Sleeper Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2010) - 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.

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