ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

October 21, 2010 17:16 ET

ICN Resources Ltd. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to announce that further to the Company's news release on September 20, 2010, the Company has now closed a 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 (the "Offering").

The Company paid finders' fees of $225,913 and 753,044 finders' warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.33 for a period of two years from the closing of the private placement. The cash and warrants represent 6% of the total value of the common shares purchased by investors introduced to the Company by the finders.

The securities issued under the Offering are subject to a hold period expiring on February 22, 2011. The proceeds will be used for exploration of the Company's Nevada gold projects and for general working capital purposes.

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 Peñon 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.

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 its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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