ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

September 20, 2010 15:25 ET

ICN Resources Ltd. Announces Private Placement of up to $4,200,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2010) -

THIS NEWS RELEASE IS NOT FOR DISIMINATION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE U.S.

ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to announce a non-brokered private placement of up to 14,000,000 common shares at a price of $0.30 per common share, for gross proceeds of up to $4,200,000 (the "Offering").

The common shares will be made available by way of private placement exemptions in Canada and may be offered in other jurisdictions where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. The Company may pay a finder's fee on the Offering in cash, warrants, or a combination thereof, within the maximum amount permitted by the policies of the TSX Venture Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.

Assuming completion of the Offering, the net 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, 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 similar opportunities in established mineral 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

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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