ICN Resources Ltd.

ICN Resources Ltd.

September 29, 2011 16:53 ET

ICN Resources Resumes Drilling at Goldfield Project; Closes Dunes Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2011) - ICN Resources Ltd. (TSX VENTURE:ICN) ("ICN" or the "Company") is pleased to announce the initiation of a Phase II drill program at the Goldfield Bonanza Project. The Goldfield project, under option from Lode Star Gold, Inc. ("Lode Star"), a private Nevada corporation, is located in the historic Goldfield mining district of Nevada. The Goldfield district is well known for multi-ounce, bonanza grade gold ores and has recorded historic production in excess of 4.1 million ounces of gold at an average grade of >17 g/t Au (0.5 oz/t). The first 10 years of reported production in the district (1903 to 1912) produced 2.98 M oz Au from a total of 1.65 Mt of ore (average grade of 1.81 oz/t or 62 g/t Au), Nevada Bureau of Mines and Geology Bulletin 78 (1972). For further information on the option to acquire an 80% interest in the Goldfield Bonanza Project form Lode Star see the Company's news releases dated March 29, 2011 and April 13, 2011.

Two drill rigs have been mobilized to site to initiate a 20,000 foot (6,000 metre) Phase II drill program. Both a core rig and a reverse circulation (RC) drill will be utilized to follow-up on previous high grade results and to continue initial testing of both geophysical and exploration targets. The core rig is expected to complete approximately 5,000 feet (1,500 metres) in 15 holes, primarily as step out drilling in the high grade Church Zone. Previous drilling in this area encountered 2.9 m of 1,454 g/t Au followed by 42.7 m of 4.18 g/t Au in drill hole ICN-003 (see ICN news release dated May 17, 2011). In addition, holes ICN-013 and ICN-014 reported 14.9 m of 164.5 g/t Au (including 1.4 m @ 1,764 g/t); and 12.0 m of 222.6 g/t Au (including 2.9 m @ 918 g/t), respectively (see ICN news release dated August 15, 2011). The core program is designed to step out and expand the mineralization discovered in the Church Zone. Historic production in the district came from individual quartz-alunite ledges, each averaging around 100,000 tons, but containing from 100,000 to 500,000 oz Au. This fact demonstrates the fact that well mineralized ledges are small targets, in particular when under cover, and will require close spaced drilling.

The RC drilling program is designed to complete 50 holes for a total of approximately 15,000 feet (4,600 m). This drilling will focus primarily on further testing of geophysical and exploration targets, as well as to follow-up in other areas of the property where lower grade mineralization was encountered in the Phase I program. Following the receipt of assay results from ICN's initial drilling, the assay data was incorporated into the geophysical database, and the CSAMT (Controlled Source Audio Magnetotellurics) was re-interpreted. Two significant results from this work have assisted in refining drill hole targeting based on the property wide CSAMT survey. First, it was determined that a distinct correlation exists between good gold grades in the drill holes and the edges of resistivity highs, as outlined by the CSAMT. Since gold mineralization at the property is associated with quartz-alunite-dickite-kaolinite alteration (silica and clay), the prime CSAMT targets appear to be along the edges of the resistivity highs, not the center of the highs (silica only), as previously thought. Secondly, it is the fact that the very high grade mineralization discovered in the Church Zone directly under younger, post-mineral rock is reflected in the CSAMT data. The high grade silicified rock discovered in the Church Zone forms a topographic high (or knob) under the post-mineral cover. The CSAMT maps the base of the cover rock, and the silicified knob containing the high grade is evident in the geophysical data. Numerous other similar appearing CSAMT anomalies are found elsewhere on the property and are prime targets for the RC drilling. Results from this target testing may or may not be the same as was found in the Church Zone, but the fact that at least a half dozen other similar geophysical anomalies exist elsewhere is encouraging.

Carl Hering, President and CEO of ICN Resources stated that, "We have abundant new targets to test and are anxious to get the drills turning with the hopes of discovering yet other high grade zones that have remained undiscovered because they lie under the younger cover."

In addition to the initiation of the Phase II drill program at Goldfield, ICN has closed the transaction for the sale of their Dunes claims to Paramount Gold and Silver (announced in ICN news release dated August 24, 2011). ICN has received 400,000 Paramount shares (subject to a statutory hold period), along with a retained royalties payment for the claims which lie between the Sandman and Sleeper deposits. This transaction allows the Company flexibility in budgeting for work programs on other projects and will generate further funds for the Company upon the sale of the Paramount shares described above.

Tim Percival, CPG and a P.Geo., a Qualified Person as defined by National Instrument 43-101 and Chief Geologist for the Company, has reviewed and approved the technical information contained in this news release.

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. ICN plans to explore the feeder zones associated with large low-grade gold and silver systems, as well as explore for high grade deposits at the new Goldfield Bonanza Project located in western Nevada. ICN continues to evaluate opportunities in established metallogenic belts elsewhere in the United States. The ICN management and geological team have extensive experience in Nevada and worldwide, utilizing 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.

Contact Information