ICN Resources Ltd.
TSX VENTURE : ICN

ICN Resources Ltd.

November 24, 2010 11:53 ET

ICN Updates on Corporate and Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2010) - ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN), wishes to update shareholders on the year's progress towards the Company's corporate objectives, as well as discuss its exploration plans. ICN has completed a corporate reorganization, with new officers and a new Vancouver office. A major 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 was closed. This financing provides the required capital for ICN to advance its existing projects as well as continue to evaluate new, quality opportunities. The Company's Annual General and Special Meeting was held on October 27, 2010 and a new 10% rolling stock option plan was adopted by shareholders and approved by the TSX Venture Exchange.

Corporate Update:

  • In August of this year, ICN appointed George Brack and Raymond Threlkeld to its Advisory Board; both of these individuals bring a wealth of experience to the Company as it continues to grow under its current strategy.

  • In addition to the above two new members of the ICN team, new senior management, including Denise Lok, CFO and Nancy Wolverson, V.P. Exploration and Acquisitions to augment the ICN group as we pursue our corporate objectives.

  • With the completion of the recent financing, ICN is now poised for development of our existing portfolio, acquisition of new opportunities and significant growth ahead.

Exploration Update:

  • A new exploration office has been established in Reno, Nevada, and is being staffed and equipped to advance our existing projects and implement near- and long-term exploration plans. Field programs have been designed and are being initiated now at both Rockland-Pine Grove, as well as Hog Ranch.

  • At Rockland, initial work will focus on surface mapping and verification sampling of the East Zone target, which is located at lower elevation than Rockland Mine area. This initial program will explore untested surface rock and soil anomalies, as well as work to ascertain controls on mineralization such as that found in historic drill holes PG-13, with 27.4 m at 1.38 g/t Au, and PG-32, with 86.9 meters of 1.08 g/t Au (Please refer to the news release dated July 19, 2010).

  • At Hog Ranch, historic reports from the early 1980's have recently been sourced. This newly acquired data includes maps showing elevated gold in soil samples in areas that have seen only limited, past exploration work. A work program is underway that will focus on verification and possible expansion of these areas. Past geophysical data was also reviewed and compiled, and we plan to initiate a CSAMT survey (designed to identify buried silicified or resistive targets) in the area of encouraging lower grade intercepts achieved from the 2009 drill program, such as drill hole HR09-17, located to the northeast of the historic Geib pit, with 67.1 m of 0.61 g/t Au and drill holes HR09-12 and HR09-16 (16.8 m @ 0.99 g/t Au and 16.8 m @ 0.92 g/t Au, respectively (Please refer to the news release dated March 9, 2010).

  • Historic data was acquired for the North Dunes area, and this information, along with drill cuttings, has been shipped to ICN's Reno office for evaluation. This compilation effort, now on-going, will be the first step in designing a new exploration program for both these claim blocks, with the advantage that field work can be carried out here during the winter months.

While exploration programs are being implemented on existing projects, the ICN team continues to search for and evaluate additional opportunities, in particular more advanced-stage properties. The ICN focus continues to be volcanic-hosted precious metal deposits related to Miocene Rift systems in western Nevada, emphasizing targets with geological similarities to Sleeper, Sandman, and Hollister. The high grade potential of these Nevada Rift related targets is exemplified by a recent News Release from Great Basin Gold, where bonanza grades of both gold and silver were encountered at their Hollister Mine. Fronteer Gold also recently released news from a fourth deposit area at the Sandman project (in joint venture with Newmont), and following Paramount Gold's acquisition of the Sleeper mine area from X-Cal Resources, they have initiated a drill program, testing for expansion of high grade vein occurrences. In addition to ICN's focus on high grade epithermal systems in Nevada, they also continue to review other opportunities in established metallogenic environments.

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"

Carl Hering, President & CEO

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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