Icon Industries Limited

Icon Industries Limited

April 23, 2007 18:33 ET

Icon Options Additional Uranium Property in the Otish District and Updates Exploration Plans

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) - Icon (TSX VENTURE:ICN) is pleased to announce that it has negotiated an option agreement to earn up to a 55% interest on a 7-claim, 371 hectare, property in the Otish basin area from Eloro Resources Ltd. ("Eloro"). The claims are contiguous with, and partially surrounded by Icon's Otish basin uranium property in north-central Quebec. The Eloro claims include the Lac Henri (Jean's Showing) prospect, which was discovered in the late 1970's by Uranerz Exploration and Mining ("Uranerz"). The prospect comprises a narrow, north trending uranophane-bearing vein from which grab samples grading 0.86% U3O8 and 0.32% U3O8 were obtained in outcrop by Uranerz (assessment report GM 57730).

To gain a 50% interest in the Eloro property, Icon must a) issue 300,000 shares to Eloro, with 50,000 on signing, 100,000 on the first anniversary, and 150,000 on the third anniversary, and b) conduct $1 million of exploration on the property over three years, including $150,000 in the first year, $300,000 in the second year, and $550,000 in the third year. Eloro will retain a 2% NSR, of which 1% is purchasable by Icon for $1 million. Icon also has the right to purchase an additional 5% of the property within one year by paying Eloro $500,000, for a total potential interest of 55% if all other elements of the option agreement are satisfied.

Icon will explore the Eloro option simultaneously with its surrounding Otish property. The Otish property contains a uraniferous boulder field comprising brecciated, altered and mineralized gneiss of similar style to fault-hosted prospects and deposits elsewhere in the Otish district. Both the boulder field and Jean's showing occur within a broad, 5 km by 1.5 km sized radiometric airborne anomaly as defined by Uranerz which is contiguous with, and aligned partially along, a north-northeast trending fault termed the Barou Fault. Faults of this orientation host uranium mineralization in the region, including Strateco's nearby Matoush deposit. Proposed exploration will comprise an initial airborne radiometric and magnetometer survey in early summer followed by ground prospecting and mapping. Exploration will focus on identifying the bedrock source of the boulder field, extent of the Jean's showing vein and potential for other veins, and the potential for the Barou fault to host uranium mineralization. Follow-up drilling is planned for the winter of 2007-2008.

The technical information in this news release was compiled by David Rhys, P. Geo., a qualified person as defined by N.I. 43-101 and a director of Icon. Mr. Rhys has extensive experience in the exploration for, and evaluation of, gold and uranium deposits in Canada.

Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review Tri-Gold's filings on SEDAR at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Icon Industries Limited
    T. Barry Coughlan
    Executive Chairman
    (604) 685-8666
    (604) 685-8677 (FAX)