Iconic Minerals Ltd.
TSX VENTURE : ICM
FRANKFURT : YQG

Iconic Minerals Ltd.

August 31, 2012 13:04 ET

Iconic Announces Continuing Review by the BC Securities Commission of Resource Estimate and Technical Report on Its Hercules Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2012) - Iconic Minerals Ltd. (the "Company" or "Iconic") (TSX VENTURE:ICM)(FRANKFURT:YQG) announces this update to the Company's July 24, 2012 news release concerning a resource estimate and technical report on its Hercules project in Nevada, and the ongoing technical review by the British Columbia Securities Commission (the "Commission").

Following the review by the Commission of subsequent proposed technical reports on the Hercules project, the Commission continues to express concerns about the methods, parameters and assumptions used for estimating mineral resources at the Hercules project, as well as the mineral resources themselves. Accordingly, as indicated in the Company's July 24, 2012 news release, investors are cautioned not to rely on the mineral resource estimates disclosed in the July 24, 2012 news release until the new mineral resource estimates are supported by an independent technical report compliant with National Instrument 43‐101 ("NI 43‐101").

The Company proposes to address the Commission's concerns by coordinating with the authors of the technical report on the Hercules project to provide additional detailed responses addressing the Commission's comments and a revised NI 43‐101 compliant technical report within 45 days following the July 24, 2012 news release, being September 7, 2012. As part of the responses to the Commission's concerns, Douglas H. McGibbon, M.Sc. Geol, CPG, one of the co‐authors of the technical report, has agreed to review and take responsibility for the mineral resource estimates and, as a result, will assist in responding to the Commission's questions along with the other co‐author of the technical report, Richard G. LaPrairie, PE, P Eng.

On behalf of the Board of Directors

Richard Kern, CEO

For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company's public documents may be accessed at www.sedar.com.

This news release includes certain forward‐looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Hercules property and other future plans, objectives or expectations of the Company are forward‐looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities; fluctuating gold and silver prices; the metallurgical characteristics of mineralization contained within the Hercules property are yet to be fully determined; the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; uncertainties involved in the interpretation of drilling results and geological tests; possibility of equipment breakdowns and delays; exploration cost overruns; availability of capital and financing; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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