VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2011) - ICN Resources Ltd. ("ICN" or the "Company") (News - Market indicators), is pleased to announce the results of the initial reverse circulation (RC) drill holes from their current flagship project, the Goldfield Bonanza Project. In addition, ICN reports the results of follow-up metallic screen assays for the multi-ounce intercepts encountered in core hole ICN-003 containing an intercept of 45.6 metres of 96.3 g/t Au (uncut); (see ICN News Release of May 17, 2011). The Goldfield Bonanza Project is under option from Lode Star Gold, Inc., a private Nevada corporation, and is located in the historic Goldfield mining district of Nevada. The Goldfield district is famous for multi-ounce, bonanza gold ores and has recorded historic production in excess of 4 million ounces of gold at an average grade of > 17 g/t Au⁽¹⁾.

Highlights include:

• Hole ICR-001 with an intercept of 50.3 metres of 2.06 g/t Au, and
• Hole ICR-003 with an intercept of 45.7 metres of 5.52 g/t Au (see Table 1 below).
• Drill results to date confirm that Controlled Source Audio Frequency Magnetotellurics (CSAMT) is a useful targeting technique under post mineral cover.
• ICN's exploration model, to explore for "main district" style, high grade mineralization under the post mineral cover, is further validated by these new results.

Carl Hering, President and CEO of ICN, comments, "Since these RC holes are in the same area as the previously announced ICN core holes. This confirmation of high grade mineralization in the Church area by the RC drill results is very positive. The high grade holes are located on a "bulls-eye" CSAMT resistivity high and this positive correlation indicates the CSAMT survey data may significantly aid exploration under the thin post-mineral cover. The two ICN core and RC twin holes suggest that the historic data may not fairly represent the ultimate potential in the Church area. We have confirmed the exploration model by demonstrating that high grade "main district" style mineralization exists under the post mineral cover. ICN now awaits the results of our other exploration holes drilled in several different areas of the Goldfield Project as part of a Phase 1 drill evaluation program to better understand the potential of this under explored property."

ICN Results vs. Historic Results

The three RC holes reported in Table 1 are all located in the Church area, as are the initial ICN core holes. Two of the RC holes ICR-001 and ICR-003 were drilled as twins of ICN core holes (ICN-002 and ICN-003) reported on May 17, 2011. The RC holes were drilled in an attempt to assess the differences between results of the ICN core holes and the historic drill results from the 1979 to 1981 conventional rotary holes. These grade differences raised concerns regarding the reliability of the historic conventional rotary holes as the ICN core twins of selected conventional rotary holes contain significantly higher grades than the old holes. The comparison of the two ICN twin pairs (one ICN core hole and a twin ICN RC hole), suggests a much better correlation of gold grades and intercept lengths between the pairs of ICN holes than with the historic conventional rotary drill data. However, a direct comparison between the new and historic holes is not possible given that the assay data for the historic holes is incomplete and the historic assays were determined by utilizing an on-site, company-owned, laboratory.

The three RC holes reported herein, and the previously reported core holes, all lie within 30 metres of each other. Hole ICR-001, contained 50.3 m @ 2.06 g/t Au and is a twin of core hole ICN-002 (see Table 1). Over a similar interval, hole ICN-002 assayed 48.5 m @ 1.00 g/t Au compared to the above RC hole intercept. Hole ICR-003 is a 4 metre offset of the high grade core hole ICN-003. The 10.7 metres of 13.83 g/t Au (Table 1) for RC hole ICR-003, (which includes one 1.5 metre interval of 39.0 g/t Au) compares favorably with the same interval in core hole ICN-003 of  9.9 metres of 26.4 g/t (if the two multi-ounce intervals in the core hole are cut to 1.5 opt Au). The overall interval of 45.7 m @ 5.52 g/t Au in RC hole ICR-003 equates quite favorably to the similar interval reported for ICN-003 of 45.6 m @ 5.1 g/t Au (cut to 1 opt). The ICN core and RC results exhibit good overall correlation of interval lengths and gold grades and have substantially upgraded the historic drilling, suggesting that the exploration potential in the Church area could be significant.

Metallic Screen Results for High Grade Intercepts

As a follow-up to the earlier core hole results, metallic screen assays were completed on the two multi-ounce intercepts in core hole ICN-003 (2.9 m @ 1,454.3 g/t Au (reported on May 17, 2011). The intercept included two assays of 541.7 g/t Au (15.8 opt) and 2,713 g/t Au (79.1 opt). Standard 30 gram gravimetric analysis at two different accredited labs reported results of 541.7 to 551.9 g/t Au and 2,431 to 2,712 g/t Au for the respective samples. Metallic screen assays were completed on these two intercepts and reported 524.5 and 2,472 g/t Au respectively, and agree with the previously reported values. A significant result of the metallic screen assays is the fact that the coarse fraction contained between 5% to <15% of the total gold content in the samples and indicates that most of the gold is fine-grained and evenly distributed throughout the mineralized rock. The high-grade intercept in drill hole ICN-001 of 1.83 m @ 119.3 g/t is currently in the process of re-analysis by metallic screen assay.

Historic Production from the Goldfield District

To place the high grade values ICN has encountered to date at the Goldfield Bonanza Project in context, it is useful to review historic production from the district. During the first 10 years of mining (1903 to 1912) recorded production totaled 2.98 M oz at an average grade of 62 g/t Au (1.81 opt) - (NBMG Bull. 78)⁽¹⁾. The district is also noted for significant grade variations over very short distances (1 – 2 m), even within a single mineralized ledge, according to published reports⁽²⁾. Consequently, it is not expected that twin holes will necessarily reproduce well, but in general, the overall zones of mineralization should correspond, which they do in the ICN core and ICN reverse circulation holes. More detailed drilling in the Church area is needed to determine a potential resource given the results reported to date and will require close-spaced drilling, which is planned for later this summer. Overall, the presence of post mineral cover means that exploration on the property will be drill intensive with expected variable results.

ICN Drill Program Update

ICN has completed 15 core holes for a total of 5,225 feet and 29 RC holes for a total of 15,120 feet. Assays are pending for the remaining holes, and will be released when finalized in the different areas being tested. ICN is continuing to drill the geophysical targets outlined by the CSAMT survey completed earlier this year. These drill hole results will be utilized to augment further interpretation of the CSAMT data. Additional results are expected to be received over the next two to six weeks.

QA/QC

All sampling on the Goldfield Bonanza Project follows National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") accepted principles and is being conducted by ICN personnel or consultants. Assays for the RC holes were completed at ALS Chemex in Reno, Nevada, an ISO:9001 certified laboratory, and the metallic screen assays were completed by American Assay, Reno, Nevada, also an accredited lab. Initial fire assay with atomic adsorption finish is completed for all samples, and subsequently, for samples in excess of 10 g/t, a conventional gravimetric assay is conducted. ICN randomly inserts standards, blanks and duplicate control samples to monitor laboratory performance. Results reported herein have been checked and have undergone quality control review.

Tim Percival, CPG and a P.Geo., a Qualified Person as defined by NI 43-101, and a consultant to 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

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, except as may be required by law. 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. 

Notes:

1. Nevada Bureau of Mines and Geology Bulletin 78, Geology and Mineral Deposits of Esmeralda County, Nevada: Albers and Stewart (1972).
2. NI 43-101 Technical Report on the Goldfield Project, Esmeralda County, Nevada, prepared for Metallic Ventures Inc., September 30, 2002 by Mine Development Associates, Reno, Nevada.