ICN Announces Acquisition of Additional Nevada Project and Finalizes Hog Ranch Option and Joint Venture Agreement
Published : June 28, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) - ICN Resources Ltd. ("ICN" or the "Company") (News - Market indicators), is pleased to announce that it has signed a Letter Agreement with two arm's lengthparties (the "Vendors") to acquire a new Nevada exploration project (the "AWA Project"). The AWA Project lies to the east of the Sleeper Mine, Nevada, and will further complement ICN's three other land holdings in the general Sleeper Mine area. It is located along the western segment of the Northern Nevada Rift, a widely recognized focus of Miocene epithermal precious metal mineralization. Further exploration focus by ICN in the general vicinity of the Sleeper Mine and the Sandman deposit has led to the identification and acquisition of several new projects.

New Nevada Project

The AWA Project consists of two separate claim blocks. Seven claims lie to the north of Sleeper in the northwestern portion of the Awakening Hills, and the other block of claims (20 in total) lies to the east of the Sleeper Mine, along the eastern margin of the Awakening Hills. The later block of 20 claims is of principle interest to ICN. These claims cover an area of low to high grade gold mineralization within pre-Tertiary sedimentary rocks, but also offer untested, concealed, "Sleeper-type" potential within younger Tertiary volcanic rocks occurring north of the known mineralized zone. To acquire a 100% interest in the two claim blocks over a six (6) year option period, ICN, at its sole option, would pay the Vendors a total of US$1,000,000 in cash ($825,000 being the final payment on or before the sixth (6th) year anniversary) and complete a minimum of US$575,000 in work commitments ($500,000 in years four (4) through six (6)). The initial payment of US$5,000 has been made, and a second payment of US$5,000 is due by September 1, 2011. The AWA Project is subject to a 3% net smelter royalty, and if ICN exercises the option and acquires the AWA Project, it can purchase 1% of the net smelter royalty for US$1,000,000 at any time prior to completion of the first year of production. The option agreement for the AWA Project is subject to the approval of the TSX Venture Exchange.

ICN will evaluate both of these newly acquired claim blocks by geologic mapping, geochemical sampling and compilation of existing data to define drill targets and develop new target concepts. Following completion of initial detailed evaluation, a decision will be made regarding the optimal way to further advance each of the separate claim blocks. ICN is in the process of staking additional claims in the area, and more detailed information will be released following the completion of land acquisition.

Hog Ranch Agreement

As announced on March 29, 2011, ICN entered into a Letter of Intent with Pacific Rim Mining Corp. ("Pacific Rim") for the Option and Joint Venture of ICN's Hog Ranch property. The due diligence period has passed and a definitive agreement was executed on June 13, 2011, subject to receipt of approvals from the applicable stock exchanges (the "Effective Date"). Pacific Rim will be operator during their earn-in period, and they plan an aggressive exploration program for the remainder of 2011. As per the Definitive Agreement, Pacific Rim has been granted the option to acquire a 65% interest (the "Interest") in the Hog Ranch Property through the expenditure of an aggregate of US$8 million in exploration work and the issuance of an aggregate of 1 million common shares of Pacific Rim, according to the following schedule.

Exploration expenditures:

  1. US$500,000 on or before the first anniversary of the Effective Date;
  2. an additional US$1,000,000 on or before the second anniversary of the Effective Date;
  3. an additional US$1,500,000 on or before the third anniversary of the Effective Date;
  4. a further US$2,000,000 on or before the fourth anniversary of the Effective Date; and
  5. a final US$3,000,000 on or before the fifth anniversary of the Effective Date;

Share payments of up to 1.0 million shares:

  1. 200,000 common shares of Pacific Rim within five business days of receipt of approval;
  2. 200,000 common shares of Pacific Rim on or before each of the second, third, fourth and fifth anniversaries of the Effective Date.

Tim Percival, P.Geo., a Qualified Person as defined by National Instrument 43-101, and a consultant to the Company, conducted the check sampling work at the AWA project and has reviewed and verified the technical information contained in this news release.

About ICN Resoues

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.

www.icnresources.com

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. 

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.

ICN Resources Ltd.
Tasso Baras
1-877-738-3882 or 604-738-3882
www.icnresources.com

ICN Resources

EXPLORATION STAGE
CODE : ICN.V
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ICN Resources is a gold exploration company based in Canada.

ICN Resources holds various exploration projects in Canada.

Its main exploration properties are OTISH BASIN URANIUM, KING'S RIVER, DUNES, ROCKLAND-PINE GROVE, HOG RANCH, BERESFORD LAKE, ESTILL and GF BONANZA in Canada.

ICN Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.1 millions as of today (US$ 3.2 millions, € 2.4 millions).

Its stock quote reached its lowest recent point on December 28, 2001 at CA$ 0.02, and its highest recent level on December 31, 2007 at CA$ 1.45.

ICN Resources has 51 666 000 shares outstanding.

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