ICN Acquires New Nevada Project
Published : May 12, 2011
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Keywords :   Gold | Market | Silver |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) - ICN Resources Ltd. (News - Market indicators) ("ICN" or the "Company") is pleased to announce that it has signed a letter agreement ("LOA") to option a Nevada exploration project. The new project lies to the north of the Sleeper Mine, Nevada within a belt of epithermal gold systems related to Miocene bi-modal volcanism. The new project will complement ICN's current land holdings at the Dunes and North Dunes Properties, which lie to the south of the Sleeper Mine. 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 this new project.

The King's River Project is to be optioned from Seabridge Gold Inc. ("Seabridge") and consists of 44 unpatented mineral claims (900 acres or 356 hectares) lying approximately 35 miles (60 km) north of the Sleeper Mine in Humboldt County, Nevada. The terms of the Letter Agreement with Seabridge allow ICN (Eureka Gold Inc.) to acquire 100% of the claims over a 12 month period, subject to a retained 1% NSR on gold and silver reserved for the benefit of Seabridge. Initial payment calls for the issuance of 100,000 ICN shares with a final payment of US$100,000 cash and the further issuance of 150,000 ICN shares on or before 12 months from the date of TSX Venture Exchange ("TSX-V") acceptance of the transaction. The King's River Project consists of an untested epithermal volcanic system, occurring along a splay of the Northern Nevada Rift. Tertiary volcanic rocks of a Miocene flow-dome complex crop out along the range front fault zone. Sub-volcanic rhyodacite intrudes breccia bodies formed in the pre-Tertiary basement rocks that are hydrothermally altered, quartz veined, and contain anomalous gold and silver mineralization. Geophysics, geochemical sampling, and geologic mapping will be used to target areas and structures concealed by shallow alluvial cover where bimodal volcanic rocks similar to those found at Sleeper exist. Seabridge is an arm's length party to the Company.

ICN will further evaluate this newly acquired option, compiling data and developing new target concepts. Following completion of initial detailed evaluation, a decision will be made regarding the optimal way to further advance the properties. ICN is also in the process of staking additional claims in the area, and more detailed information will be released following completion of land acquisition.

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 and has reviewed and verified the technical information contained in this news release.

The Letter Agreement is subject to the approval of the TSX-V.

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. 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

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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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