Icon Resources Ltd
ACN 115 009 106
Suite 404, 25 Lime Street, Sydney NSW 2000. Telephone: +61 2 9279 1252 Facsimile: +61 2 9279 2727
Media Release
15th October, 2009
For immediate release
Positive Scoping Study for Mt Carbine Tungsten Project
The Directors of Icon Resources Limited (ASX:III) (“Icon”) are pleased to announce results from
an independent Scoping Study into the re-development of the Mt Carbine Tungsten deposit in far
north Queensland by John Eltham of Melbourne-based AJE Project Development Consultancy
Pty Ltd. The Study was commissioned to assess the economics of restarting an open pit mining
operation based on the geological model recently provided by Geostat Services P/L and used a
higher grade portion of the target mineralisation of 69.1Mt averaging 0.064%.
Key findings include:
The long term production strategy comprises both open cut and underground resources
giving a +10 year mine life
Relatively modest capital expenditure is required for project re-development given existing
infrastructure already in place on the Mt Carbine Mining Lease
Project NPV’s are a multiple of the current Icon share price
Given the existing mining lease,
excellent access and no significant environmental
constraints, the project could be in production within three years.
With these positive findings, Icon is continuing to upgrade the target mineralisation to JORC
resource status through both assay and further drilling as well as immediately moving forward
on the pre-feasibility study.
Managing Director Dr John Bishop, commenting on these results,
says
“The Scoping Study
confirms the Board’s long term commitment and vision for Mt Carbine
which has historically
been one of Australia’s largest tungsten producers. These results show that the Mt Carbine
Project, as defined by the present limited drilling has the potential to be a viable project again,
with an NPV of more than 45 cents per share. Furthermore, the Study has suggested
how
further drilling should increase the resource and add significantly to the project’s value,
providing the platform from which Icon can move forward with confidence.”
Icon has estimated a cost of $3M for this program.
ENDS
John Bishop
or
Alex Harris
jbishop@iconresources.com.au
alex@masterstroke.com.au
0418 373 429
0412 635 274
NEWS 
