Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, April 18, 2012
Tue, April 17, 2012 ICN Resources Announces Cash and Share Issuance to Lode Star Gold Inc. and Project Update
April 17, 2012 12:05 ET
ICN Resources Announces Cash and Share Issuance to Lode Star Gold Inc. and Project Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2012) - ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN) is pleased to announce that it has made the first anniversary cash payment of US$100,000 and issued 500,000 units to Lode Star Gold Inc. ("Lode Star") for the option payment on Lode Star's Goldfield Bonanza Project, as per the TSX Venture Exchange approved Definitive Agreement announced in March 2011 (see ICN News Release of March 29, 2011). Each unit consists of one ICN common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share of ICN for a period of two years at an exercise price of $0.14. The warrants issued are subject to a statutory hold period expiring on August 10, 2012.
ICN is currently reviewing a consultant's detailed interpretation of results from a biogeochemical survey completed previously on the Goldfield Bonanza Project. Details will be released when interpretation is complete. The survey highlights strong anomalies in several different areas where ICN has not yet completed any drilling. These new target areas, along with untested geophysical anomalies, will be tested in future drill programs. Three dimensional modeling of the high grade mineralization (> 30 g/t Au) encountered in both the Phase I and Phase II drill campaigns is also in progress and will further assist in future drill hole targeting.
Mark Walmesley, a director of Lode Star says, "ICN has accomplished much during this first year of exploration to advance the geologic merit of our property. We have gathered considerable amounts of positive geologic data and we are now in the process of analyzing and modeling it. The next few months will be exciting as we determine how to best execute the commencement of our next phase of drilling."
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
ICN Resources Ltd.
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.
