🕐15.10.09 - 08:29 Uhr

Icon Resources [III] - Positive Scoping Study for Mt Carbine Tungsten Project




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.

The full ASX Announcement is available on Icon"s website at: www.iconresources.com.au.

ENDS
John Bishop or Alex Harris

0418 373 429 0412 635 274

 




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