Mt Carbine Tungsten Project

ASX: III

Gold Coast Resources Showcase June ‘09

DisclaimerNo representation or warranty is made as to the accuracy, completeness or reliability of the information contained herein. Any forward-looking information in this presentation has been prepared on the basis of a number of assumptions which may prove

to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Icon Resources Ltd.

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Mt Carbine Tungsten: Icon’s flagship project

NW Qld: Iron oxide-copper-gold-uranium (IOCGU); zinc; nickel; iron ore

Central Qld: Copper-Zinc at Fitzroy Project inferred resource:1.75Mt @ 1.7% Cu + 2% Zn

NSW: Drill-ready Gold targets at Peel Fault Project

Tas: Professor Zinc Project on hold

Mt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ MineMt Carbine : A ‘World Class’ Mine

Mt Carbine

in 1978

Mt Carbine produced ~half of Australia’s annual tungsten.

At one point, the world’s largest tungsten producer outside China

Exceptionally high-grade concentrates of wolframite and scheelite

Mine closure in 1986, due to price collapse, stopped underground

development to access ~10Mt of higher grade mineralisation.

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Rock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAPRock Mining Operation at Mt Carbine ASAP

Icon has acquired 100% of Mt Carbine Tungsten Project (2.5% royalty to vendor)

Infrastructure all in place: Sealed highway and 132KV power lines pass through granted Mine Leases

Good location: ~45mins drive from Port Douglas ~90mins drive from Cairns

Mt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and MineralisationMt Carbine Resources and Mineralisation

Open-cut. Targeting

~15Mt @ ~0.2% WO3 from

existing 9.6Mt at 0.2% WO3

(JORC compliant ) plus

~7Mt of extensions.

Potential for ~80Mt when

old workings are included.

old working

old workings are included.

Tailings. ~2Mt @ 0.11%

WO3 (JORC compliant)plus ~12Mt of potentially

ore grade material in the

waste and reject dumps.

Plan view of Mt Carbine open cut, tailings and dumps, and

mine lease boundaries

Simplified Financial Model: Simplified Financial Model: Simplified Financial Model: Simplified Financial Model: Simplified Financial Model: Simplified Financial Model: Simplified Financial Model: Simplified Financial Model:

Expanded Open CutExpanded Open CutExpanded Open CutExpanded Open CutExpanded Open CutExpanded Open CutExpanded Open CutExpanded Open Cut(to be tightened by planned Concept Study)

Assumptions

ParameterBase

CaseRange Units Comment

Tonnage 15 (14-16) Mt mining at 2Mt/yr

Grade 0.2 (0.2-0.22) % WO3 80% rejected

Recovery 72 (67-75) % by Ore SortingRecovery 72 (67-75) % by Ore Sorting

Price 200 (150-235) US$/mtuUnit revenue

from production

X Rate 0.75 (0.7-0.8) Au$/US$

All up cost 22.70 ? Au$/tIncludes mining,

processing, rehab, admin & royalites*

Margin 250 (50-500) Au$M 'EBITDA'

Cost per mtu

120 (100-130) US$/mtu Unit cost of production

Mt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and BudgetMt Carbine Timelines and Budget

Project & Purpose ActivityDate

(Ending)Cost

(Au$M)

Concept Study to demonstrate project

viability

Create ore body models Evaluate mining options

July '09 0.15

Pre-Feasibility to confirm resource & mining

method

Pump out Open Cut Infill & explor. drilling

Nov, '10 3.5

Flowsheet confirmation Feasibility for full mine planning with costings

Flowsheet confirmation Offtaker agreements Mine contracts called

April, '11 0.75

Start Up of miningConstruct process plant

Finalise permitting Start Mine

Nov, '11 36

Tailings for Early Revenue

Re-treatment of tailings in parallel with above activities

Oct, '09 to Nov '11

(10)*

Contingency 3.6

Total $44M* not included in total

Tungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten Properties & OccurrenceTungsten (from the Swedish ‘heavy-stone’)Also called wolfram with chemical symbol WHardest metal with the highest melting point and tensile strength Lowest coefficient of expansion of all metalsVery heavy (similar to gold) - high thermal and electrical conductivity.

Commonly occurs as -Wolframite, (Mn,Fe)WO4 - black in colourScheelite, CaWO - light brown; fluoresces under UV lightScheelite, CaWO4 - light brown; fluoresces under UV light

Concentrates produced

from Mt Carbine

tailings in 2008

Tungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and ProductionTungsten Distribution and Production

Tungsten industry is made up of: Producers (ie miners)

Processors (value-adding)

End-users

China dominates the first two categories and is strong –and expanding –the third.

China is now a net importer

Tungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten ApplicationsTungsten is mostly used for ‘hard metal’ construction (machine-cutting tools, etc)Growing applications in: electronics, medicine and catalytic convertersAnnual consumption is ~80kt of which ~20kt is recycled Traded through individual contracts –not via the LME.

Car horns & safety switches (conductive)

Golf clubs, golf balls, golf shoe spikes

Some Everyday Uses of Tungsten

Golf clubs, golf balls, golf shoe spikes

Snow tyre studs

Vibrating mechanism in a mobile phone

Dental drills

Light globes

Ball point pens (hard-wearing)

Heated car windows

Fishing sinkers (heavy; non-toxic)

A replacement for chrome plating?

Tungsten prices up x 4 (in US$) over the last few years China, with ~66% of the world’s reserves, is now a net importer

Price down ~20% (in US$) in recent months, but analysts predict sustained demand.

Tungsten PriceTungsten PriceTungsten PriceTungsten PriceTungsten PriceTungsten PriceTungsten PriceTungsten Price

3

WO3 Concentrate Pricing

1yr APT

Tungsten is usually priced in metric tonne units (mtu) of WO3 which is 10kg of WO3 or 7.93kg W. Prices are also quoted in the refined product APT (ammonium paratungstate) which trades at a premium of 20-30% above the WO3 price.

$/m

tu W

O3

1/2009

6/’09

6/’096/’08

from Talking Tungsten PDAC, Mar 2009

Chinese are importing plus a strong desire for non-Chinese processors to secure a long-term, non-Chinese supply

Why Now?Why Now?Why Now?Why Now?Why Now?Why Now?Why Now?Why Now?

from Talking Tungsten PDAC, Mar 2009

Mt Carbine Wolframite

Why Icon?Why Icon?Why Icon?Why Icon?Why Icon?Why Icon?Why Icon?Why Icon?

Mt Carbine is a significant, near ready-to-mine tungsten resource

Mt Carbine has an NPV of $51M (Resource Capital Research June ’09)

Icon Market Capitalisation is ~$5M

~4Mt can be extracted from the present pit and up to ~15Mt from an expanded open cut.

Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)Open Pit Potential (1)

Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)Open Pit Potential (2)

Quartz veins at base of pit - at time of mine closure

‘Blind’ lodes which do not reach the surface with suggestion that the mineralisation improves with depth.

Wolframite occurs within the quartz veins. Scheelite occurs in narrow cross-cutting veins in both quartz and host rock. (W:S = ~4:1)

Plan view

previous drilling with +0.1%

WO3 intersects in purple

Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Open Pit Potential (3)Perspective view looking

SW, includes old u/g

mine plan

Concept Study will check on previous estimates of ~15Mt accessible from

an expanded pit included 4Mt from the floor of the existing pit.

Underground PotentialUnderground PotentialUnderground PotentialUnderground PotentialUnderground PotentialUnderground PotentialUnderground PotentialUnderground Potential

Inferred JORC compliant resource of ~9.6Mt @ 0.2% WO3

A bulk mining operation was being developed with u/g crusher and conveyor belt ore delivery at time of closure

Decline driven ~500m when mine closed

Decline Portal

(currently blocked off)

‘North’ (red) and ‘South’ (blue) stopes designed for a sub-level block caving

operation prior to closure in the 1980s.

Updating the modelUpdating the modelUpdating the modelUpdating the modelUpdating the modelUpdating the modelUpdating the modelUpdating the model

Just received:

Preliminary wire-Preliminary wire-frame model of the ore zones

Inferred JORC resource for #3 + #4 tailings of ~2Mt @ ~0.1% WO3

Metallurgical testing by Icon indicates that a recovery of between ~50% and 70% should be achievable

Tailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings Potential

#4 tailings grade x thickness image

2009 Bulk sampling #4 tailings

Tailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings PotentialTailings Potential

Icon is currently negotiating with several parties who have expressed an interest in re-treating the tailings

An early start up tailings operation would provide a modest profit until the primary project starts up

The tailings plant could form the foundation of the primary ore circuit

Total ~12Mt Waste and Reject Dumps Old records suggest may be ore grade

Old workings along Carbine Hill only tested by one drillhole

WASTE DUMP

Dumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding PotentialDumps and Surrounding Potential

Old records suggest may be ore grade (+0.07 – 0.1% WO3)

Potential to extend open cutTargeting ~15Mt

Project ConsultantsProject ConsultantsProject ConsultantsProject ConsultantsProject ConsultantsProject ConsultantsProject ConsultantsProject Consultants

Nick Moony: more than 40 years experience as a

metallurgist, much of it associated with gravity

processing plants (ie tin and tungsten).

John Eltham: 40 years mining experience.

Responsible for the recent development of a major Responsible for the recent development of a major

green-fields tungsten project in Spain.

Icon Icon Icon Icon Icon Icon Icon Icon CorporateCorporateCorporateCorporateCorporateCorporateCorporateCorporate

Dr Andrew White

Chairman

Dr John Bishop

Managing Director

Icon Resources Ltd listed June ’06

ASX code: III

Issued Capital: ~68M shares

(year range 3.5-23c; currently ~7c)Managing Director

Steve Bartrop

Non-executive Director

Darcy Milburn,

Exploration Manager.

(year range 3.5-23c; currently ~7c)

~4M unlisted options

(exercisable at 30+c)

Web Site:

www.iconresources.com.au

from Talking Tungsten PDAC, Mar 2009

� Mt Carbine is one of these projects!