EQ RESOURCES LIMITED — Board/Management Information 2010

Nov 15, 2010

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16 November 2010

Companies Announcements Office Australian Securities Exchange

RETIREMENT OF DR JOHN BISHOP AS MANAGING DIRECTOR AND APPOINTMENT OF MR IAN SHEFFIELD-PARKER AS MANAGING DIRECTOR ELECT OF ICON RESOURCES LTD

The Board of Directors of Icon Resources Ltd (ASX III, Icon) wishes to announce that Dr John Bishop is retiring from the position of Managing Director of Icon and from its Board effective 31 December 2010. Dr Bishop is retiring at that date to allow the Board to make a timely transition to reflect the different character of the Company going into 2011 and to enable him to pursue his other company interests.

Dr Bishop is one of the original promoters of Icon. He oversaw the Company's successful IPO in 2006 and its ensuing exploration for a range of minerals. Since its acquisition of the rights to the Mt Carbine mine in North Queensland in 2009, Dr Bishop managed investigations of the tungsten deposit at Mt Carbine, which led to a preliminary scoping study of the viability of the proposed tungsten mine and to the recent maiden JORC Code compliant resource estimate.

On behalf of the Company’s shareholders, the Board sincerely thanks Dr Bishop for his efforts in getting the Company to its present position and wish him well for his future endeavours.

The Board is pleased to announce that Mr Ian Sheffield-Parker, who is currently the Project Manager for Icon's Mt Carbine tungsten project, will be appointed Managing Director from 1 January 2011.

Ian Sheffield-Parker holds a BEng (Hons) degree, and has a background in both mining engineering and process engineering with over 20 years experience in Australia and Southern Africa. He has held numerous senior positions, including at CEO level, and has particularlyrelevant hands-on operational experience from his time spent with both Iluka and First Quantum Minerals.

Icon is now poised to become a significant tungsten producer with plans to commence production in 2011.

Icon Resources Ltd

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Dr Leon Pretorius Chairman

Icon Resources Ltd ABN: 77 115 009 106

Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727