EQ RESOURCES LIMITED — Board/Management Information 2010

Mar 3, 2010

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4 March, 2010

ASX Announcement

Icon Resources Ltd Appoints New Chairman

Icon Resources Ltd (ASX: III) is pleased to announce that Dr Leon Pretorius has accepted the Board’s invitation to take on the role of Icon’s Non-Executive Chairman, effective from 15 March 2010. Leon has had more than 25 years experience as a director of several successful listed and privately held resources companies.

The Company’s current Chairman, Dr Andrew White will remain on the Board as a NonExecutive Director until the 2010 Annual General Meeting. The Board takes this opportunity to thank Andy for his role in getting the company started and guiding it through its formative years. Andy will remain closely involved with the Company, assisting in project generation, mentoring and contributing to corporate strategies.

Icon’s Managing Director Dr John Bishop, says, “Leon brings invaluable experience in building shareholder value in the resources sector. Leon’s hands-on experience with project and mine development will appreciably assist getting Icon’s flagship project, the Mt Carbine tungsten mine, back into early production.”

• As an Executive Director of Paladin Resources (now Paladin Energy), Dr Pretorius led the company through a growth phase that saw the stock price rise from less than $0.01 per share to more than $1.10 when he resigned in May 2005. He remains a Director of Paladin’s operating Company, Langer Heinrich Uranium in Namibia.

• During his time as Executive Chairman and later Managing Director of Deep Yellow, the company has gone from having a market capitalisation of ~$10M with cash of ~$1M in mid2005 to presently having a market capital of ~$280M with ~$40M in cash. Dr Pretorius recently resigned from the Board of Deep Yellow but remains as Managing Director of its operating Company, Reptile Uranium Namibia.

Combined with improving market conditions following the global financial crisis, Icon will be using the addition of Dr Pretorius to the Board to significantly ramp up Icon’s activities. Drilling at Mt Carbine is currently underway to increase and upgrade the tungsten resource, and pilotscale testing of bulk samples of ore is planned for 2H10. Drilling has resumed at the Tara tin project with drilling at the Peel Fault gold project scheduled for 2Q10.

To help fund these ongoing programs, the Company anticipates a fundraising which may include a Share Purchase Plan. The company should be in a position to announce the issue following receipt of the expected relief required under ASX Listing Rule 7.

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

Corporate Update

Icon Resources Ltd

Corporate

On 19[th] February 2010 Icon placed 6,069,441 shares at 9 cents per share to raise $546,249. Each share had one attaching option with an exercise price of 15 cents and an expiry date of 30 June 2011. This was the second of a two-part placement managed by broker Martin Place Securities Ltd which has raised a total of $1,552,500. The Company presently has cash of about $0.95M and these funds are being used to carry out drilling and other work at Mt Carbine as well as furthering exploration programs at the Tara tin and Peel Fault gold projects.

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Dr John Bishop Managing Director

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