EQ RESOURCES LIMITED — Capital/Financing Update 2006

Jun 5, 2006

MEDIA RELEASE TUESDAY, 6 JUNE 2006

Icon Resources lists following successful \$4m IPO

1800m Drilling Program at Warwick Project Well Advanced

Eastern Australian explorer, Icon Resources Ltd (ASX code: III) will today list on the Australian Stock Exchange at 11.00am, following an oversubscribed \$4 million IPO which closed early.

Managing Director, Dr John Bishop said that he was delighted with the level of support for the IPO through both sponsoring broker, ABN AMRO Morgans, as well as Stock Resource members and the general public.

Dr Bishop commented that, "with the early closure of the IPO, the Company has been able to commence a 1800m drilling program at our exciting Warwick project quicker than planned. The first phase program is now well advanced and is testing a 1000m by 300m geophysical 3D IP anomaly that was discovered by an Icon sponsored survey prior to the IPO. Assay results are expected over the next two weeks."

Other projects within the Icon Resources portfolio extend from far north Queensland through to Tasmania. The Company has two joint ventures with Zinifex, one covering the Grieves zinc deposit in Tasmania while the other covers part of the Constance Range iron ore formation near Zinifex's Century mine. The Company also offers a number of NSW gold/copper projects as well as conceptual nickel projects also in northern Queensland.

Chairman Dr Andrew White commented that Icon had a dynamic exploration team which would seek to improve the odds in exploration with a philosophy of rapid project assessments using cost effective early stage exploration techniques. Combined with its tight capital structure, this meant that shareholders would have a significant benefit in any discovery.

For further information, please contact:

Dr John Bishop Suite 302, 25 Lime Street Sydney 2000 NSW

02 9279 1252

Mobile: 0418 373 429

Dr Andrew White Suite 302, 25 Lime Street Sydney 2000 NSW

02 9279 1252

Mobile: 0411 110 513