EQ RESOURCES LIMITED — Capital/Financing Update 2008

Jul 6, 2008

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7 July 2008

Companies Announcements Office Australian Securities Exchange

Completion of Renounceable Rights Issue

The Directors of Icon Resources Ltd advise that the Company’s one for three renounceable Rights Issue to shareholders of 15,497,750 new ordinary shares at the price of $0.20 per Share together with 7,748,875 new options (exercisable at $0.35 by 30 June 2009) to raise approximately $3.1 million closed on 4 July 2008.

5,912,229 new shares, representing approximately 38% of the entitlements have been applied for, leaving a total shortfall of 9,585,521 new shares. The Directors consider that this result indicates strong overall support for the Company by its shareholders particularly in the context of the recent poor performance of the Australian share market. In accordance with the Prospectus, the Company will now work with the Broker to the Issue, ABN AMRO Morgans, to place the shortfall from the issue.

The following is an indicative remaining timetable for the issue:

Issue of New Shares and New Options	9 July2008
Dispatch of holdingstatements	10 July2008
Tradingof New Shares and New Options expected to commence on ASX	11 July2008

Icon Resources Ltd

Robert Waring Company Secretary

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