EQ RESOURCES LIMITED — Capital/Financing Update 2008

Jun 25, 2008

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ASX Release

� Drilling programs commence for Gold and Tin targets

� Scope to realise value for Constance Range Iron Ore

The Board of Directors of Icon Resources Ltd is pleased to provide shareholders with the following update on Icon’s recent activities.

Highlights

• Icon’s third drilling campaign has commenced at the company’s Tara tin project in central NSW with Directors continuing to be encouraged by previous results. The current program is designed to locate buried but near-surface indications of significant tin-bearing structures. Past drilling programs have intercepted anomalous tin intervals but this is the first program designed to test these structures identified from geophysical surveys.

• Drilling is scheduled to commence at Icon’s Crow King tenement in NE NSW. The gold target is associated with the deep crustal Peel Fault structure and is analogous to the Mother Lode multi-million ounce deposit in California. Despite extensive shallow historic workings, there is very limited previous drilling.

• As has been previously announced, Icon’s portion of the Constance Range iron ore deposits has been excised from the Joint Venture over the Elizabeth Creek permit in NW Qld. Icon has been approached by other parties with a view to creating a significant iron ore company which encompasses the various iron ore deposits in the region.

• Icon’s current rights issue has been well received and shareholders are reminded that the offer closes 2 July 2008.

Managing Director Dr John Bishop commented that “Icon is progressing two important exploration projects which have the potential to yield large scale discoveries while the company focuses on delivering shareholder value with its Constance Range iron ore deposits through corporate restructuring. Meanwhile, the company is close to appointing a Project Manager for Mount Carbine who will co-ordinate fast tracking of the tailings retreatment project to derive early cashflows. The company has also been approached over potential tungsten offtake arrangements with European consumers.”

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Project: Tara Tin (III 100%)

Location: Central NSW Tenements: EL6532 (Tara), ELA2953 (Tara Extended)

Target: Concealed intrusion-related tin-tungsten veins/stockworks and breccia pipes.

Drilling in Progress.

As reported previously, tin mineralisation has been intersected in most of the existing Tara drillholes and a large area of alteration (approximately 4km x 2km) has been defined by geophysical surveys.

The area is covered by ~10m of transported material which negates the use of soil geochemistry and exploration is by geophysical survey and drilling.

The style of mineralisation is believed to be similar to the zoned (Sn-Cu-Zn) fissure vein deposits of Cornwall and the air-core drilling program presently underway is targeting the near-surface expression of a number of linear features interpreted from the geophysics. These structures may have acted as conduits for mineralising fluids from the deeper granite source, and bound zones of more concentrated veining and mineralisation. The program will also look for larger alteration halos around narrower zones of tin mineralisation.

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Tara Tin Project: linear features interpreted from geophysical surveys superimposed on a satellite image. The current air-core drilling program is designed to locate near-surface mineralised lodes associated with the features.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Project: Crow King Gold, Peel Fault (III 100%) Location: NE NSW

Tenement: EL6648

Target : Californian ‘Mother Lode’ style gold mineralisation related to deep crustal structures; orogenic gold veins associated with “splay” structures.

The Crow King tenement is one of several held by Icon associated with the Peel Fault. The comparable tectonic setting as seen, for example, on the aeromagnetic images and the similar widespread alteration and mineralisation make the Californian Mother Lode style of gold deposit a compelling analogy.

The Mother Lode is a series of gold deposits contained within a band approximately 1km wide and nearly 200km long in central California. There are two main types of deposits: (a) gold in quartz veins which may be up to 2000m along strike, 20m thick and extend to more than 2000m and (b) mineralised country rock several tens of metres wide resulting in large tonnage deposits.

Mapping at Crow King has located large zones of typical Mother Lode style quartz-carbonate alteration (listwanite) and a recent 3D IP survey has defined extensive zones of (probable) pyrite. Coincident with these are zones of anomalous gold, arsenic, mercury and antimony in soils.

The drilling program, scheduled to start in early July, will target these zones to depths of at least 150m to test well below the depth of weathering.

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Image showing the extent of quartz-carbonate-fuchsite (listwanite) alteration superimposed on gold soil geochemistry at the Magnesite Hill prospect within the Crow King licence.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Project: Constance Range Iron Ore (III 100%) Location: NW Qld

Tenement: EPM14589 (Elizabeth Creek)

Target: Sedimentary sequences with economic grades of iron ore

Icon’s portion of the Constance Range iron ore deposits occupies the western half of the Elizabeth Creek EPM14589 (the eastern half of which is being explored by Zinifex under a JV agreement). The deposits consist of a series of oolitic, haematitic, sideritic and chamositic sediments referred to as the Train Range Ironstone.

The Constance Range iron ore deposits were extensively explored from the mid 1950s to the early 1960s by BHP who estimated a combined conceptual mineralisation for all deposits of 315Mt @ 50.4% Fe. Impurities were “low” except for silica which exceeded 9%. Icon’s Elizabeth Creek permit covers deposits J and I with L outside the NW corner (see image below). Most of the remainder is held by two companies with some in National Parks.

Consolidation of these deposits into one dedicated iron ore company would add value for all stakeholders and Icon is presently in discussion with interested parties to see how best to bring this about.

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Aerial (Google Earth) view of the western half of Icon’s Elizabeth Ck permit showing the location of three of the BHP iron ore deposits.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Renounceable Rights Issue

Icon’s 1 for 3 rights issue (plus one attaching option for every two new shares) has been well received and cheques continue to be banked. We remind shareholders that the Issue closes on Wednesday 2 July 2008.

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Satellite image showing location of Icon’s exploration tenements and applications.

The information in this report that relates to Exploration Results is based on information compiled by Dr John Bishop, who is a member of the Australian Institute of Geoscientists. John is a full-time employee of Icon, and has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Bishop consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472