EQ RESOURCES LIMITED — Capital/Financing Update 2008

Jun 4, 2008

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4 June 2008

Icon Rights Issue – Notice to Shareholders

The attached letter was mailed today to all registered shareholders in Icon Resources Ltd.

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

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4 June 2008

Dear Shareholder

RENOUNCEABLE RIGHTS ISSUE

On 2 June 2008 Icon Resources Ltd (ASX Code: III) announced the terms of a renounceable rights issue of one New Share for every three Shares held by Shareholders at an Issue price of 20 cents per Share held at the Record Date of 12 June 2008, with one free attaching New Option for every two New Shares subscribed for. The Options will be exercisable at 35 cents each at any time prior to the expiry date of 30 June 2009. The Prospectus was lodged with the Australian Securities and Investments Commission (ASIC) and ASX on 2 June 2008.

On exercise of the Options, the issued Shares will rank equally in all respects with existing quoted ordinary Shares. Holdings on different registers (or subregisters) will be aggregated for calculating entitlements.

The Rights Issue will raise approximately $3.1 million (before costs) through the issue of approximately 15.498 million shares and includes a Shortfall Facility whereby existing Icon shareholders (on the register at 5:00pm on 12 June 2008) will have priority in applying for additional New Shares and attaching New Options in excess of their pro-rata Entitlements.

Any remaining Shortfall will be allocated by the Broker to the Issue (ABN AMRO Morgans) in consultation with the Icon Directors.

Following completion of the Offer, the following securities will be on issue (assuming none of the existing options are exercised):

• 61,990,998 ordinary Shares on issue – quoted on ASX

• 7,748,875 Options exercisable at $0.35 up to 30 Jun 2009 – quoted on ASX

• 1,200,000 Options exercisable at $0.30 up to 8 March 2011 – not quoted on ASX

• 1,260,870 Options exercisable at $0.45 up to 30 November 2012 – not quoted on ASX

• 400,000 Options exercisable at $0.30 up to 30 November 2012 – not quoted on ASX

The purpose of this Rights Issue is to raise working capital to fund the feasibility studies for re-treatment of tailings, drilling and test work to underpin a feasibility study for re-opening the open pit and underground mines at Mt Carbine, and exploration of the potential for ore grade mineralisation north of the pit. The funding will also continue Icon's exploration activities, in particular its gold (Crow King, near Barraba) and tin (Tara, near Hillston) prospects in NSW, and the Fitzroy copper zinc project north-west of Rockhampton in Queensland.

Shareholders will receive their copy of the Prospectus soon and application can only be made on the personalised entitlement and acceptance form accompanying the Prospectus. A copy of the Prospectus is also available for review on the ASX website www.asx.com.au or on the Company’s website www.iconresources.com.au.

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

ICON RESOURCES LTD RIGHTS ISSUE

The following is an indicative timetable for the issue:

Announcement of Rights Issue	2 June 2008
Lodgement of Prospectus with ASIC and lodgement of Appendix 3B with ASX	2 June 2008
Notice sent to shareholders	4 June 2008
Rights tradingcommences on ASX(ex date)	5 June 2008
Record Date to identifyShareholders entitled toparticipate in the Rights Issue	12 June 2008
Despatch of Prospectus and Entitlement and Acceptance Forms	18 June 2008
Last dayof Rights tradingon ASX	25 June 2008
Deferred settlement tradingcommences	26 June 2008
ClosingDate for the Rights Issue(5.00pm AWST)	2 July2008
Noticegiven to ASX of under subscriptions	7 July2008
Allotment of New Shares and New Options	8 July2008
Despatch of holdingstatements and deferred settlement tradingends	10 July2008
Tradingof New Shares and New Options expected to commence on ASX	11 July2008

This timetable is indicative only. The Company, in conjunction with the Broker to the Issue, reserves the right to vary the above dates subject to the Corporations Act and ASX Listing Rules.

An application has been made for the Shares and Options to be listed on the ASX.

Please note this offer closes at 5.00pm AWST on 2 July 2008 . For further information, please contact the Company.

Your Board invites you to further participate in the future of the Company by subscribing for Shares and Options under this offer.

Icon Resources Ltd

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John R Bishop Managing Director

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