EQ RESOURCES LIMITED — Capital/Financing Update 2009

Mar 29, 2009

30 March 2009

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ASX Announcement

Polymetals to develop and operate the Mt Carbine Tailings Project

Icon Resources’ Board of Directors is pleased to announce that it has signed a Memorandum of Understanding with Polymetals Group Pty Ltd whereby following due diligence, Polymetals will develop and operate the Mt Carbine Tailings Project.

Key points:

• Polymetals will complete a due diligence study before 30 April 2009.

• Following a positive outcome, Polymetals will acquire a 50% interest in the Tailings Project for a purchase price of up to $2M.

• Polymetals will then match the acquisition cost to provide total funds of up to $4M to meet project capital expenditure.

• Polymetals will be the operator of the project which is expected to last up to three years with a potential payback period of around one year at the current tungsten price and A$/US$ exchange rate.

• With Polymetals as developers and operators of the Tailings Project, Icon can focus on the Mt Carbine primary ore to confirm sufficient resource for an extended open pit operation.

• At Icon’s election, $0.25m of the $4m funding may be in the form of a share placement in Icon, at 5cps.

• Given this new and important announcement, Icon will extend its current Share Purchase Plan closing date to Tuesday 7[th] April 2009.

Managing Director Dr John Bishop commented “This is a significant development for Icon. Polymetals is a well-established Australian miner with a proven track record and Icon is very pleased to have the company as a partner. The agreement, whereby Polymetals buys a 50% interest and manages the tailings project, will be an important step towards Icon becoming a profitable producer. With the tailings project under way, Icon can concentrate on its 100% owned Mt Carbine primary ore project: proving up a sufficient resource to justify a long-term mining operation.”

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

Polymetals Background

Polymetals Group Pty Ltd is a small dynamic, long-established (1987) mining business based in Brisbane. The company has managed numerous mining operations, the most recent being the Hellyer tailings project in western Tasmania and it is currently progressing the White Dam gold project, a JV with Exco Resources Ltd, in South Australia.

The company has a particular expertise in metallurgical processing. Its chairman and founding director David Sproule is a metallurgical engineer by training and its managing director Andrew Lawry has more than 20 years of mineral processing experience. (See www.polymetals.com.au)

Memorandum of Understanding

The MOU provides for Polymetals to carry out Due Diligence on the Mt Carbine Tailings Project over the next four weeks. Given a favourable result, a Joint Venture Agreement will be drawn up whereby Polymetals will provide up to $4M of project funding and will provide technical expertise and project management to the Project. This partnership with an experienced operator will leave Icon free to concentrate on the ‘main game’ confirming sufficient resource at its 100% owned Mt Carbine Primary Ore Project to justify a long-term mining operation.

Under the terms of the MOU, Polymetals will complete its due diligence by the 30 April 2009. A successful outcome will result in:

• Polymetals acquiring a 50% interest in the Tailings Project for a consideration of up to $2M

• • Icon and Polymetals will enter into an unincorporated 50-50 joint venture and commit to a combined project development cost of up to $4M.

• Polymetals agrees, at Icon’s election, to buy up to $0.25M worth of III shares at 5cps before 30 May 2009. This sum to be subtracted from Polymetals $2M purchase price.

• Polymetals will manage the Project and report to a Joint Venture Agreement Committee formed from two representatives of each company.

• At the completion of the Project, the parties will negotiate in good faith to progress to the next stage, the processing of primary ore from an extended open pit

Development and commissioning of a processing plant is expected to commence within 12 months with a mine life between 1.5 to 3 years depending on production rates. Icon has already substantially completed the required bulk sampling and metallurgical testwork on the tailings and has recently negotiated to purchase the Collingwood processing plant.

Share Purchase Plan Extended

This development is particularly important for Icon with all the ingredients now in place to take us from ‘Junior Explorer’ to ‘Producer’. To ensure that all Shareholders are aware of the development and are able to give it due consideration in their decision to participate in the SPP, the Directors have decided to extend the Plan by one week. It will now close at close of business on Tuesday 7[th] April 2009.EST

Shareholders are reminded that the SPP allows them to purchase fully paid, ordinary Icon shares from the Company, valued at 5 cents per share. The number of shares each shareholder is eligible to purchase is between the minimum of 10,000 (at a cost of $500) and the maximum of 200,000 (at a cost of $10,000). There are no brokerage fees applicable and all of the money raised goes to the Company where it will be used to provide working capital and to progress the Mt Carbine Tungsten Project.

For further information, contact John Bishop, Managing Director 02 9279 1252 or 0418 373 429 Digital copies of this and other reports are available on our website www.iconresources.com.au. To receive email copies of future releases, subscribe by email to info@iconresources.com.au

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