EQ RESOURCES LIMITED — Capital/Financing Update 2010

Oct 31, 2010

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1 November 2010

Companies Announcements Office Australian Securities Exchange

SHARE PLACEMENT

The Board of Icon Resources Ltd (ASX Code: III) is pleased to announce a placement of 8,500,000 ordinary fully paid shares at a price of 15 cents per share to raise $1,275,000.

The funds to be raised will assist Icon’s present programs of work on the Mt Carbine tungsten project, as detailed in the recent Quarterly Activities Report to ASX, and for working capital. The placement was made to clients of broker Martin Place Securities Pty Ltd.

It is anticipated that an Appendix 3B for the issue of these shares will be lodged on 4 November 2010.

Icon Resources Ltd

Robert J Waring Company Secretary

Icon Resources Ltd ABN: 77 115 009 106 Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727