EQ RESOURCES LIMITED — Capital/Financing Update 2010

May 19, 2010

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20[th] May 2010

ASX Announcement Share Purchase Plan Extended

Icon Resources Ltd (ASX Code: III) announces today that given the recent turmoil in the global financial markets, combined with the uncertainty created by the proposed introduction of a new Resource Super Tax in Australia, the offer period for the current Share Purchase Plan (SPP) has been extended by two weeks such that it will now close on 4[th] June 2010 .

Under the SPP, Eligible Shareholders have the opportunity to subscribe for new ordinary shares in III to a minimum of $500 or a maximum of $15,000 without brokerage or other transaction costs, at an issue price of A$0.075 per share.

The original application form can still be used, but Shareholders requiring a new form can download it from the Computershare website at:

www.computershare.com.au (go to Investor Centre, Holding Enquiry and My Documents). Alternatively Shareholders can contact Computershare Investor Services Pty Ltd on 1300 557 010.

For an update on the Company’s recent activities, Shareholders are referred to the following ASX releases:

• Icon starts drilling for gold on the Peel Fault, NE NSW (18 May 2010)

• Icon acquires new tenements around Mt Carbine (7 May 2010)

• Latest presentation on Icon Website (20 April 2010)

For further information, contact: Robert Waring, Company Secretary

m: 0418 440 838 e: rwaring@iconresources.com.au

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Dr John Bishop Managing Director m: 0418 373 429

Icon Resources Ltd ACN 115 009 106 Suite 505, 35 Lime Street, Sydney NSW 2000. Telephone: +61 (0)2 9279 1252 Facsimile: +61 (0)2 9279 2727