EQ RESOURCES LIMITED — Capital/Financing Update 2010

May 6, 2010

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7[th] May, 2010

ASX Announcement

Icon acquires exploration tenements surrounding Mt Carbine

Icon Resources Ltd (ASX: III) is pleased to provide the following update on its 100% owned (mineral rights) Mt Carbine tungsten project in north Qld.

• Icon has acquired EPM 14872 which surrounds the Mt Carbine mining leases and the adjoining EPM 14871.

• The tenements contain numerous historic tungsten (and tin) workings and have excellent prospectivity for significant mineralisation, with the potential for further concealed Mt Carbine – style sheeted vein systems.

• This acquisition also contributes to the accelerated development of Mt Carbine by providing underlying tenure for future infrastructure requirements adjacent to the current granted mining leases.

Icon has acquired EPM 14871 and EPM 14872, for $87,500, from Kangaroo Resources Ltd which is now focussing its activities on coal in Indonesia. The granted exploration tenements cover over 210 sq km (combined) and contain numerous old workings with, in particular, significant tungsten mineralisation identified at Mt Holmes and along a prospective corridor to the SE of Mt Carbine.

Further, this acquisition will facilitate application for an enlarged mining lease and/or infrastructure leases should these be deemed desirable.

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Dr John Bishop Managing Director

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

Suite 404, 25 Lime Street, Sydney NSW 2000. Telephone: +61 2 9279 1252 Facsimile: +61 2 9279 2727

ACN 115 009 106

Mt Carbine Update

Icon Resources Ltd

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Google image showing the recently acquired EPMs 14871 and 14872 surrounding the Mt Carbine

Mining leases.

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