EQ RESOURCES LIMITED — Interim / Quarterly Report 2008

Apr 28, 2008

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

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Icon Resources Ltd
ABN Quarter ended (“current quarter”)
77 115 009 106 31 March 2008
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities 31 March 2008 (9 months)
$A’000 31 March 2008
$A’000
1.1 Receipts from product sales and related debtors 0 0
1.2 Payments for (a) exploration and evaluation (740) (2,358)
(b) development 0 0
(c) production 0 0
(d) administration (109) (396)
1.3 Dividends received 0 0
1.4 Interest and other items of a similar nature received 21 90
1.5 Interest and other costs of finance paid 0 0
1.6 Income taxes paid 0 0
1.7 Other – tenement security deposits (2) (25)
– joint venture fees received 0 55
– other 0 53
Net Operating Cash Flows (830) (2,581)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects 0 0
(b) equity investments 0 0
(c) other fixed assets (2) (49)
1.9 Proceeds from sale of: (a) prospects 0 0
(b) equity investments 0 0
(c) other fixed assets 0 0
1.10 Loans to other entities 0 0
1.11 Loans repaid by other entities 0 0
1.12 Other (provide details if material) 0 0
Net investing cash flows (2) (49)
1.13 Total operating and investing cash flows (carried (832) (2,630)
forward)
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Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

1.13 Total operating and investing cash flows (brought forward)	(832)	(2,630)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other – share issue costs Net financing cash flows	0 0 0 0 0 0	0 0 0 0 0 (47)
	0	(47)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(832) 1,386 0	(2,677) 3,231 0
	554	554

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		(69)
		0
1.25	Explanation necessaryfor an understandingof the transactions
	1.23 – Executive director salary and director consultancy fees at normal commercial rates totalling $69,000.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Nil

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A

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ICON RESOURCES LTD

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	200
	0
Total	200

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000 54 332 0 1,000 1,386
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other – Bank bills,bank term deposits	47
	107
	0
	400
Total: cash at end ofquarter(item 1.22)	554

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
	No changes
	EPM 15687	100%	Nil	100%

6.3 A full list of Icon Resources Ltd tenements is included as an attachment to this report.

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ICON RESOURCES LTD

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	Nil
	Nil
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	46,493,248	32,127,248	FullyPaid	FullyPaid
	Nil Nil
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	Nil
	Nil
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,200,000 1,260,870 400,000	0 0 0	Exercise price 30 45 30	Expiry date 8 Mar 2011 30 Nov 2012 30 Nov 2012
	760,870 400,000*	0 0	45 30	30 Nov 2012 30 Nov 2012
	Nil
	Nil
7.11 Debentures (totals only)	Nil
7.12 Unsecured notes (totals only)	Nil

• Options issued under Company’s ESOP. ASX announcement 18 January 2008 refers.

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ICON RESOURCES LTD

• ** Options issued under Company’s ESOP and in accordance with Exploration Manager’s employment contract. ASX announcement 18 January 2008 refers.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Robert J Waring Date: 29 April 2008 ( ~~Director/~~ Company Secretary)

Print name: Robert J Waring

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Schedule of Tenements as at 29 April 2008

TenementName	Number	Holder	Expiry	Comment
**New SouthWales **
Bingara	EL6681	Icon	13 Dec 2008
Crow King	EL6648	Icon	18 Oct 2008
Trilby	EL6680	Icon	13 Dec 2008
Baldwin	EL6682	Icon	13 Dec 2008
Weabonga	EL6620	Icon	29 Aug2008
Niangala	EL6683	Icon	13 Dec 2008
Upper Hunter	EL6618	Icon	29 Aug2008
Golden Crystal	EL6619	Icon	29Aug2008
Tara	EL6532	Icon	14 Mar 2008
Tara Extended	EL6729	Icon	28 Feb 2009
Hiawatha	EL6670	Icon	27 Nov 2008
Grenfell	EL6559	Icon	12 Apr 2008
Kyloe	ELA3261	Icon
Jindabyne	ELA3262	Icon
Queensland
Elizabeth Creek	EPM14589	Cast Resources	4 Aug2010	JV with Zinifex
“New Century”	EPMA15866 EPM 15867 EMPA15904 EPMA16228 EPMA16229 EPMA16230 EPMA16232	Troutstone	9 Mar 2011
Burketown	EPM15368	Icon	1 Aug2009
Leichhardt	EPM15386 EPM15387 EPM15388	Troutstone	29 Oct 2009 19 Dec 2008 19 Dec 2008
Glentanna	EPM15401	Icon	28 Jun 2008
Fair Hill	EPM16285	Icon	23 Aug2010
Helidon	EPM16454	Icon	30 Jul 2010
FitzroyProject	EPM16665	Icon	29 Nov 2012
Foresthome	EPM13961	Icon	23 Jun 2008
Iron Pot Creek	EPMA17071	Icon
Mt Carbine		Icon – Mineral Rights
Tasmania
HentyRd	EL47/2004	South Eastern Resources	10 Feb 2010
Amber Ck	EL8/2005	South Eastern Resources	29 Mar 2011
SandyCape	ELA26/2007	Icon
EL = exploration licence EPM = exploration permit ELA = exploration licence application EPMA = exploration permit application

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