EQ RESOURCES LIMITED — Interim / Quarterly Report 2008

Apr 28, 2008

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Quarterly Report for Period Ending 31[st] March 2008

Icon Resources Ltd (‘Icon’) is pleased to provide the following report on the Company’s activities for the three month period ending 31 March 2008. Background information on the projects reported here along with information on the Company’s other activities is available on the website at www.iconresources.com.au. Icon’s tenement holdings provide exposure to a wide spectrum of mineral commodities throughout Eastern Australia (Figure 1).

Highlights

• Icon has acquired the rights to the Mt Carbine tungsten mine in North Queensland. Mt Carbine was Australia’s largest tungsten producer when it closed in the mid 1980’s due to depressed metal prices. Icon is presently evaluating how best to develop the significant remaining resources.

• High order targets resulting from recently completed geophysical and geochemical surveys at Crow King (Peel Fault Project, NE NSW) will be drill tested in the June quarter.

• Planning for penetrative geophysical surveys at Burketown (NW Qld) is completed. These surveys are scheduled to take place in June/July, and will cover the IOCGU gravity-magnetic target and a portion of the interpreted altered dykes, prospective for nickel.

• Down hole geophysical surveys are scheduled for a number of open historical drillholes at Foresthome (central Qld) to look for extensions to the inferred resource of 1.75Mt @ 1.7% Cu + 2% Zn.

• Re-interpretation of key data sets at Icon’s Tara tin/tungsten project in central NSW has identified a series of structures which could host higher-grade mineralisation. These features will be tested with shallow basement geochemical sampling starting in the June quarter, to refine targets for subsequent deeper drilling.

• Icon is considering options to advance the potential of the Constance Range iron ore deposits following the separation of this strategic holding from the ongoing Zinifex base metals JV at Elizabeth Ck in NW Qld.

Managing Director Dr John Bishop commented that “The acquisition of the Mt Carbine Tungsten mine is an exciting move which will raise the company up to the next level. The results from the Crow King surveys look particularly promising and our drilling program has been rescheduled to test these as soon as possible. It is also satisfying that everything is now in place to carry out surveys over our large IOCGU target at Burketown and at Foresthome.”

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Figure 1: Icon’s Exploration and Mining tenements cover a broad range of mineral commodities throughout Eastern Australia.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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MT CARBINE: Tungsten, NORTH QLD (III acquiring 100% mineral rights)

Tenements: Granted Mining Leases MLs 4867, 4919

Target: Bulk tonnage sheeted wolframite-scheelite veining.

During the quarter Icon announced that the company has secured the rights to explore and mine tungsten at Mt Carbine, ~80km northwest of Cairns in North Queensland. Icon believes this strategic acquisition has the potential to be re-developed as a major low-cost tungsten producer.

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Plan view of the Mt Carbine open cut, tailings, reject stockpiles and mine lease boundaries. Icon’s initial focus will be on an early cash flow from the remaining ore (mainly scheelite) in the tailings whilst de-watering the open cut and constructing a mill.

The Mt Carbine tungsten mine operated as an open cut mine from the early 1970s until 1986 when it closed due to the low tungsten price. At the height of open pit production over 2 million tonnes of ore were mined per annum with a total extraction of 10,000 tonnes of WO3. At the time of closure the mine was well advanced with development for a major underground mining operation.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Significant attributes of Mt Carbine that will assist early development include:

• Two granted mining leases covering all the former workings; both recently renewed until 2022 and 2023 respectively.

• Infrastructure advantages of the bitumen Peninsula Development Highway bisecting the project area with a new high voltage powerline parallel to the highway.

• Approximately 670,000 tonnes of mineralisation remaining in the open pit at the time of closure.

• A fully designed underground mine with two underground stopes defined in this design containing approximately 7M tonnes.

• Underground development accessing mineralisation beneath the open pit partially completed.

• Approximately 1M cubic metres of tailings containing potentially recoverable tungsten.

• Approximately 7M tonnes of stockpiled low grade crushed ore.

Icon’s Chairman, Dr White, through his previous close association with the mine, believes that these estimates are conservative and that additional resources of tungsten exist to the north of the pit and at depth.

Icon’s Initial Focus

The company’s initial focus will be on the potentially easily exploitable tailings and low-grade stockpile resources. Preliminary samples taken from several sections of the exposed tailings has returned tungsten values ranging from 0.08-0.12% WO3 and confirms that definitive sampling to quantify the resource is warranted.

Peel Fault Project: Gold, Nickel, PGEs; NE NSW

Tenements:EL6681 (Bingara), EL6648 (Crow King), EL6680 (Trilby), EL6682 (Baldwin), EL6620 (Weabonga), EL6683 (Niangala), EL6618 (Upper Hunter), EL6619(Golden Crystal)

Target: ‘Mother Lode’ style gold mineralisation related to deep crustal structures, orogenic gold veins associated with “splay” structures, and ultramafic –hosted nickel and PGEs

Evaluation of Icon’s extensive tenement holdings prospective for gold, base metals and PGEs (platinum group elements) along the regionally significant Peel Fault Structure in NE NSW has advanced significantly during the quarter with the completion of geological mapping, soil geochemistry and geophysical surveying at Crow King, and additional reconnaissance at Weabonga.

The Crow King EL covers several groups of shallow historical gold workings adjacent to altered ultramafic rocks entrained within the Peel Fault. Extensive zones of intense distinctive carbonate alteration (‘listwanite’) have been mapped within the ultramafics, and detailed Niton soil geochemistry has defined coherent arsenic-mercury anomalism associated with this alteration. Lower tenor arsenic anomalies are also associated with the known gold workings to the east of the listwanites.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002

T: +61 3 6231 3948 F: +61 3 6234 3472

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High order arsenic soil geochemical anomalies associated with altered ultramafic rocks (Magnesite Hil/”Peel Fault Trend”l) and historical gold workings (Crow King – Red Flag “Crow Mountain Trend”) with 3D IP chargeability anomalies (blue bodies) defined at depth.

The gold exploration targets defined from compilation of previous work and the recently completed Niton multi-element soil geochemistry and 3D IP geophysical coverage fall along two broad trends, termed the ‘Peel Fault’ and ‘Crow Mountain Trends’.

Exploration targets which lie along the ‘Peel Fault Trend’ tend to be characterized by strongly altered and veined ultra-mafic rocks proximal to the north-west trending Peel Fault. Anomalous As-Hg pathfinder geochemistry and several semi-coincident 3D IP chargeability anomalies occur at depth along this trend.

The ‘Crow Mountain Trend’ appears to follow a belt of resistive, quartz veined chert horizons along the crest and eastern side of Crow Mountain, with numerous quartz vein hosted gold workings. Subtle zones of anomalous As, Pb, Hg and Mn pathfinder geochemistry have been defined along this trend often proximal to discrete 3D IP chargeability anomalies at depth.

Limited historical drilling was shallow and has not tested any of the recently defined geophysical features at depth

A program of approximately 1600m of RC collared diamond drilling is scheduled to commence at Crow King in May, pending final departmental approvals.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Coincident 3D IP / geochemical targets at the Good Friday and Fletchers Prospects in southern extension of the Peel structure are considered highly prospective for sulphidebearing gold mineralisation. Image shows arsenic values with underlying chargeable bodies.

TARA: Tin/tungsten, Central NSW

Tenements: EL6532 (Tara), EL6729 (Tara Extended)

Target: Concealed intrusion-related bonanza polymetallic-tin veins and stockworks

The Tara prospect in central NSW comprises widespread tin-base metal veining associated with a deeply buried mineralising intrusive. This completely concealed system has the potential to host significant polymetallic mineralisation, and Icon has been utilising geophysics to resolve targets for drill testing.

3DIP, high-resolution resistivity and detailed ground magnetic surveys completed during 2007 have highlighted potentially mineralised structures across the prospect area, including satellite chargeable bodies to the NW and SW of the central magnetic feature which has been partially tested to date.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Recent integration of the magnetics and resistivity data has further refined the structural interpretation and a program of shallow basement air-core sampling has been designed to test a number of these prospective structures for elevated tin levels to direct the next phase of deeper drilling.

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Processed ground magnetics at Tara, with proposed air-core traverses (white triangles) across prospective basement structures (previous drilling in yellow).

FITZROY: Copper-Zinc, Central QLD

Tenements: EPM 13961 (Foresthome) and EPM 16665 (Fitzroy)

Target: Volcanic-hosted style polymetallic (Cu/Zn) massive sulphide lenses

As has been previously reported, modelling by Icon of previous drilling at Foresthome generated a revised Inferred Resource estimate for the three currently defined mineralised bodies (Sulphide City, Scorpion and Window) of 1.75Mt grading 1.7% Cu and 2% Zn.

This estimate builds upon an earlier (non-JORC) resource estimate compiled by Outokumpu for Sulphide City and Scorpion in the mid-1990’s. While the current resource remains sub-economic, Icon considers that the system warrants further evaluation to identify extensions to the known mineralisation, and to locate additional concealed bodies that may form part of a localised volcanichosted massive sulphide (VHMS) cluster.

Icon will also evaluate the potential for similar systems throughout the under-explored host volcanic terrane within the surrounding EPM 16665 ‘Fitzroy’, which contains a number of previously identified geochemical and geophysical targets.

The initial phase of generating prospective targets adjacent to the currently defined resources will involve modern down hole electromagnetic (DHEM) surveying of historic drillholes on the flanks of

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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both Sulphide City and Scorpion to detect potential off-hole conductive mineralised bodies. Follow-up surface EM and/or 3D IP surveys are also being planned to begin the search for satellite mineralisation under cover.

During the quarter a number of historical drillholes with intact geophysical casing were identified in locations which should facilitate optimal coverage with DHEM. Surveying of these holes with a series of loop configurations is planned for the June quarter.

Positive conductive responses from this program will significantly upgrade the potential to increase the currently defined resource in the following settings:

• Distal bedded copper-zinc sulphide horizons extending down-dip from the Scorpion sulphide breccia and Sulphide City massive sulphide lenses.

• Untested prospective stratigraphic intervals forming part of a complex stacked system. (at least two mineralised horizons have been intersected at Sulphide City, but only the upper interval effectively tested at Scorpion 500m to the west)

• Concealed mineralisation to the east of Sulphide City (untested IP chargeability anomalies)

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Plan view of the cased historical drillholes (blue) flanking the main copper-zinc bodies at the Develin Creek prospect. Extensive low-grade pyritic footwall mineralisation is defined by the broad gradient array IP chargeability anomaly, The planned DHEM surveys are aimed at delineating additional (conductive) massive sulphides.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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SE Qld: Copper, Lead, Zinc, Gold, Uranium

Tenements:EPM15401 (Glentanna), EPM16285 (Fair Hill), EPM16454 (Helidon)

Target: Volcanic-hosted base metal sulphides (Glentanna) and conceptual uranium-enrichment settings (Fair Hill/Helidon)

The Fair Hill and Helidon permits covering conceptual uranium targets have been granted and initial ground reconnaissance and geochemical sampling is planned in the coming months.

Geological reconnaissance at Glentanna has resulted in a reinterpretation of the Grieves Quarry structure with the possibility of massive sulphides occurring to the east of the known mineralisation. Surface electromagnetic surveys are currently scheduled for the June quarter to resolve historic EM (Input) anomalies in this stratigraphic position, with conductive zones to be tested by subsequent drilling.

NSW Porphyries: Gold-Copper - Southern NSW

Tenements – EL 6291 (Hiawatha), EL 6559 (Grenfell), ELAs 3261, 3262 (Adaminaby)

– Target Concealed “Porphyry-related gold - copper” systems

During the latter part of 2007 a series of geophysical and geochemical targets associated with historical gold workings were drilled at Grenfell and Hiawatha. These programs failed to intersect significant alteration or mineralisation and generally returned only elevated metal values. While the immediate prospectivity of these tenements has been downgraded, the geological setting indicates that mineralised intrusives may still be present at depth.

The Adaminaby licences are proceeding towards grant, and reconnaissance geological traverses are planned to confirm alteration signatures at a number of recorded “porphyry copper” prospects that have had little if any previous exploration.

Professor Range: (Grieves) Zinc, Western Tasmania

Tenements: EL47/2004 (Henty Road) and EL8/2005 (Amber Creek)

Target: Zinc (as sphalerite) in near-surface peaty clays and zinc (as ‘oxides’) in underlying carbonates.

During the quarter metallurgical testwork to resolve extraction of zinc from near-surface peat resources has continued with the results continuing to indicate that a profitable process is achievable. Initial QEMSCAN ore characterisation analyses of portions of the underlying zinc-oxide mineralisation have has been completed.

Icon is evaluating a number of options to extract value from the known resource and advance the broader prospectivity of the tenements for ‘Irish-Style’ replacement lead-zinc mineralisation within the host carbonate sequence.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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North West Queensland Projects

EPM14589 (Elizabeth Creek); EPM15368 (Burketown); EPMs 15386-8 (Leichhardt); EPMA’s 15866, 15904, 16228-30, 16232, EPM15867 (New Century)

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Icon’s Burketown, Leichhardt, New Century and Elizabeth Ck permits in NW Qld, superimposed on a satellite (Google Earth) image. Granted permits in red, applications in yellow.

Burketown

Target: Iron oxide copper gold uranium; (“Olympic Dam” style IOCGU)

At Burketown the primary exploration target is a large iron oxide copper-gold mineralising system, possibly with associated uranium (IOCGU) and rare earth elements, similar to known world-class deposits and recent discoveries under cover in South Australia.

These deposits typically contain large accumulations of hematite, with or without magnetite and can be associated with discrete positive gravity and magnetic anomalies. The large scale of these systems can make targeting associated copper-gold mineralisation difficult, particularly beneath moderate cover. Sulphide distribution can be used as a direct targeting tool as evidenced by the extensive use of the Queensland-developed MIMDAS system at Olympic Dam, the world’s largest IOCGU deposit.

Icon considers the tenement to be highly prospective for concealed mineralisation associated with a near-coincident basement magnetic and gravity feature, and during the quarter has progressed preparations for innovative geophysical surveying scheduled for completion in mid-year with the assistance of Qld government funding under a previously announced INI grant.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Burketown Gravity-Magnetic Anomaly

In addition to resolving concealed (IOCGU) sulphide mineralisation associated with the gravitymagnetic feature, consideration is being given to extending geophysical coverage over the interpreted mafic dyke complex to the south, considered prospective for nickel.

Elizabeth Ck

Target: Iron ore and “Century-style” SEDEX zinc-lead

Elizabeth Creek is prospective for Century-style lead-zinc deposits as well as containing significant horizons of iron ore mineralisation. The latter were extensively drilled by BHP in the late 1950s – early 1960s. The base metal potential is currently being carried out by Icon’s partner, Zinifex, who manage the JV in conjunction with an expanding regional exploration program targeting Centurystyle SEDEX zinc mineralisation.

Icon is reviewing several options to advance the iron ore potential of the project, which forms part of the large undeveloped Constance Range iron ore province.

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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New Century

Target: “Century-style” SEDEX zinc-lead

Icon’s strategic group of tenement covering in excess of 1900 km[2 ] of prospective stratigraphy to the NW of the Zinifex Century Zinc Mine are progressing towards grant, and conceptual targets for sediment-hosted (SEDEX) zinc-lead mineralisation are being developed to the stage where partners can be sought to systematically evaluate this essentially unexplored terrain. The first of the New Century permits has recently been granted and discussions have commenced with a number of explorers active in the region.

Leichhardt

Target: IOCGU systems

The Leichhardt project comprises three granted exploration permits covering a series of gravity and magnetic anomalies along the concealed junction of the Mt Isa Rift and the Murphy Ridge. As with New Century, priority targets are being developed as a precursor to the establishment of Joint Venture programs to explore for concealed mineralisation in a highly prospective setting. High-quality government airborne geophysical coverage of the project has just been released, and in-house processing has identified a series of basement features warranting further evaluation.

The 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 ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472

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Icon at a Glance

Directors

Dr Andrew White, Chairman Dr John Bishop, Managing Director Mr Steve Bartrop, Director

Company Secretary

Mr Robert Waring

Registered Office

Suite 404, 25 Lime Street Sydney, NSW 2000 Australia Ph +612 9279 1252 Fax +612 9279 2727 Email info@iconresources.com.au

Number of Shareholders

At 31 March 2008 Icon had 643 shareholders.

Issued Capital

At 31 March 2008 Icon’s issued capital was 46,493,248 ordinary shares, 1,200,0000 unlisted options exercisable at 30 cents by 8 March 2011, 1,260,870 unlisted options exercisable at 45 cents by 30 November 2012 and 400,000 unlisted options exercisable at 30 cents by 30 November 2012.

Shareholder Enquiries

Matters relating to shares held and change of address should be directed to the share registry:

Computershare Investor Services Pty Ltd Level 2, 45 St Georges Terrace Perth WA 6000 Ph: +1300 557 010

Major Shareholders

The share register records the following as major shareholders at 31 March 2008:

Shareholder	%
Troppo Resources Pty Ltd	11.76
Fallon Nominees Pty Ltd	9.37
Golden Reef Enterprises Pty Ltd	6.68
Mr John R & Sarah V Bishop	6.66
Mr Roger J G & Amelia B Lewis	6.17
ANZ Nominees Limited	4.31
Mr Darcy Milburn	3.24
Dr Leon Eugene Pretorius	2.16
Pathold No 107 Pty Ltd	1.36
Gage Resources Pty Ltd	1.36

Cash Balance

At 31 March 2008 Icon’s cash balance was approximately $ 554,000 .

To receive Icon’s announcements by email, write your email address below and fax this page to +612 9279 2727 or email it to info@iconresources.com.au

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Email address

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Website

Please visit Icon’s website for the latest announcements and news: www.iconresources.com.au

General Enquiries

Contact John Bishop on 0418 373 429

ASX Listing Code

The Company’s ASX listing code is III

Icon Resources Ltd ACN 115 009 106

Principal Office:

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472