EQ RESOURCES LIMITED — Share Issue/Capital Change 2007

Feb 27, 2007

28 February 2007

Companies Announcements Office Australian Stock Exchange Limited

ISSUE OF SHARES FOLLOWING ACQUISITION OF GRENFELL SOUTH TENEMENT (EL 6559) AND NOTICE UNDER SECTION 708A(5)(e)

On 27 June 2006 Icon Resources announced an agreement of terms with Mr D J Perkin of Canberra, whereby Icon could acquire the 50% balance of the Grenfell South Exploration Licence (EL 6559) with consideration being the issue of 370,286 fully paid ordinary shares in exchange for the Grenfell South tenement EL 6559. This transaction has now been finalised and the licence transferred to the Company. These shares are subject to voluntary escrow until 6 June 2007.

A copy of Appendix 3B as required by Listing Rule 3.10.3 is attached.

Issue of Icon Resources Shares - Secondary Trading Notice Pursuant to Section 708A(5)(e) of the Corporations Act 2001 ("Act")

On 28 February 2007, Icon issued 370,286 fully paid ordinary shares ("Securities") to Mr D J Perkin.

Secondary Trading

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. As Icon commenced trading on ASX on 6 June 2006, it cannot rely on the exemption in section 708A(5) of the Act. Accordingly the 370,286 shares cannot be traded until 6 June 2007.

Yours faithfully ICON RESOURCES LTD

Robert J Waring Company Secretary

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Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement.

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

ICON RESOURCES LTD

ABN

77 115 009 106

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ +Class of +securities issued or to be issued

$\overline{2}$ Number of +securities issued or to be issued (if known) or maximum number which may be issued

Principal terms of the +securities (eg, if 3 options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully Paid Ordinary Shares

370,286 Fully Paid Ordinary Shares

Fully paid ordinary shares

Do the +securities rank equally in all respects $\overline{4}$ from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 5 Issue price or consideration
• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
• Date of entering +securities into uncertificated $\overline{7}$ holdings or despatch of certificates
• $\bf 8$ Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)
• Number and +class of all +securities not 9 quoted on ASX (including the securities in clause 2 if applicable)
• $10$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Full participation in any future dividends

Part 2 – Bonus issue or pro rata issue

Questions 11 to 33

Not applicable

As consideration for the transfer of a 50% interest in EL 6559

Yes. Rank equally in all respects from date of

Issued as consideration for 50% of the tenement known as Grenfell South, EL 6559

1 March 2007

allotment

Number	+Class
40,370,286	Fully Paid Ordinary Shares
	(includes 370,286 fully paid ordinary shares subject to voluntary escrow until 6 June 2007)

Number	+Class
1,200,000	8 March 2011 Options - exercise price 30 cents

Part 3 – Ouotation of securities

You need only complete this section if you are applying for quotation of securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

Entities that have ticked box 34(b)

Ouestions 38 to 42

Not applicable

Ouotation agreement

• +Ouotation of our additional +securities is in ASX's absolute discretion. ASX may quote the $\mathbf{1}$ +securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications $\bullet$ received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act $\bullet$ in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or 3 expense arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any information or $\overline{4}$ document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Date:

Sign here:

28 February 2007

(Director/Company Secretary)

Print name:

Robert J Waring

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