ICN Resources - Goldfield Bonanza Project

Hog Ranch Rockland - Pine Grove Property Dunes Project JJ (Trout Creek) Property Goldfield Bonanza Project

Goldfield Bonanza Property, Nevada, USA

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Plan Map of all ICN Drill Holes to Date

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Plan Map of Church Zone Drill Holes

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Cross Section through Church Zone

On Dec. 15, 2010, the Company entered into a binding Letter Agreement granting ICN the option to earn an 80% interest in certain claims (the "Property") held by Lode-Star Gold Inc. ("Lode-Star"), a private Nevada corporation. The Property consists of 31 patented and one unpatented mill site claim, (approximately 450 acres), and forms the Goldfield Bonanza Project, located in the historic mining district of Goldfield Nevada. The Property lies directly east of the town, roughly 270 miles southeast of Reno, Nevada, and includes some of the historic past producing mines and workings.

The Letter Agreement between ICN and Lode-Star was subject to certain due diligence conditions, including legal, land and environmental review. ICN has completed its due diligence work and has now initiated an exploration program on the Property. Upon signing of the Definitive Agreement (finalized March 28, 2011) and approval thereof from the TSX Venture Exchange, ICN paid Lode-Star US$50,000 and issued Lode-Star 500,000 units. Each unit consisting of one ICN common share and one full share purchase warrant, with each warrant entitling the holder to purchase one additional common share of ICN for a period of two years at an exercise price equal to 110% of the average closing market price of ICN's common shares over the five consecutive day period immediately prior to the date of issuance. To earn their 80% interest in the Property, ICN will be required to pay to Lode-Star a total of US$3 million in cash, issue 3 million units and complete US$5 million of exploration work over a 4 year option period. If ICN completes all requirements of the Option to vest at 80% in the Property, a standard mining joint venture will be formed.

The Goldfield District was discovered in 1903 and has produced intermittently since that time, with the last recorded production coming from open pit operations conducted during the 1980's. According to Nevada Bureau of Mines and Geology Bulletin 78 (1972), the Goldfield District has recorded production in excess of 4.1 million ounces of gold from high grade quartz-alunite ledges, with some historic stopes grading in excess of 1 oz/ton Au (>34 g/tonne). Average grade of recorded gold production is in excess of 0.5 oz/ton (>17 g/tonne), and recorded production in the district also includes about 1.5 million ounces of silver. In the first 10 years of mining (1903 to 1912) the district produced 3 million ounces of gold at an average grade of 1.81 oz/ton (62 g/t).

The District is a classic, epithermal, high sulfidation gold system, hosted by volcanic rocks of Tertiary age. A large portion of the Property is covered by a thin veneer (<130 feet (40 metres)) of post mineral volcanic rocks, and consequently yields untested exploration targets. During the past ten years, Lode-Star has completed over 35,000 feet (10,750 m) of reverse circulation and core drilling, from both surface and underground. They have encountered intercepts of multiple ounces gold per ton in their underground drilling, and have only tested < 1000 feet (300 m) along a major structural zone that appears to focus gold mineralization and has an apparent strike length of > 5,000 feet (1500 m). The Lode Star data is historic in nature and consequently cannot be relied upon, however their geologist is a QP as defined by 43-101, and all assay work was carried out by an ISO certified laboratory.

ICN's year one work commitment is US$1 million. Initially, ICN completed a CSAMT (Controlled Source Audio-frequency Magneto telluric) geophysical survey over the entire property, as this specific geophysical technique clearly outlines the main structural zones and highly resistive (silicified) rock beneath the post mineral cover. Drill testing of historic holes and structural targets followed and includes both core and reverse circulation drilling.

Phase I Drill Results from Goldfield Project:

ICN has completed 15 core holes for a total of 5,225 feet and 29 RC holes for a total of 15,120 feet. ICN plans to resume drilling the Church Zone and the exploration and geophysical targets outlined by the CSAMT survey completed earlier this year. Initial drill hole results will be utilized to further augment interpretation of the CSAMT data and develop a follow-up exploration program.

The initial core hole results released on May 17, 2011 included one exceptionally high grade hole with an intercept in hole ICN-003 containing an upper portion assaying 1,454.3 g/t Au over 2.9 metres, followed by a lower grade interval of 42.7 metres of 4.2 g/t Au (combined these yield an intercept of 45.6 m @ 96.3 g/t - see Table 1 below). If the two highest grade intervals of 1.22 metres @ 2,710 g/t Au (79.1 opt), 1.68 metres @ 541 g/t Au (15.8 opt) are cut to 5 opt (171.4 g/t), the intercept becomes 45.6 metres of 14.8 g/t (cut to 5 opt).

TABLE 1: Summary Core Hole Results

Hole ID	Azimuth	Angle	From (m)	To (m)	Interval (m)	Au (g/t)	Location - Twin Hole

ICN-001	Vertical*	-	24.1	43.9	19.8	0.65	Church (Twin TG-107)
			51.5	74.7	23.2	10.51
		including	59.8	61.6	*1.83*	*119.3*
			80.5	123.2	42.7	1.40
			140.9	149.1	8.2	1.03

ICN-002	Vertical*	-	21.0	24.1	3.0	1.79	Church (Twin TG-40)
			36.3	45.4	9.1	4.08
			55.8	69.8	14.0	0.55

ICN-003	Vertical*	-	16.9	62.5	45.6	96.3	Church (Twin TG-113)
		including	16.9	19.8	*2.9*	*1454.3*
		and	19.8	62.5	*42.7*	*4.18*

ICN-004	270*	- 60o	22.1	63.0	40.9	1.41	Church (across zone)

* Note: True width is unknown, but in the vertical holes, true width is most certainly less than the overall interval lengths reported. All intercepts were calculated using a 0.01 opt cutoff (0.343 g/t).

The high grade intercept encountered in hole ICN-003 is located at the contact of the post mineral cover rock and the underlying units typical of the mineralized sequence in the main Goldfield district. The fact that the third hole located an example of classic "main district style" mineralized material occurring just beneath post mineral cover, confirms ICN's exploration model that post mineral rocks (previously interpreted as contemporaneous with mineralization) do in fact mask high grade quartz-alunite ledges similar to what was mined in this historic + 4M oz district. Had the Church Zone not been covered by 17 m of post mineral rock, it would have been mined in the early days of the district.

The first reverse circulation (RC) drill hole results were released on June 9, 2011 and highlights include hole ICR-001 with an intercept of 50.3 meters of 2.06 g/t Au, and hole ICR-003 with an intercept of 45.7 meters of 5.52 g/t Au. Both core and RC drill results to date confirm that Controlled Source Audio Frequency Magnetotellurics (CSAMT) is a useful targeting technique for testing beneath the shallow post mineral cover. ICN's exploration model, to explore for "main district" style, high grade mineralization under the post mineral cover, is further validated by these last results.

ICN has now completed its Phase I exploration drill program on the Goldfield Bonanza Project and all results have been posted to the ICN web-site.

Additional Reverse Circulation (RC) Drill Highlights:

Mineralization extended 250 metres along strike to the north of the high grade Church Zone.
Exploration drilling south of the Silver Pick Shaft encountered a brecciated and silicified zone over a strike length of 300 metres in the first known drill testing of this portion of the property.
Overall, the RC exploration drill program identified new areas of mineralization over a combined length of 700 metres along the main structural corridor.

The RC drilling was focused on five (5) main target areas as discussed below. Particularly encouraging results were obtained in the area lying immediately to the north of the Church Zone (see ICN News Release of May 17, 2011 for initial results in the Church Zone), and along the southern extension of the Silver Pick workings.

The long intervals intercepted north of the Church Zone are indicative of proximity to areas of stronger mineralization. Drill results between the Church Zone and the January-Combination open pit extend the strike of the identified mineralization over 250 m to the north of the high grade ledge at the Church Zone. For example, hole ICR-023 encountered 44.2 m @ 0.58 g/t Au and hole ICR-019 intercepted 12.2 m @ 1.32 g/t Au. Information to date from all previous work suggests that long, low grade intercepts are often found near high grade, multi-ounce ledges.

Additional Core Hole Highlights:

Hole ICN-013 intersects 14.9 metres of 164.5 g/t Au, including 1.4 M @ 1,764 g/t Au.
Hole ICN-014 intersects 12.0 metres of 222.6 g/t Au, including 2.9 m @ 918.0 g/t Au.
Hole ICN-015 intersects 63.0 metres of 1.75 g/t Au, extending the Church Zone to south.
Hole ICN-010 intersects 9.6 metres of 2.89 g/t Au, along the claim boundary with International Minerals ground.

Holes ICN-005 to 009 are twin drill holes of previously drilled holes by Traflagar or Lode Star Gold in the Red Hills Zone. The twin holes match in some cases, but as before, results are variable. Drill Holes ICN-012 to 015 were all drilled in the newly discovered Church Zone (see ICN NR of May 17, 2011). Holes 013 and 014 are both 45 degree angle holes, drilled from different directions across the high grade intercept in ICN-003 reported in the above mentioned News Release. Both holes once again encountered individual intercepts in excess of 50 opt Au (>1,700 g/t Au). The ability to reproduce the high grade values discovered with drill hole ICN-003, while drilling at different orientations, suggests that the original results are not biased by vertical, core parallel structures. Multiple vein orientations are observed in the Church Zone, including horizontal features that may represent dilational openings related to sheeted, 55 degree dipping structures.

The intercept in hole ICN-015 is located approximately 40 metres south and west of ICN-003, and encountered a long interval of consistent mineralization reporting 63.0 m @ 1.75 g/t Au. This interval contains an upper zone of higher grade mineralization consisting of 7.3 m @ 6.34 g/t. The individual interval with the highest gold content in hole ICN-015 contained 0.8 m @ 24.5 g/t Au. Phase II drilling will include further evaluation of the Church Zone target.

One hole, ICN-010, was drilled near the edge of the historic January-Combination pit, immediately adjacent to the shared claim boundary with International Minerals. This drill hole encountered two zones of mineralization, with the upper zone containing 9.6 m @ 2.89g/t Au, starting 9.33 metres below the surface.

Drill Planning Update

A specialist has been engaged to complete mineralogical studies on selected core and RC holes using a TerraSpec analytical spectrometer. The purpose of this work is to assist in determining alteration mineral zonation to be interpreted in conjunction with selected trace element analyses. Results from both of these studies will be utilized to focus more precisely on higher grade portions of specific target areas. In addition, a biogeochem survey is being conducted in the areas of post mineral cover. Biogeochem is a similar to a soil survey, with the exception that it utilizes trace element analysis of vegetation samples collected on a grid to detect sub-surface geochemical anomalies in concealed areas that would otherwise be undetectable by conventional soil sampling.

New data developed from the above programs will be integrated into the overall database for the purpose of planning a Phase II drill campaign. The Phase II drill program will be initiated shortly.

Historic Production Goldfield District

Year	Tons	Gold (oz)	Year	Production	opt Au	Total Tons	Total oz	Avg Grade
1903	-	3,419	1		-
1904	8,000	113,203	2		14.15
1905	-	91,088	3		-
1906	59,628	339,890	4		5.70
1907	101,136	406,756	5		4.02
1908	88,152	236,082	6		2.68
1909	297,199	453,915	7		1.53
1910	339,219	538,760	8		1.59
1911	390,431	497,637	9		1.27	Total Tons	Total oz	Avg Grade
1912	362,777	301,848	10	Years 1 to 10	0.83	1,646,542	2,982,598	1.81
1913	364,785	242,815	11		0.67
1914	367,166	227,612	12		0.62
1915	418,935	212,337	13		0.51
1916	383,456	128,250	14		0.33
1917	339,488	58,658	15		0.17
1918	264,237	58,658	16		0.22
1919	16,435	35,810	17		2.18
1920	6,571	7,536	18	Years 11 to 20	1.15	2,168,595	991,550	0.46
1921	1,903	7,101	19		3.73
1922	5,619	12,773	20	Years 1 to 20	2.27	3,815,137	3,974,148	1.04

Nevada Bureau of Mines and Geology Bulletin 78 (1972)

ICN Core Hole Results

Summary Core Hole Results
Hole ID	Azimuth	Angle	TD		From (m)	To (m)	Interval (m)	Au (g/t)
Twin Holes
ICN-005	270	-67	130.5		63.7	72.9	9.2	0.52
ICN-006	----	-90	36.3		no significant results
ICN-007	90	-55	161.5		110.7	113.6	2.9	0.74
					143.1	153.5	10.4	1.46
ICN-008	90	-65	137.2		93.1	98.4	5.3	27.5
				including	94.5	95.3	0.8	183.6
					125.9	132.0	6.1	1.54
ICN-009	270	-55	142.6		79.3	89.3	10.0	0.71
					96.0	121.3	25.3	1.00
				including	96.0	104.6	8.6	1.92
					129.0	142.7	13.7	0.62
Hole ID	Azimuth	Angle	TD		From (m)	To (m)	Interval (m)	Au (g/t)
Church Zone
ICN-001	vertical	-	197.9		24.1	43.9	19.8	0.65
					51.5	74.7	23.2	10.50
				including	59.8	61.6	1.8	119.3
					80.5	123.2	42.7	1.40
					140.9	149.1	8.2	1.03
ICN-002	vertical		107.9	-	21.0	24.1	3.0	1.79
					36.3	45.4	9.1	4.08
					55.8	69.8	14.0	0.55
ICN-003	vertical		121.6	-	16.9	62.5	45.6	96.3
				including	*16.9*	*19.8*	*2.90*	*1454.3*
				and	*19.8*	*62.5*	*42.7*	*4.2*
ICN-004	270	-60	79.0		22.1	63.0	40.9	1.43
ICN-012	----	-90	61.9		16.8	30.8	14.0	0.92
					39.6	51.2	11.6	0.49
ICN-013	280	-45	40.2		24.1	39.0	14.9	164.5
				including	24.1	26.8	2.7	0.74
				and	26.8	32.3	5.5	445.2
				and	32.3	39.0	6.7	1.84
ICN-014	90	-45	38.4		*25.2*	*37.2*	*12.0*	*222.6*
				including	*25.2*	*28.1*	*2.9*	*918.0*
				and	28.1	37.2	9.1	2.3
ICN-015	105	-70	119.8		52.7	115.7	63.0	1.75
				including	53.7	61.0	7.3	6.3
Other
ICN-010	----	-90	46.6		9.3	18.9	9.6	2.89
					38.0	45.9	7.9	0.56
ICN-011	270	-50	159.4		70.4	76.5	6.1	0.58
					101.0	122.8	21.8	0.53

ICN Reverse Circulation Drill Hole Results

Summary RC Drill Results

Hole ID	Bearing	Inclination	TD	From (m)	To (m)	Interval (m)	Au (g/t)

Church Zone
ICR-001	vertical	-90	128.0	16.8	67.1	50.3	2.06
including				41.2	51.8	10.7	5.53
ICR-002	vertical	-90	128.0	24.4	27.4	3.0	1.10
				33.5	54.9	21.3	0.78
				62.5	71.6	9.1	0.74
				99.1	120.4	21.3	0.67
ICR-003	vertical	-90	67.1	16.8	62.5	45.7	5.52
including				16.8	27.4	10.7	13.83
with				19.8	21.3	1.5	39.00
Decline Structure - 4 Holes
ICR-004	75	-65	152.4	no significant intervals
ICR-005	75	-65	170.7	53.4	64.0	10.7	0.44
ICR-013	75	-70	152.4	143.3	147.9	4.6	0.90
ICR-014	75	-65	152.4	140.2	143.3	3.0	0.70
Phelan Shaft
ICR-006	250	-60	61.0	no significant intervals
ICR-007	250	-70	134.1	no significant intervals
ICR-015	250	-70	54.9	no significant intervals
ICR-016	250	-75	128.0	no significant intervals
ICR-017	250	-60	122.0	no significant intervals
Silver Pick Shaft
ICR-008	255	-70	164.6	122.0	128.0	6.1	0.50
ICR-009	255	-60	170.7	144.8	149.4	4.6	0.57
ICR-010	255	-60	164.6	no significant intervals
ICR-011	255	-60	158.5	no significant intervals
ICR-012	255	-70	158.5	154.0	157.0	3.0	1.03
ICR-020	255	-75	353.7	99.1	103.7	4.6	0.59
ICR-018	250	-70	176.8	no significant intervals
North Extension of Church
ICR-019	90	-70	158.5	80.8	93.0	12.2	1.32
ICR-021	90	-60	158.5	97.6	108.2	10.7	0.79
				125.0	129.6	4.6	0.88
ICR-022	90	-60	182.9	166.2	173.8	7.6	0.39
ICR-023	90	-60	140.2	71.6	115.9	44.2	0.58
ICR-024	90	-60	122.0	80.8	83.8	3.0	0.48
ICR-025	90	-60	164.6	93.0	132.6	39.6	0.43
Geophysical Targets from CSAMT
ICR-026	270	-70	213.4	no significant intervals
ICR-027	270	-60	262.2	74.7	77.7	3.0	0.43
ICR-028	90	-70	164.6	no significant intervals
ICR-029	230	-70	243.9	no significant intervals