Icon appoints new managing director, focuses on Mt Carbine Tungsten mining

Icon Resources (ASX: III) has a new managing director, Ian Sheffield-Parker as well as re-affirming its comittment to focus on achieving tungsten production from Mt Carbine project in north Queensland.

Icon will undertake a fund raising and build a tailings processing plant at Mt Carbine to commence late in the second quarter of 2011 or early in the third quarter.

The company's strategy for the mine is for production to commence with tailings re-treatment (~2 years production). Crushing, ore sorting and milling of the low-grade stockpile - previously described as the mineralised waste dump (~4 to 6 years production).

Hard rock mining, both open pit and underground is planned with a 10 years production profile.

The project mine life is based on a resource potential in excess of 15 years. Environmental approval and amendments to the plan of operation have been approved which allow the tailings re-treatment to commence.

Planning is proceeding for metallurgical test work and flow sheet development for processing of the low grade stockpile.

Environmental approval and amendments to the plan of operation have been approved which allow the tailings re-treatment to commence.

Icon's copper-zinc prospects in Queensland were successfully spun out to Fitzroy Resources (ASX: FRY) and Icon retains approximately 20%.

This raised $5 million to be spent testing the Fitzroy copper-zinc prospect which has a JORC inferred resource of 1.75 million tonnes at 1.7% copper, 2.1% zinc, 8.5 g/t gold, and the Glentanna zinc prospect.

The company owns 7.5 million shares and 5 million options in Fitzroy Resources , which have been escrowed by the ASX for two years from 9 December 2010.

Icon is investigating whether, subject to obtaining the necessary regulatory approvals, the shares and options in Fitzroy Resources Ltd that Icon received as vendor consideration would be distributed, In-Specie, to Icon shareholders.

Icon will spin out its gold prospects into a new company, Gossan Hill Gold Ltd, with the intent of raising fresh capital in an IPO, to enable drilling and further exploration of these exciting prospects.

The company is also negotiating with third parties to add additional advanced gold projects to the IPO.

Joint venture partners are actively being sought for the remaining Icon prospects.