Agoracom: Small Cap Investment - ICN Resources Ltd - ICN VP Tasso Baras on Nevada gold assays of 6.63 g/t over 13.7m

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ICN VP Tasso Baras on Nevada gold assays of 6.63 g/t over 13.7m

posted on Nov 25, 2011 07:25PM

ICN VP Tasso Baras on Nevada gold assays of 6.63 g/t over 13.7m

ICN Resources Ltd TSXV:ICN announced results from its Goldfield Bonanza Project in Nevada. Results include

6.63 g/t gold over 13.7 metres (including 28.32 g/t over 1.5 metres)
1.68 g/t over 36.6 metres
2.3 g/t over 21.3 metres
1.63 g/t over 13.7 metres
1.56 g/t over 12.2 metres
0.79 g/t over 18.3 metres

ICN may earn an 80% interest in the project under a December 2010 option agreement with Lode Star Gold Inc, a private Nevada corporation. ICN has paid Lode Star US$50,000 and issued the company 500,000 units, each consisting of one ICN common share and one full share purchase warrant. Each warrant entitles the holder to purchase one additional ICN common share 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-day period prior to the date of issuance. To earn its 80% interest, ICN will pay Lode Star US$3 million in cash, issue three million units and complete US$5 million of exploration over four years. If ICN completes all requirements of the option, a standard mining joint venture will be formed.

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