ICN Signs Letter of Intent for Option and Joint Venture of its Hog Ranch Property

ICN Resources Ltd. ("ICN" or the "Company") (TSX VENTURE:ICN), is pleased to
announce that it has executed a Letter of Intent ("LOI") allowing Pacific Rim
Mining Corp. ("Pacific Rim"), through its US subsidiary Pacific Rim Exploration
Ltd. ("PREx"), to acquire a 65% interest in the Hog Ranch Property located in
Washoe County, Nevada.


As per the LOI, ICN and Pacific Rim (collectively the "Parties") intend to enter
into a Definitive Agreement on or before June 1, 2011 (subject to approvals of
their respective board of directors and the approval of the TSX and the TSX
Venture Exchange), which will provide for the grant to PREx of an option over
five (5) years (the "Option") to acquire a 65% interest in the Hog Ranch
Property through the expenditure of an aggregate of US$ 8 million in exploration
and the issuance of an aggregate of 1 million common shares of Pacific Rim to
ICN, according to the following schedule.


Exploration expenditures with respect to the property of up to US$ 8.0 million
as follows: 




(i)    US$ 500,000 on or before the first anniversary of the effective date
       of the Definitive Agreement (as defined in the LOI); 
(ii)   a further US$ 1,000,000 on or before the second anniversary of the
       effective date of the Definitive Agreement; 
(iii)  a further US$ 1,500,000 on or before the third anniversary of the
       effective date of the Definitive Agreement; 
(iv)   a further US$ 2,000,000 on or before the fourth anniversary of the
       effective date of the Definitive Agreement; 
(v)    a further US$ 3,000,000 on or before the fifth anniversary of the
       effective date of the Definitive Agreement; and 



Share payments of up to 1.0 million shares as follows:



(i)  200,000 common shares of Pacific Rim within five business days of
     receipt of approval of the Definitive Agreement by the TSX Venture
     Exchange; and 
(ii) 200,000 common shares of Pacific Rim on or before each of the second,
     third, fourth and fifth anniversaries of the effective date of the
     Definitive Agreement. 



Pacific Rim, through PREx, will be the operator and upon PREx earning the 65%
Interest, PREx and ICN agree to participate in a joint venture for the further
exploration and development of Hog Ranch. 


The Hog Ranch Property is located in Washoe County, Nevada, approximately 180 km
north of Reno, and consists of 465 unpatented claims and 239 hectares of fee
lands. Approximately 200,000 ounces of gold were produced at Hog Ranch from a
small heap leach mine operated by Western Goldfields and subsequently Western
Mining in the late 1980's and early1990's. These low-grade ores were extracted
from the uppermost parts of a low-sulfidation epithermal system. Western Mining
reclaimed the mine site to regulatory approved conditions, including backfilling
the pits. 


Carl Hering, President and CEO of ICN, comments that, "We are extremely pleased
to have Pacific Rim as a future partner at Hog Ranch. Their particular skills
and geologic approach make them an ideal partner to maximize exploration success
on the Property. Furthermore, this Option allows ICN to focus its efforts
elsewhere as we continue to deliver on our stated corporate strategy."


A 30-day due diligence period is now underway, during which Pacific Rim will
conduct a final review of legal, land tenure and geological information on the
Hog Ranch Property and generate an initial exploration plan for advancing the
property.


About ICN 

ICN is primarily focused on exploration for volcanic-hosted precious metal
deposits in western Nevada, emphasizing targets with geological similarities to
Sleeper, Sandman, Hollister, Midas and Aurora in Nevada. ICN plans to explore
for high-grade feeder zones associated with large low-grade gold and silver
systems, as well as high grade deposits at the our new Goldfield Bonanza
Project, primarily in western Nevada. ICN is also evaluating other opportunities
in established metallogenic belts elsewhere in the United States. The ICN
management and geologic team have extensive experience in Nevada and will
utilize this experience to generate prime opportunities for ICN shareholders.


On Behalf of the Board of Directors of ICN Resources Ltd.,

Carl Hering, President & CEO

The forward-looking information contained in this press release is made as of
the date of this press release and, except as required by applicable law, ICN
does not undertake any obligation to update publicly or to revise any of the
included forward-looking information, whether as a result of new information,
future events or otherwise. By its very nature, such forward-looking information
requires ICN to make assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or implied
by such information.
Icn Resources Ltd. (TSXV:ICN)
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