Mr. Richard Kern reports

ICONIC MINERALS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR $3,750,000

Iconic Minerals Ltd. has closed its non-brokered private placement, issuing 30 million units at 1.25 cents per unit for gross proceeds of $3.75-million.

Each unit consisted of one common share and one common share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share at an exercise price of 17 cents per share for a period of two years from the date of issuance. In the event that the company's common shares trade at a closing price of 35 cents per common share or greater for a minimum period of 10 non-consecutive trading dates commencing four months from the closing of the financing, then the company may accelerate the expiry date of the warrants by providing notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the company.

All securities issued in the financing are subject to a four-month and a day hold period in Canada. Closing of the financing will be subject to the approval of the TSX Venture Exchange.

The company intends to use the proceeds from the private placement for exploration work on the New Pass gold property in Nevada and general working capital.

The company paid finders' fees of $55,081.25 and 470,000 finders' warrants to Canaccord Genuity Corp. The finders' warrants are exercisable at 17 cents per share for a period of two years and shall include the warrant acceleration clause terms

Insiders of the company subscribed for a total of four million units, with Richard Kern, president and chief executive officer, and Richard Barnett, chief financial officer of the company, subscribing for 340,000 units. As a result, the private placement is a related party transaction (as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions). The company relied upon the "fair market value not more than $8,626,865" exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.