Mr. Jurgen Wolf reports

ICONIC ANNOUNCES NEGOTIATION OF EQUITY FINANCING UP TO $600,000

Iconic Minerals Ltd. has begun negotiating a private placement for gross proceeds of up to $600,000, subject to acceptance by the TSX Venture Exchange. These finances will be raised by the company issuing up to six million units at a price of 10 cents per unit, each unit consisting of one common share and one share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of two years from the date of issuance at a price of 15 cents per share (provided that in the event that the weighted average closing price of the company's shares on the TSX-V equals or exceeds 25 cents per share during any 20 non-consecutive trading days in a 365-day period, commencing four months after the date of issuance of the warrants, then the company may, within 20 days of such an occurrence, give notice in writing to the holders of the warrants that the warrants shall expire at 5 p.m. Vancouver time on the 20th business day following delivery of such notice unless exercised by the holders of the warrants prior to such time).

Proceeds raised will be used toward expenditures required for the Bonnie Claire lithium property, and for general working capital purposes.

The company may pay finders' fees in connection with the financing in accordance with the rules and policies of the TSX-V.

One insider will directly and/or indirectly subscribe for an aggregate of up to 2.5 million units from the financing, which will increase that related party's pro rata shareholdings in the company. All of the independent directors of the company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the related party transaction being less than 25 per cent of the company's market capitalization, is exempt from the formal valuation and minority shareholder approval requirements of the Ontario Securities Commission's Rule 61-501.