Mr. Richard Barnett reports

ICONIC ANNOUNCES $2,987,800 DEBT SETTLEMENT

Iconic Minerals Ltd. has negotiated a settlement with certain creditors for outstanding debts in the aggregate amount of $2,987,800, subject to acceptance by the TSX Venture Exchange. In accordance with TSX-V policies, the debt will be settled by the issuance of 16,482,000 common shares at a deemed price of 18 cents per share.

One insider will directly and/or indirectly acquire an aggregate of 4,022,000 shares from the debt settlement, which will increase those related parties' 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 is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101.

We seek Safe Harbor.