ICONET Announces Completion of Geophysical Survey

TORONTO, Jan 13, 2003 (PRWEB) January 15, 2003 -- ICONET Inc. (ICON-OTCBB) is pleased to announce the completion of a geophysical survey program on its 100% owned Langmuir Nickel property located near Timmins, Ontario, Canada.

Several attractive Geophysical Anomalies occur within the favourable Stratigraphy, which consists of ultramafic "Komatiitic" rocks. These rock units are the host for numerous nickel deposits in the belt encompassing the Company's property. Several of these have been produced, including the Langmuir One and Langmuir Two Mines of the subject property.

Remaining reserves at Langmuir One and Langmuir Two consist of 127,000 tonnes @ 2.21% Ni, 255,000 tonnes @ 1.2% Ni, 454,000 tonnes @ 1.2% Ni, and 181,400 tonnes @ 1.5% Ni. It is anticipated that drilling of the HLEM (electro magnetic), and magnetic anomalies will delineate additional reserves, possibly of an open-pit configuration, to add to existing reserves.

Drilling will be undertaken upon completion of integration of current results with the previous database for the area developed over forty years of work by previous owners.

ICONET, Inc. is a U.S., Nevada registered corporation trading on the OTCBB market in the U.S. under the trading symbol ICON, and also trading in Europe on the Berlin Stock Exchange under the trading symbol ICX and its WKN number is 928165.

In reference to previous news releases, the Langmuir property, which is 100% owned by ICONET, Inc., consists of 54 contiguous units representing 875 hectares, situated approximately 20 Km southeast of the city of Timmins, in Langmuir Twp., Ontario, Canada. This property represents an advanced stage exploration project with calculated resources and underground development.

Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. Forward-looking statements include terms such as "intend", "believe", "expect" and "anticipate". The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors affecting our proposed products and marketing efforts.
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