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Concurrently with and conditional upon the completion of the of the Qualifying Transaction, ICP plans to complete an equity private placement that is expected to include the issuance of up to 7,857,143 common shares (some of which may be issued on a "flow-through" basis under applicable tax laws) at a price of not less than $0.07 per share for gross proceeds of up to of $550,000 (the "Private Placement"). The net proceeds of the Private Placement will be used to fund the costs of ICP's Phase 3 exploration program on the Property, funding the costs of the Qualifying Transaction and for general working capital purposes. A broker has not yet been retained in connection with the Private Placement. The Private Placement will be subject to certain conditions, including but not limited to the receipt of all regulatory consents and approvals, including that of the Exchange. All securities issued under the Private Placement will be subject to a hold period expiring four months and one day after the issuance of such securities in accordance with applicable securities law, and if required, the policies of the Exchange.

ICP currently has 6,000,000 common shares issued and outstanding and 500,000 stock options exercisable into an equal number of common shares at an exercise price of $0.10 per share. Upon completion of the Qualifying Transaction and the Private Placement, it is expected that ICP will have approximately 19,623,572 common shares (inclusive of 500,000 common shares issued as a finder's fee) and 500,000 stock options issued and outstanding. It is anticipated that new management and directors of ICP will be granted stock options upon closing of the Qualifying Transaction, in accordance with the stock option plan of ICP and the policies of the Exchange. Stock option held by those directors and/or officers of ICP resigning upon completion of the Qualifying Transaction will expire 90 days thereafter if not exercised.

ICP's current Board and management will continue until completion of the Qualifying Transaction. At closing of the Qualifying Transaction, it is expected that Roy Mlakar, Jim Rogers and Leigh Stewart will resign as directors and/or officers of ICP, to be replaced by nominees of Green Swan, subject to regulatory approval. Mr. Mark Maheu, a current director of ICP, will continue as a director of ICP, though he will resign from the offices of President and Chief Executive Officer at completion of the Qualifying Transaction.

The Agreement further provides that the parties are to enter a definitive binding agreement in respect of the Qualifying Transaction no later than February 12, 2013, with an anticipated closing date for the Qualifying Transaction to be on or about June 15, 2012. Completion of the Qualifying Transaction shall be subject to, among other things: (i) the receipt of all necessary regulatory approval, including the revocation of the CTOs (as described below); (ii) receipt of NEX and the Exchange approval; (iii) satisfactory due diligence review by ICP of the Property; (iv) receipt of a report completed in accordance with NI 43-101; (v) Green Swan's completion of the Phase 2 work program on the Property; (vi) completion or waiver of sponsorship requirements; (vii) closing of the Private Placement; and (viii) receipt of board of director approvals.

The proposed Qualifying Transaction is not a "Non Arm's Length Qualifying Transaction" as defined in under Policy 2.4 of the Exchange, and as such, ICP shareholder approval is not typically required, unless otherwise determined by the Exchange. However, as Green Swan will hold in excess of 20% of the issued and outstanding common shares of ICP on the closing of the Qualifying Transaction, the Exchange may, in its discretion, deem Green Swan to be "control person" of ICP under the Exchange's policies, and require that that ICP shareholder approval be obtained.