Iconic Not Proceeding with Debt Settlement or Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2011) - ICONIC MINERALS LTD. (TSX VENTURE:ICM)(FRANKFURT:YQG) announces that it will not at this time be proceeding with the debt settlement and equity financing announced on October 13, 2011.

On behalf of the Board of Directors

Richard Barnett

For further information on ICM, please visit our website at www.iconicmineralsltd.com.

The Company's public documents may be accessed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.