"As posted on main katta page, it spawns in a fountain just north of city proper."
Yup, got it on the third spawn.
lvl 80 druid with DPS merc. It took a while and the exp was meh but it was something to do besides kill crocs and bears.
I bound there and would port in and clear the fountain and keep checking up on it. Or do stuff around the house and log in and clear the PHs.

Elemental Ice Fragment
Rune Etched Platinum Ring