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cool.
fencing...
sheep generally won't get out of something 4' or higher, and the icelandics aren't particularly big sheep, if I remember correctly. so that should contain them. the bigger problem is predators getting in. coyotes will go over 4', and occasionally over 5', and will dig under if an easier meal is not available (harsh winters, no other supply). adding a hot wire to a 5' fence (one at the top, another 6" off the ground and 4-6" away from the fence) is a good deterent for coyotes and dogs. few things are fool-proof, but the wire fence + hotwire works pretty well. properly trained Livestock Guardian Dogs (LGD) are a very good deterent as well... if you can get an adult trained dog. if not, you have to start with pups, and that's a 2 year process in which their effectiveness varies from none to excellent, depending on lots and lots of factors.
type of fencing: welded wire rolled fence is not always the best choice... sheep may stand on the grid, and unless it's pretty heavy and very well welded, it may break down. I've had some that held, and some that didn't last a single season. "no-climb" is better (the wires are wrapped, not welded) and sturdier, but a bit more expensive. in my opinion, unless you're only looking for a 1-season fence, it's a much better alternative, and very cost effective in the long run. I recommend 2x4" grid, not 4x4"... small lambs can get their heads stuck through 4x4", and while it's usually only distressing, sometimes they can die. if they have horns, they generally cannot get themselves free. the triangular grids work well too.
poles - what you use depends on how permanent you want the fence to be. around here, lots of folks use T-posts, set 12-18" deep, every 8', and use wood or steel pipe posts only at gates and in corners. treated wood posts, or wood set in concrete is the most durable short of heavy steel pipe posts. a lot depends on your ground, your weather, how much moisture you get, etc. certainly Tposts aren't the most attractive option, so it just depends on what matters to you in your environment.
a couple more things on hotwire - sheep can be trained to respect hotwire, but it's problematic as the more wool they have on the more shock proof they become.
also, if you're in dry country, sometimes you have to run a hot wire and a ground wire both to get a good bite on predators, because the ground gets too dry to conduct well. let me know if you need more info on this.
nice that you have the option to have the seller hold the sheep until you're ready. build your network, read everything, let me know if you need sources. you'll also want to ask your seller about how icelandics do at lambing time, and if the sheep are first timers or experienced mothers, or older ewes. different ages and levels of experience bring different lambing issues (first timers and old ewes may have diffuculting lambing... first timers may not know how to help the lamb nurse...) best place to start is with young-ish ewes that have a history of good mothering and no birthing problems.