ABBOTSFORD, BC, Jan. 30 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) is
pleased to announce that it has signed a confidentiality and exclusivity
agreement with Baluba Building Construction Limited with regard to the small
scale mining licence SML 389 which covers the Sebembere Mine in the Central
Province of Zambia, 21 km north-west of Kabwe.
The agreement will allow ICS to exclusively conduct due diligence on the
property until 30th May 2008 at which time ICS, if it chooses, will have the
exclusive right to enter into a Joint Venture Agreement with Baluba Building
Construction Limited to develop the Sebembere Mine.
MOKAMBO MINE'S "TWIN"
Similar to ICS's Mokambo Mine in Mufulira, the Sebembere Mine was
developed by the state Romanian company "Geomin" from 1970-1973. The mine also
sits atop a geological structure named the Sebembere Syncline and like Mokambo
may have an oxide cap. Geomin conducted a 10,700m drill program ranging from
depths of 52 to 1,070 meters and sank an exploratory shaft to a depth of
A geological report on the property prepared by Geomin shows a historic
estimate of 16.3 million tons with an average grade of 1.61% copper. The
report states that "with additional drilling....it is considered that the
potential could be raised up to 19-20 million tons with a copper content of
more than 1.8%". The report also advises that this "deposit estimate does not
include the mineralization in the oxidation zone of the deposit".
A report published by Zambian Consolidated Copper Mines (ZCCM) in August
1992 on the Sebembere Syncline stated "there is abundant reason to believe
that drilling to investigate the lateral and down dip extensions to the known
body would result in a significant increase in the indicated tonnage."
Mr. Graham Chisholm, President & CEO comments "We anticipate the due
diligence on the property will authenticate title, in which case, we will sign
a Joint Venture agreement with Baluba Building Construction Limited. This will
also necessitate the preparation of a 43-101 report for the British Columbia
David Makepeace, P.Eng. M.Eng, a director of the Company and its acting
Chief Operating Officer, a qualified person as defined by National Instrument
43-101, supervised the preparation of the technical information in this news
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking
statements". All statements in this release, other than statements of
historical facts that address future exploration, development and production
activities, and other circumstances, events and developments that the Company
expects, are forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results, events and developments may differ materially
from those in the forward-looking statements. The occurrence of certain risk
factors, the probability of which is unknown, may also affect actual results,
events and developments expected by the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Graham Chisholm, firstname.lastname@example.org, Office:
(604) 859-3007, Cell: (604) 302-0746; For Investor Relations: Brett Whitelaw,
email@example.com, Tel: (604) 662-8633, Web Page: www.icscopper.com