ABBOTSFORD, BC, Aug. 21 /CNW/ - ICS Copper Systems Ltd. (ICS) (ICX:TSX.V)
is pleased to announce the appointment of Mr. Richard Molyneux to the position
of Chairman of the Board of Directors.
The Company wishes to express its gratitude to the outgoing Chairman,
Mr. Mel Smale, who will stay on as a Director. Mr. Smale has been the Chairman
of ICS since the Company went public and has served the position admirably.
Mr Molyneux graduated with a BSc (Honours) in Geology from Capetown
University in South Africa. He worked for Anglo American in South Africa in
the mid 1970's conducting fieldwork that led to the discovery of the Venetian
Diamond Mine in South Africa. With DeBeers he was appointed Resident Geologist
at the Premier Diamond Mine in 1976 where he remained until 1983. Richard was
then appointed Chief Geologist for Namaqualand Mines and subsequently
appointed General Manager in 1995 overseeing a workforce of over 2,000.
Richard was appointed President and CEO of DeBeers Canada Corporation in 2000
based in Toronto. During the six years that Richard was in this position
approval was obtained for the construction of the Snap Lake and Victor Mines.
Mr Molyneux retired from DeBeers in May, 2006.
New Director - Robert Sandford Stewart
The Company also wishes to announce the appointment of Mr. Robert
Sandford Stewart to the Board of Directors effective August 19th, 2008.
An Economist, Financier, Chairman and CEO of numerous mining and
petroleum companies, Mr. Stewart started his career with Hudson's Bay Mining
and Sherritt in the base and precious metal mines in Northern Manitoba. From
there he transferred to East, Central and Southern Africa where he financed,
developed or sold a number of large mining, petroleum and infrastructure
projects with partners Falconbridge, Bechtel, American Mineral Fields, Krupp,
Electrowatt, and CDC London. As Chairman of telecom, mining, biotech and
natural gas companies, he lived over 30 years in Zurich, London and New York
as well as worked with the IFC/World Bank to finance some of the largest
projects in Africa. His leadership in writing the Master Plan for the
Reconstruction of the DRC remains a major milestone laying out the future of
all mining and infrastructure developments for that country.
Stock Options Granted to Robert Sandford Stewart
Under the Company's 2006 Incentive Stock Option Plan, there are
2,971,387 Options available to purchase Common Share of the Company. The
Company has previously issued 2,150,000 Options to Directors and Officers. On
August 19th, 2008 the Company issued 200,000 options to Robert Sandford
Stewart at an exercise price of $0.44 per share. These options will expire on
August 19th, 2013. The Company has 821,387 shares remaining for issuance under
President and CEO of ICS Graham Chisholm comments: "A special note of
thanks to Mel for his valuable past contributions as Chairman. We now welcome
Richard to that position and welcome Robert as Director. We are honoured to
have men of this calibre on our board."
The company's flagship project the Mokambo Property is located in the
heart of the famous Central African Copperbelt, near Mufulira, Zambia. The
company has completed a 10,300 meter drill program and expects the NI 43-101
Resource Report, prepared by Coffey Mining, to be announced in September 2008.
Over the last year ICS has built a mining compound and is nearing completion
of its EMEW Plant installation which is scheduled to start processing third
party ore in Q4 2008.
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