ABBOTSFORD, BC, Oct. 29 /CNW/ - ICS Copper Systems Limited (TSXV: ICX)
announces that, as a result of a review by the British Columbia Securities
Commission, it is issuing the following news release to clarify its
Musoshi Tailings Project
The project continues to be on hold due to a dispute regarding ownership
of the tailings between Sodiminco and MMK. Subsequent to the Company's IPO, it
disclosed an unclassified current tailings resource as oxide on its website.
The Company did not file a news release or material change report disclosing
the resource estimate.
The Company made the above disclosure on its website based on a report
prepared in 2005 by Sodiminco. The Company has not been able to conduct an
independent review of the data and methodology employed by Sodiminco
geologists. The tonnage was based on the volume of the tailings multiplied by
the average density of 50 composite samples, and the grade based on the
average grade of the 50 composite samples. The composite samples were derived
from 500 auger holes based on a square 100 by 100 metre grid pattern over the
entire tailings pond. The tailings pond has well defined boundaries and is not
an in-situ mineral deposit.
The Company retracts the tailings resource estimate and restates it as an
"estimate of tailings potential" with a range of approximately 17 million
tonnes to 20 million tonnes with a range of between 0.30% to 0.45% copper (as
required by section 2.3 of National Instrument 43-101). There has not been
sufficient work to define a mineral resource and it is uncertain if future
work will result in the delineation of a mineral resource.
The Company made available through its website an article (the "HRAJ
Article") prepared by the Hard Rock Analyst Journal. The HRAJ Article was
prepared by a third party and is not, and was not intended to be considered as
being, endorsed by the Company in any way. The HRAJ Article contains a number
of disclosures and analyses that read as statements of historical mineral
resource estimates, which are not disclosed in accordance with NI43-101,
statements of current mineral resource estimates, which do not appear to be
prepared in accordance with NI43-101, statements of gross in-situ metal value,
which have little analytical merit, and projections of production, revenue and
present value figures, which do not appear to be supported by a preliminary
assessment as required by NI43-101. As such, the information in the HRAJ
Article should not be relied upon.
The only resource estimate available at this time is the historical
estimate prepared by Geomin in 1973. The Company has no reason to believe that
the historical estimate is unreliable, being prepared by mining professionals.
Details of the historical estimate are available in the technical report on
the Mokambo Property available on the Company's profile on SEDAR. The Company
does not have any more recent estimates or data concerning a resource estimate
on the Mokambo Property. In accordance with NI43-101, the Company further
advises that a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, that it is not treating the
historical estimate as current mineral resources, and that the historical
estimate should not be relied upon.
In the Company's news release of September 19, 2007, the Company
indicated that it had established or is in the process of establishing certain
infrastructure on the Mokambo Property and suggested that it expected
commercial production by mid-2009. The Company would like to clarify that it
has not carried out a preliminary assessment on the Mokambo Property. The
Company is currently drilling to delineate the oxide copper cap and will be
testing the effectiveness of its EMEW process on oxide and sulphide feed when
it is available. This testing will hopefully commence during the rainy season
and hence the Company needs to build this infrastructure to perform these
tests. If the Mokambo Property is determined to be commercially viable, it is
the Company's intent to target mid-2009 to establish commercial production.
David Makepeace, 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 release.
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