ICS Pauses for Strategic Review
Abbotsford, Canada, November 4 (ots/PRNewswire)
ICS Copper Systems Ltd. (ICX:TSX.V) announces that due to the reduction in copper prices over the last few months and current market conditions the Company has decided to suspend it's exploration activities and the completion of it's EMEW plant in Zambia as it undertakes a strategic review of operations.
Mokambo Review
To date the company has completed a first phase drilling programme on the Mokambo sulphide ore body. Based on this drilling a NI-43-101 compliant mineral inferred copper resource estimate has been delineated by Coffey Mining, an independent Qualified Person, and the NI-43-101 report will shortly be available to view on SEDAR at http://www.sedar.com.
Part of the review will be to consider additional drilling programs. Due to the wide spacing of the first phase drilling significant potential is believed to exist for increasing the tonnage and grade of this resource through additional drilling both along strike and down dip. Opportunities also exist to increase the Mokambo resource through Joint Ventures with the operators of the contiguous Mokambo North and Mokambo South Properties, both of which host similar copper sulphide deposits and are currently being explored. ICS also awaits the results of its Oxide drilling once Coffey Mining provides a NI 43-101 compliant report.
EMEW Review
The EMEW plant is very near completion with Electrometals staff onsite overseeing the final installation. The EMEW plant is expected to produce approx 500t/p/a Cu and approx 100t/p/a/ Co by processing third party ore.
Graham Chisholm, President and CEO of ICS comments, "While the Company waits on prices and market conditions to improve, management will take the time to review the exploration results from the Mokambo property to determine future programs including potential joint venture candidates that have approached the company. The Company will also assess other potential acquisition opportunities of advanced stage projects in Zambia and DRC while adopting a prudent approach in conserving cash."
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm,
President & CEOThis 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: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746, Web Page: http://www.icscopper.com
Contact:
For further information: Graham Chisholm, graham@icscopper.com,
Office: +1-604-859-3007, Cell: +1-604-302-0746