ICS Acquires 49% of Luapula Minerals Ltd
Abbotsford, Canada (ots/PRNewswire)
ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to advise that it has acquired a 49% equity position in Luapula Mineral Ltd, a Zambian registered company which has legal title to 1,000 hectare Prospecting Permit (10 sq kms) within the Luapula area.
President and CEO of ICS, Graham Chisholm comments: "This acquisition flows from a MOU between ATJ Natural Resources Ag, of Belize and ICS which was announced in our previous Press Release 09-02. This area is a green field project with encouraging surface visualization of Malachite (Copper oxide ore) in the Luapula area which has known copper deposits."
The Luapula Beds, which are Kundelungu in age, comprise conglomerates, shales, sandstone interbedded with conglomerates and conglomerates intercalated with sandstones. These constitute the youngest rocks in the area and they unconformably overlie the Plateau Series. Conspicuous economic copper mineralization in the Luapula valley comprises predominantly malachite, chalcopyrite with minor azurite. Primary minerals, in the form of bornite and chalcopyrite , also occur in the underlying volcanic rocks comprising pyroclastics and rhyolitic lavas.
Kalulushi Site
Pursuant to Press Release 09-02 negotiations regarding an Agreement re the renovation of the Kalulushi site are on going and shareholders will be advised when these negotiations are finalized.
Stock Options Granted to Directors & Officers
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 1,250,000 options to various directors and officers of the Company. On May 21st, 2009 the Company issued a further 1,150,000 options at an exercise price of $0.10 per share. 175,000 stock options were issued to each of the following directors and officers; Mr. Graham Chisholm, Mr. David Fynn, Mrs. Jeannette Durand, Mr. Richard Molyneux, Mr. Robert Stewart and Mr. Stephen Gregory and 100,000 stock options was issued to Mr. James Mbambi. These options will expire on May 21st, 2014. The Company has 571,387 shares remaining for issuance under the plan.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEOFor further information: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746
Contact:
For further information: Graham Chisholm, graham@icscopper.com,
Office: +1-604-859-3007, Cell: +1-604-302-0746