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ICS Clarifies its Disclosure
Abbotsford, Canada (ots/PRNewswire) - 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 disclosure.
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.
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.
Web Page: http://www.icscopper.com
ots Originaltext: ICS Copper Systems Ltd
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