ICS Copper Systems Ltd. - Joint Venture With TransAfrican Minerals Limited
Abbortsford, Canada (ots/PRNewswire)
ICS Copper Systems Ltd (The Company or ICS) (ICX:TSX.V) is pleased to announce that it has signed a binding Letter of Intent (LOI) with TransAfrican Minerals Limited (TransAfrican) in connection with 6 licences in the Democratic Republic of Congo (DRC), whereby TransAfrican has the option of earning up to a 70% interest in the licences by completion of cash and work commitments. The three stage deal is summarized below:
Stage 1 - to earn a 51% interest
Minimum Exploration
and Development
Date for Cash Payments Expenditures to
Completion to be Made(1) be Incurred
Within 30 days of signing C$400,000 -
Within 90 days of signing C$400,000 -
End of Year 1(2) C$200,000 C$1,200,000
End of Year 2(2) C$200,000 C$1,200,000
End of Year 3(2) C$200,000 C$200,000
TOTAL C$1,400,000 C$2,600,000(1) These items, being the cash payment of C$1,400,000 and the minimum expenditure requirement of C$ 2,600,000 are firm binding commitments on TransAfrican;
(2) From execution of this LOI by the parties. >>
Stage 2 - to earn an additional 10% interest (for a total of 61%)
TransAfrican may earn an additional 10% interest in the licences by conducting additional exploration within 24 months of successful completion of Stage 1.
Stage 3 - to earn an additional 9% Interest (for a total of 70%)
TransAfrican may earn an additional 9% interest by funding 70% Bankable Feasibility Study within 48 months of successful completion of Stage 2.
THE LICENCES
The licences that fall under this agreement are Bayombwe, Lubudi, Bukama, Kabalo, Kaniama and Karukuruku.
ABOUT TRANSAFRICAN MINERALS LIMITED
TransAfrican Minerals Limited is an emerging privately-funded global mining company led by a strong management team made up of former senior investment bankers and mining executives with more than 200 years of combined experience funding, developing and managing global mining projects.
The company is led by Mr. Mohamed Matongo as its Deputy Chairman and President. The Chief Executive Officer is Mr. Robert S. Stewart.
Mr. Matongo was formerly a senior banker (Sr. Vice President) with Citibank in London, Kuala Lumpur, Abhu Dhabi and Johannesburg. He founded Bayete Resources Pty Ltd. four years ago and was the CEO and Deputy Chairman until 2006 when Bayete Resources Pty Ltd. sold its interests to Troy International UK Limited. Mr. Matongo also formed Tegeta Exploration and Mining Pty Ltd., a junior explorer and mining company focusing on Coal Mining in South Africa. During the last 5 years he has facilitated the creation of many emerging (BEE) companies in South Africa and he specializes in deal origination, conceptualization, mergers and acquisitions.
Mr. Stewart is a mining and financial executive with 30 years of senior experience in Africa and around the world. As former Chief representative of Bechtel, Chairman of Ocelot International, TANGAS, CAMGAS, America Mineral Fields, Congo Chamber of Mines and International Cobalt, he initiated, financed and developed several major mining, natural gas and power projects in East, Central and Southern Africa.
TransAfrican is building a global presence in precious, base and strategic metals with future acquisitions targeted in Africa, Canada, Australia and Asia. Through acquisitions and joint ventures, TransAfrican has built up a portfolio of mining and exploration projects (copper, uranium, cobalt, gold and coal) in Zambia, DRC, Mozambique, Madagascar, Mali, Indonesia, Australia, Mongolia and Argentina.
TransAfrican has recently engaged the services of two eminent Canadian firms, Messrs Rosmir Capital Corp (Financial Advisor), and Fraser Milner Casgrain LLP, (Legal Counsel) for the company. TransAfrican is planning an IPO on the Toronto Stock Exchange to raise further capital to develop its portfolio.
MANAGEMENT'S COMMENT
Graham Chisholm, President & CEO comments, "we are very pleased with this transaction. It addresses one of the business objectives of the Company which is to find well funded joint venture partners for its DRC licences. This approach allows for the advancement of ICS's high quality exploration targets in DRC and enables the Company to focus its treasury on the development of the Mokambo Mine Project in Zambia."
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: Graham Chisholm, graham@icscopper.com, Office: +1-604-859-3007, Cell: +1-604-302-0746; For Investor Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel: +1-604-662-8633, 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; For Investor
Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel:
+1-604-662-8633