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ICS Clarifies its Press Release 08-02
Vancouver, 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.
The Company announced, in a news release dated January 30, 2008, that it had entered into an agreement giving the Company the exclusive right to conduct due diligence on the Sebembere Mine until May 30, 2008, and thereafter an exclusive right to enter into a joint venture agreement to develop the Sebembere Mine. The news release discloses an unclassified historical estimate for the Sebembere Mine, which was derived from a geological report prepared by Geomin covering the period 1970-1973. The report prepared by Geomin was not prepared in accordance with NI 43-101, and the Company has not completed an independent review of the data and methodology employed by Geomin geologists. The tonnage was based on a 10,700 meter drill program. The volume calculation method applied has been that of polygonal outlines around diamond drill hole mineralized intersections based on vertical sections combined with horizontal sections. The use of the two orientations has allowed the outlining of certain blocks of mineralization by establishing their limits by the vertical sections determined through boreholes, and horizontally by hypothetically established horizons on 100 meter spacings. The grade was based on "ore dressing" tests carried out on three samples made up of 44 mixed separate samples gathered from boreholes.
The Company retracts the estimate and restates it as an estimate of exploration potential with a range of approximately 16 to 20 million tonnes, grading a range of approximately 1.31% to 1.8% copper. The potential quantity and grade is conceptual in nature, a qualified person has not done sufficient work to define a mineral resource and it is uncertain if future work will result in the delineation of a mineral resource. The historical estimate should not be relied upon.
The Company distributed, at the Vancouver Roundup Conference in January 2008, copies of a Business TV presentation highlighting the Company. The presentation included an oxide estimate with applied production parameters for the Mokambo Property, which could be construed as an NI 43-101 current resource estimate. The oxide estimate, however, was meant to be illustrative in nature and was not prepared or supported by a preliminary assessment in accordance with NI 43-101.
The Company retracts the oxide estimate and restates it as an estimated exploration target with a range of approximately 1 to 5 million tonnes, grading a range of approximately 1.47% to 1.72% copper. The potential quantity and grade is conceptual in nature, 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 estimate should not be relied upon.
The only resource estimate available at this time is the sulphide 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. Although the Company is completing its Phase 1 drill program as per the technical report, 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.
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.
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