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Appointment of Chairman & New Director to the Board of Directors
Abbotsford, British Columbia (ots/PRNewswire) - ICS Copper Systems Ltd. (ICS) (ICX:TSX.V) is pleased to announce the appointment of Mr. Richard Molyneux to the position of Chairman of the Board of Directors.
The Company wishes to express its gratitude to the outgoing Chairman, Mr. Mel Smale, who will stay on as a Director. Mr. Smale has been the Chairman of ICS since the Company went public and has served the position admirably.
Mr Molyneux graduated with a BSc (Honours) in Geology from Capetown University in South Africa. He worked for Anglo American in South Africa in the mid 1970's conducting fieldwork that led to the discovery of the Venetian Diamond Mine in South Africa. With DeBeers he was appointed Resident Geologist at the Premier Diamond Mine in 1976 where he remained until 1983. Richard was then appointed Chief Geologist for Namaqualand Mines and subsequently appointed General Manager in 1995 overseeing a workforce of over 2,000. Richard was appointed President and CEO of DeBeers Canada Corporation in 2000 based in Toronto. During the six years that Richard was in this position approval was obtained for the construction of the Snap Lake and Victor Mines. Mr Molyneux retired from DeBeers in May, 2006.
New Director - Robert Sandford Stewart
The Company also wishes to announce the appointment of Mr. Robert Sandford Stewart to the Board of Directors effective August 19th, 2008. An Economist, Financier, Chairman and CEO of numerous mining and petroleum companies, Mr. Stewart started his career with Hudson's Bay Mining and Sherritt in the base and precious metal mines in Northern Manitoba. From there he transferred to East, Central and Southern Africa where he financed, developed or sold a number of large mining, petroleum and infrastructure projects with partners Falconbridge, Bechtel, American Mineral Fields, Krupp, Electrowatt, and CDC London. As Chairman of telecom, mining, biotech and natural gas companies, he lived over 30 years in Zurich, London and New York as well as worked with the IFC/World Bank to finance some of the largest projects in Africa. His leadership in writing the Master Plan for the Reconstruction of the DRC remains a major milestone laying out the future of all mining and infrastructure developments for that country.
Stock Options Granted to Robert Sandford Stewart
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 2,150,000 Options to Directors and Officers. On August 19th, 2008 the Company issued 200,000 options to Robert Sandford Stewart at an exercise price of $0.44 per share. These options will expire on August 19th, 2013. The Company has 821,387 shares remaining for issuance under the plan.
President and CEO of ICS Graham Chisholm comments: "A special note of thanks to Mel for his valuable past contributions as Chairman. We now welcome Richard to that position and welcome Robert as Director. We are honoured to have men of this calibre on our board."
The company's flagship project the Mokambo Property is located in the heart of the famous Central African Copperbelt, near Mufulira, Zambia. The company has completed a 10,300 meter drill program and expects the NI 43-101 Resource Report, prepared by Coffey Mining, to be announced in September 2008. Over the last year ICS has built a mining compound and is nearing completion of its EMEW Plant installation which is scheduled to start processing third party ore in Q4 2008.
ICS COPPER SYSTEMS LTD.
"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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