ICS Announces Appointment of Director
Abbotsford, Canada, August 27, 2010 (ots/PRNewswire) - ICS Copper Systems Ltd. is pleased to announce the appointment of Mr. Larry Treadgold, B.Sc (Hons), C.Eng, FIMMM, to the Board of Directors of ICS and as Chairman of ICS technical committee.
Mr. Treadgold has over 40 years' experience as an extractive metallurgist and manager in gold, silver, copper & cobalt assets world wide. During his career he has developed both green-field and brown-field sites and brought them to optimum capacity and profitability.
His early career was spent in Africa on the Zambian Copper-belt where he became Superintendent of Ndola Copper Refineries and precious metals plant. He later joined Noranda Minerals Inc., where, as President of their precious metal subsidiary, he was responsible for the management of operations, engineering and technical developments of precious metal activities in the United States and Asia.
In 2005, Mr. Treadgold assumed the responsibility of Director of Metallurgy with BSG Resources responsible for the Luanshya and Chambeshi operations in Zambia and the development of KOV, at the time the largest copper and cobalt asset in the DRC. Mr. Treadgold was a key member of the Executive team that successfully took this DRC asset to the market in 2007 with the flotation of Nikanor on the AIM exchange which raised (pnds stlg)400m. Mr. Treadgold was appointed Director and Chief Metallurgical Officer being responsible for process design, project development and on site investor and bank relations until the merger with Katanga Mining. In addition, he has spearheaded environmental impact studies and management plans and developed compliance to Equator Principle standards to comply with the necessities of debt financing.
Mr. Treadgold has also provided metallurgical consulting services to gold and copper mining operations in the United States, Philippines, Azerbaijan, Bulgaria, Africa and Central America.
STOCK OPTIONS GRANTED
The company has granted 250,000 options to Mr. Treadgold at an exercise price of $0.10 for a period of 10 years from the date of issuance. The Company has granted a further 850,000 options to existing directors and officers under the same plan. The Company has 526,387 options remaining under the plan.
Mr. Treadgold is to assume the role of Chairman of the newly constituted Technical Committee. Presently, other members of this committee are Mr. Dave Wolfe, geologist with 40 years experience, and Mr. Chisholm, C.E.O. Mr. Wolfe has acted as consulting geologist for the Excelsior Springs gold project for several years and has largely contributed to previous drill programs undertaken on the property. He has extensive knowledge of the geology of the property and his future advices and direction will be invaluable.
Mr. Treadgold comments "I look forward working together with ICS as I believe that the Excelsior acquisition holds a great deal of promise. The potential of improved resources subsequent to infill drilling and the exploration of other potential targets in the near vicinity could result in significant upside potential."
This committee's current mandate is to examine a first drill program to find near surface material amenable to a heap leach or agitated leach process. This would be added to the existing surface material in and around the Buster and Upper shafts and the tailings from the Pigeon Springs mill located 5kms off the property. A preliminary economic analysis will be undertaken to ascertain the viability of leaching and electro-winning this product.
Secondly, the committee would examine the drilling of several deeper vertical holes to test several domal features for potential gold mineralization at depth. The main zone of gold identified to date suggests a porphyry scenario in that at least 60% of all intrusion-related gold deposits occur in major structural zones.
EXCELSIOR SPRINGS GOLD PROPERTY
ICS has recently acquired 100% of the Excelsior Springs Gold property in Nevada. Under the agreement ICS has paid for Bureau of Land Management (BLM) and State fees and will pay USD 32,000 in lease payments in the first year, USD 37,000 in the second year and USD 42,000 in the third year and 2% Net Smelter Royalty (NSR) when entering in production, which can be bought out for a final payment of USD 300,000.
President and CEO Graham Chisholm comments "We are pleased to have Larry join our Board of Directors and to chair our newly formed technical committee. His extensive metallurgical and mining experience and excellent network of contacts in the industry will strengthen ICS and is a further step in reorganizing our company."
ICS COPPER SYSTEMS LTD.
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.
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