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ICS Signs Confidentiality and Exclusivity Agreement Re: Sebembere Mine in Zambia
Abbotsford, British Columbia (ots/PRNewswire) - ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to announce that it has signed a confidentiality and exclusivity agreement with Baluba Building Construction Limited with regard to the small scale mining licence SML 389 which covers the Sebembere Mine in the Central Province of Zambia, 21 km north-west of Kabwe.
The agreement will allow ICS to exclusively conduct due diligence on the property until 30th May 2008 at which time ICS, if it chooses, will have the exclusive right to enter into a Joint Venture Agreement with Baluba Building Construction Limited to develop the Sebembere Mine.
Mokambo Mine's "Twin"
Similar to ICS's Mokambo Mine in Mufulira, the Sebembere Mine was developed by the state Romanian company "Geomin" from 1970-1973. The mine also sits atop a geological structure named the Sebembere Syncline and like Mokambo may have an oxide cap. Geomin conducted a 10,700m drill program ranging from depths of 52 to 1,070 meters and sank an exploratory shaft to a depth of 37 meters.
A geological report on the property prepared by Geomin shows a historic estimate of 16.3 million tons with an average grade of 1.61% copper. The report states that "with additional drilling....it is considered that the potential could be raised up to 19-20 million tons with a copper content of more than 1.8%". The report also advises that this "deposit estimate does not include the mineralization in the oxidation zone of the deposit".
A report published by Zambian Consolidated Copper Mines (ZCCM) in August 1992 on the Sebembere Syncline stated "there is abundant reason to believe that drilling to investigate the lateral and down dip extensions to the known body would result in a significant increase in the indicated tonnage."
Mr. Graham Chisholm, President & CEO comments "We anticipate the due diligence on the property will authenticate title, in which case, we will sign a Joint Venture agreement with Baluba Building Construction Limited. This will also necessitate the preparation of a 43-101 report for the British Columbia Securities Commission."
David Makepeace, P.Eng. M.Eng, 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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