Business
ICS Abandons Mokambo Property
ABBOTSFORD, BC, Jan. 7 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) Following an evaluation of the...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n\n\n\nABBOTSFORD, BC, Jan. 7 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V)\n\n\nFollowing an evaluation of the NI 43-101 Report prepared by Coffey Mining\non the sulphide mineral resource, and a verbal report from Coffey Mining on\nthe oxide drilling program, the Board is of the opinion that the grade and the\ntonnage of the sulphide resource and oxide deposit will not support a mining\noperation and that further drilling will not significantly increase tonnage\nand grade. Results of the evaluation of the sulphide resource and the 43-101\nreport prepared by Coffey Mining have previously been reported on and Coffey\nMining advise that "results of the mineral resource modeling have indicated\nthat there will be insufficient tonnage and metal concentration and recoveries\nfor the project to be viable."\n\n\nThe Board has therefore decided to abandon the Mokambo project. Further\nexpenditures will therefore be minimized and the option agreement with NW\nPlant Hire has been terminated through an intentional default. The equipment\ncurrently on site will be dismantled and stored on company owned property\nlocated at Murundu, approximately 6 kilometers from the Mokambo Site pending\nredeployment.\n\n\nThe capitalized mineral property expenditures and non-moveable equipment\nrelated to Mokambo totaling $7.9 million at October 31, 2008 will be\nwritten-off in the Company's 2nd quarter financial statements to January 31,\n2009 and the necessary material change filing with the BCSC will be\nundertaken.\n\n\nPresident and CEO of ICS, Graham Chisholm comments: "This was a difficult\ndecision which followed the disappointments coming from delays in the drilling\nprogram and results that were poorer than what we anticipated. We believe that\nabandoning the Mokambo property is the right decision and in the best\ninterests of our company. We look forward to moving on to new projects which\ninclude two separate tailings projects that have recently come to our\nattention."\n\n\nKathleen Body, Pr.Sci.Nat., of Coffey Mining and an independent qualified\nperson under NI 43-101, has approved the information in this news release.\n\n\nTailings Opportunities\n----------------------\n\nThe Company has been approached by two different investor groups to\nconsider developing separate tailings projects in the Kitwe area using the\nCompan...