Business
ICS Acquires 49% of Luapula Minerals Ltd
ABBOTSFORD, BC, May 21 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to advise that it h...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n\n\n\nABBOTSFORD, BC, May 21 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) is\npleased to advise that it has acquired a 49% equity position in Luapula\nMineral Ltd, a Zambian registered company which has legal title to 1,000\nhectare Prospecting Permit (10 sq kms) within the Luapula area.\n\n\nPresident and CEO of ICS, Graham Chisholm comments: "This acquisition\nflows from a MOU between ATJ Natural Resources Ag, of Belize and ICS which was\nannounced in our previous Press Release 09-02. This area is a green field\nproject with encouraging surface visualization of Malachite (Copper oxide ore)\nin the Luapula area which has known copper deposits."\n\n\nThe Luapula Beds, which are Kundelungu in age, comprise conglomerates,\nshales, sandstone interbedded with conglomerates and conglomerates\nintercalated with sandstones. These constitute the youngest rocks in the area\nand they unconformably overlie the Plateau Series. Conspicuous economic copper\nmineralization in the Luapula valley comprises predominantly malachite,\nchalcopyrite with minor azurite. Primary minerals, in the form of bornite and\nchalcopyrite , also occur in the underlying volcanic rocks comprising\npyroclastics and rhyolitic lavas.\n\n\nKalulushi Site\n--------------\n\n\nPursuant to Press Release 09-02 negotiations regarding an Agreement re\nthe renovation of the Kalulushi site are on going and shareholders will be\nadvised when these negotiations are finalized.\n\n\nStock Options Granted to Directors & Officers\n---------------------------------------------\n\n\nUnder the Company's 2006 Incentive Stock Option Plan, there are 2,971,387\noptions available to purchase common share of the Company. The Company has\npreviously issued 1,250,000 options to various directors and officers of the\nCompany. On May 21st, 2009 the Company issued a further 1,150,000 options at\nan exercise price of $0.10 per share. 175,000 stock options were issued to\neach of the following directors and officers; Mr. Graham Chisholm, Mr. David\nFynn, Mrs. Jeannette Durand, Mr. Richard Molyneux, Mr. Robert Stewart and Mr.\nStephen Gregory and 100,000 stock options was issued to Mr. James Mbambi.\nThese options will expire on May 21st , 2014. The Company has 571,387 shares\nremaining for issuance under the plan.\n\n\nICS COPPER SYSTEMS LTD.\nSigned "Graham Chisholm"\nGra...