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ICS Copper Systems Ltd. - Joint venture with TransAfrican Minerals Limited
ABBOTSFORD, BC, April 2 /CNW/ - ICS Copper Systems Ltd (The Company or ICS) (ICX:TSX.V) is please...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n\n\n\nABBOTSFORD, BC, April 2 /CNW/ - ICS Copper Systems Ltd (The Company or\nICS) (ICX:TSX.V) is pleased to announce that it has signed a binding Letter of\nIntent (LOI) with TransAfrican Minerals Limited (TransAfrican) in connection\nwith 6 licences in the Democratic Republic of Congo (DRC), whereby\nTransAfrican has the option of earning up to a 70% interest in the licences by\ncompletion of cash and work commitments. The three stage deal is summarized\nbelow:\n\n\nStage 1 - to earn a 51% interest\n\n\n-------------------------------------------------------------------------\n Minimum Exploration\n and Development\nDate for Cash Payments Expenditures to\nCompletion to be Made(1) be Incurred\n-------------------------------------------------------------------------\nWithin 30 days of signing C$400,000 -\n-------------------------------------------------------------------------\nWithin 90 days of signing C$400,000 -\n-------------------------------------------------------------------------\nEnd of Year 1(2) C$200,000 C$1,200,000\n-------------------------------------------------------------------------\nEnd of Year 2(2) C$200,000 C$1,200,000\n-------------------------------------------------------------------------\nEnd of Year 3(2) C$200,000 C$200,000\n-------------------------------------------------------------------------\nTOTAL C$1,400,000 C$2,600,000\n-------------------------------------------------------------------------\n(1) These items, being the cash payment of C$1,400,000 and the minimum\n expenditure requirement of C$ 2,600,000 are firm binding commitments\n on TransAfrican;\n\n(2) From execution of this LOI by the parties.\n\n\nStage 2 - to earn an additional 10% interest (for a total of 61%)\n\n\nTransAfrican may earn an additional 10% interest in the licences by\nconducting additional exploration within 24 months of successful completion of\nStage 1.\n\n\nStage 3 - to earn an additional 9% Interest (for a total of 70%)\n\n\nTransAfrican may earn an additional 9% interest by funding 70% Bankable\nFeasibility Study within 48 months of successful completion of Stage 2.\n\n\nTHE LICENCES\n\n\nThe licences that fall under this agreement are Bayombwe, Lubudi, Bukama,\nKabalo, Kaniama and Karukuruku.\n\n\nABOUT TRANSAFRICAN MINERALS LIMITED\n\n\nTransAfrican Minerals Limited is an emerging privately-funded global\nm...