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ICS signs confidentiality and exclusivity agreement Re: Sebembere Mine in Zambia
ABBOTSFORD, BC, Jan. 30 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to announce that i...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n\n\n\nABBOTSFORD, BC, Jan. 30 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) is\npleased to announce that it has signed a confidentiality and exclusivity\nagreement with Baluba Building Construction Limited with regard to the small\nscale mining licence SML 389 which covers the Sebembere Mine in the Central\nProvince of Zambia, 21 km north-west of Kabwe.\n\n\nThe agreement will allow ICS to exclusively conduct due diligence on the\nproperty until 30th May 2008 at which time ICS, if it chooses, will have the\nexclusive right to enter into a Joint Venture Agreement with Baluba Building\nConstruction Limited to develop the Sebembere Mine.\n\n\nMOKAMBO MINE'S "TWIN"\n\n\nSimilar to ICS's Mokambo Mine in Mufulira, the Sebembere Mine was\ndeveloped by the state Romanian company "Geomin" from 1970-1973. The mine also\nsits atop a geological structure named the Sebembere Syncline and like Mokambo\nmay have an oxide cap. Geomin conducted a 10,700m drill program ranging from\ndepths of 52 to 1,070 meters and sank an exploratory shaft to a depth of\n37 meters.\n\n\nA geological report on the property prepared by Geomin shows a historic\nestimate of 16.3 million tons with an average grade of 1.61% copper. The\nreport states that "with additional drilling....it is considered that the\npotential could be raised up to 19-20 million tons with a copper content of\nmore than 1.8%". The report also advises that this "deposit estimate does not\ninclude the mineralization in the oxidation zone of the deposit".\n\n\nA report published by Zambian Consolidated Copper Mines (ZCCM) in August\n1992 on the Sebembere Syncline stated "there is abundant reason to believe\nthat drilling to investigate the lateral and down dip extensions to the known\nbody would result in a significant increase in the indicated tonnage."\n\n\nMr. Graham Chisholm, President & CEO comments "We anticipate the due\ndiligence on the property will authenticate title, in which case, we will sign\na Joint Venture agreement with Baluba Building Construction Limited. This will\nalso necessitate the preparation of a 43-101 report for the British Columbia\nSecurities Commission."\n\n\nDavid Makepeace, P.Eng. M.Eng, a director of the Company and its acting\nChief Operating Officer, a qualified person as defined by National Instr...