ABBOTSFORD, BC, April 21 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) wishes to provide shareholders with the following update on recent activities:
Under the current extremely difficult market conditions which have impacted severely on the exploration and mining sector, ICS management has applied an overall strategy of reducing expenditures to a minimum, creating cash flow through the sale of some assets as well as continuing to proactively seek for new business opportunities.
- Plant and equipment valued at approx. USD 2.5M was moved from the
Mokambo Mine site to Kalulushi. The Kalulushi site has access to
power, water, buildings and is permitted for the use of sulphuric
acid on site. The Kalulushi site also has 5 Arc Furnaces that can be
renovated for use and represents a very attractive location for
possible future operations. Alex Stewart also operates from these
premises independently.
- ICS is in negotiations with several companies regarding a Joint
Venture for the possible use of the plant and equipment on the
Kalalushi site. Negotiations are at an early stage and shareholders
will be immediately advised when these negotiations are finalized.
- ICS has entered into negotiations with the Zambian government for the
sale of the buildings on the Mokambo property for possible use as an
agricultural training centre, a primary or secondary school or some
other application. It is expected that the sale of these buildings
will raise approx. USD $300-400,000.
- ICS expects to close a deal within the week for the sale of its 1050
KVA generator for approx USD $145,000 (CDN 178,973).
- ICS has signed an MOU with ATJ Natural Resources Ag (ATJ), of Belize
for the creation of a strategic partnership between ICS and ATJ. This
partnership will be for the execution of exploration activities on a
minimum of 4,000 sq km of Licence Areas held by ATJ in the Luapula
area. These licence areas contain known copper mineralization which
is described in a geological report dated Nov 2006 which was provided
to ICS by ATJ. This report was prepared for Alfa Mines (Alpha) a
company related to ATJ. In addition to the 4,000 sq km Alfa will
include in the JV a further 1,000 sq km held under a separate
licence.
- ICS has undertaken some preliminary concentration testing on an
extensive Copper tailings dam and is seeking to establish a reliable
supply of Copper/Cobalt/Tin concentrate.
President and CEO of ICS, Graham Chisholm comments: "We have regrouped and
consolidated our position and look forward to assessing a range of
opportunities that have presented themselves."
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.