NEWS RELEASE 07-09
ICS Clarifies its Disclosure
_____________________________________________________________________________________
October 29, 2007 – Abbotsford, British Columbia,
Canada.
ICS Copper Systems Limited (TSXV: ICX) announces that, as a result of a review
by the British Columbia Securities Commission, it is issuing the following news
release to clarify its disclosure.
Musoshi Tailings Project
The project continues to be on hold due to a dispute
regarding ownership of the tailings between Sodiminco and MMK. Subsequent
to the Company's IPO, it disclosed an unclassified current tailings resource as
oxide on its website. The Company did not file a news release or material
change report disclosing the resource estimate.
The Company made the above disclosure on its website
based on a report prepared in 2005 by Sodiminco. The Company has not been
able to conduct an independent review of the data and methodology employed by
Sodiminco geologists. The tonnage was based on the volume of the tailings
multiplied by the average density of 50 composite samples, and the grade based
on the average grade of the 50 composite samples. The composite samples
were derived from 500 auger holes based on a square 100 by 100 metre grid
pattern over the entire tailings pond. The tailings pond has well defined
boundaries and is not an in-situ mineral deposit.
The Company retracts the tailings resource estimate
and restates it as an "estimate of
tailings potential" with a range of approximately 17 million tonnes to 20
million tonnes with a range of between 0.30% to 0.45% copper (as required by
section 2.3 of National Instrument 43-101). There has not been
sufficient work to define a mineral resource and it is uncertain if future work
will result in the delineation of a mineral resource.
Mokambo Property
The Company made available through its website an
article (the "HRAJ Article") prepared by the Hard Rock Analyst
Journal. The HRAJ Article was prepared by a third party and is not, and
was not intended to be considered as being, endorsed by the Company in any
way. The HRAJ Article contains a number of disclosures and analyses that
read as statements of historical mineral resource estimates, which are not
disclosed in accordance with NI43-101, statements of current mineral resource
estimates, which do not appear to be prepared in accordance with NI43-101,
statements of gross in-situ metal value, which have little analytical merit, and
projections of production, revenue and present value figures, which do not
appear to be supported by a preliminary assessment as required by
NI43-101. As such, the information in the HRAJ Article should not be
relied upon.
The only resource estimate available at this time is
the historical estimate prepared by Geomin in 1973. The Company has no
reason to believe that the historical estimate is unreliable, being prepared by
mining professionals. Details of the historical estimate are available in
the technical report on the Mokambo Property available on the Company's profile
on SEDAR. The Company does not have any more recent estimates or data
concerning a resource estimate on the Mokambo Property. In accordance
with NI43-101, the Company further advises that a qualified person has not done
sufficient work to classify the historical estimate as current mineral
resources, that it is not treating the historical estimate as current mineral
resources, and that the historical estimate should not be relied upon.
In the Company's news release of September 19, 2007,
the Company indicated that it had established or is in the process of
establishing certain infrastructure on the Mokambo Property and suggested that
it expected commercial production by mid-2009. The Company would like to
clarify that it has not carried out a preliminary assessment on the Mokambo
Property. The Company is currently drilling to delineate the oxide copper
cap and will be testing the effectiveness of its EMEW process on oxide and
sulphide feed when it is available. This testing will hopefully commence
during the rainy season and hence the Company needs to build this
infrastructure to perform these tests. If the Mokambo Property is
determined to be commercially viable, it is the Company's intent to target
mid-2009 to establish commercial production.
David Makepeace, a director of the Company and its
acting Chief Operating Officer, a qualified person as defined by National
Instrument 43-101, supervised the preparation of the technical information in
this news release.
ICS COPPER SYSTEMS LTD.
Signed
“Graham Chisholm”
Graham Chisholm, President & CEO
# 202 – 2526 Yale
Court Rd., Abbotsford, British Columbia, Canada, V2S 8G9
Telephone: 604-859-3007 Fax: 604-859-3008
For
Further
information contact:
Graham Chisholm, President – (604) 859-3007 - Email: graham@icscopper.com
Brett Whitelaw, Vice-President of Public
Relations – (778) 836-5891 – Email: brett_whitelaw@telus.net
www.icscopper.com
Important
Information:
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.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
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