Press Release 09-01
ICS Abandons Mokambo
Property
January 7th,
2009 -Abbotsford, British
Columbia, Canada
? ICS Copper Systems Ltd. (ICX:TSX.V)
Following
an evaluation of the NI 43-101 Report prepared by Coffey Mining on the sulphide mineral resource, and a verbal report from
Coffey Mining on the oxide drilling program, the Board is of the opinion that
the grade and the tonnage of the sulphide resource and oxide
deposit will not support a mining operation and that further drilling
will not significantly increase tonnage and grade. Results of the
evaluation of the sulphide resource and the 43-101 report prepared by Coffey
Mining have previously been reported on and Coffey Mining advise
that ?results of the mineral resource modeling have
indicated that there will be insufficient tonnage and metal concentration and
recoveries for the project to be viable.?
The
Board has therefore decided to abandon the Mokambo
project. Further expenditures will therefore be minimized and the option
agreement with NW Plant Hire has been terminated through an intentional
default. The equipment currently on site will be dismantled and stored on
company owned property located at Murundu,
approximately 6 kilometers from the Mokambo Site pending redeployment.
The
capitalized mineral property expenditures and non-moveable equipment related
to Mokambo totaling $7.9
million at October 31, 2008 will be written-off in the Company?s
2nd quarter financial statements to January 31, 2009 and the
necessary material change filing with the BCSC will be undertaken.
President
and CEO of ICS, Graham Chisholm comments: ?This was a difficult
decision which followed the
disappointments coming from delays in the drilling program and results that were
poorer than what we anticipated. We believe that abandoning the Mokambo property is the right decision and in the best
interests of our company. We look forward to moving on to new projects
which include two separate tailings projects that have recently come to our attention.?
Kathleen
Body, Pr.Sci.Nat., of Coffey Mining and an independent qualified person
under NI 43-101, has approved the information in this news release.
Tailings Opportunities
The
Company has been approached by two different investor groups to consider
developing separate tailings projects in the Kitwe area using the Company?s EMEW electrowinning
equipment, crushers, acid tank storage, generators and other mobile equipment
and the Company?s management and Board is currently
assessing these opportunities.
AGM and New Board Structure
The
Company?s AGM took place
on Dec 29th at 10:30 a.m. At this meeting a resolution was
passed by disinterested shareholders approving the re-pricing of 2,150,000
stock options to Directors and Officers to an exercise price of $0.10.
It was also announced that Messrs Whitelaw, Makepeace and Smale have resigned from the Board. The Board recorded
their thanks to all of these individuals for their contributions to the
company, and in particular to Mr. Mel Smale for his
past role as Director and Chairman and wished him every success in his
retirement.
The
Company was also pleased to make the appointment of Stephen
Peter Gregory to the Board of Directors. Mr. Gregory is a registered
Professional Engineer with a B.Sc. in Mining Engineering from the University
of the Witwatersrand. He has 28 years
experience in the mining industry including 12 years with Anglo American
Corporation in numerous production and technical management positions on
large gold, nickel, copper and chromite operations.
Stock
options were granted to Stephen
Gregory under the Company?s
2006 Incentive Stock Option Plan, there are 2,971,387 options available to
purchase Common Share of the Company. The Company has previously issued
2,150,000 options to Directors and Officers. On December 29th,
2008 the Company issued a further 200,000 options to Stephen
Gregory at an exercise price of $0.10 per share. These options will
expire on December 29th, 2013. The Company has 621,387
options remaining for issuance under the plan.
ICS COPPER SYSTEMS LTD.
Signed ?Graham Chisholm?
Graham Chisholm, President & CEO
For further information please contact:
Graham Chisholm graham@icscopper.com Office: (604) 859-3007; Cell:
(604) 302-0746
Web Page: www.icscopper.com
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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