ABBOTSFORD, BC, Nov. 4 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V)
announces that due to the reduction in copper prices over the last few months
and current market conditions the Company has decided to suspend it's
exploration activities and the completion of it's EMEW plant in Zambia as it
undertakes a strategic review of operations.
Mokambo Review
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To date the company has completed a first phase drilling programme on the
Mokambo sulphide ore body. Based on this drilling a NI-43-101 compliant
mineral inferred copper resource estimate has been delineated by Coffey
Mining, an independent Qualified Person, and the NI-43-101 report will shortly
be available to view on SEDAR at www.sedar.com.
Part of the review will be to consider additional drilling programs. Due
to the wide spacing of the first phase drilling significant potential is
believed to exist for increasing the tonnage and grade of this resource
through additional drilling both along strike and down dip. Opportunities also
exist to increase the Mokambo resource through Joint Ventures with the
operators of the contiguous Mokambo North and Mokambo South Properties, both
of which host similar copper sulphide deposits and are currently being
explored. ICS also awaits the results of its Oxide drilling once Coffey Mining
provides a NI 43-101 compliant report.
EMEW Review
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The EMEW plant is very near completion with Electrometals staff onsite
overseeing the final installation. The EMEW plant is expected to produce
approx 500t/p/a Cu and approx 100t/p/a/ Co by processing third party ore.
Graham Chisholm, President and CEO of ICS comments, "While the Company
waits on prices and market conditions to improve, management will take the
time to review the exploration results from the Mokambo property to determine
future programs including potential joint venture candidates that have
approached the company. The Company will also assess other potential
acquisition opportunities of advanced stage projects in Zambia and DRC while
adopting a prudent approach in conserving cash."
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
