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PRESS RELEASE 08-06
ICS CLARIFIES ITS PRESS RELEASE
08-02
April
4, 2008. 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.
Sebembere Property
The
Company announced, in a news release dated January 30, 2008, that it had
entered into an agreement giving the Company the exclusive right to conduct
due diligence on the Sebembere Mine until May 30,
2008, and thereafter an exclusive right to enter into a joint venture
agreement to develop the Sebembere Mine. The
news release discloses an unclassified historical estimate for the Sebembere Mine, which was derived from a geological
report prepared by Geomin covering the period
1970-1973. The report prepared by Geomin was
not prepared in accordance with NI 43-101, and the Company has not completed
an independent review of the data and methodology employed by Geomin geologists. The tonnage was based on a 10,700 meter drill
program. The volume calculation method applied
has been that of polygonal outlines around diamond drill hole
mineralized intersections based on vertical sections combined with horizontal
sections. The use of the two orientations has allowed the outlining of
certain blocks of mineralization by establishing their limits by the vertical
sections determined through boreholes, and horizontally by hypothetically
established horizons on 100
meter spacings. The grade
was based on �ore dressing� tests carried out on three samples made up of 44
mixed separate samples gathered from boreholes.
The
Company retracts the estimate and restates it as an estimate of exploration
potential with a range of approximately 16 to 20 million tonnes, grading a
range of approximately 1.31% to 1.8% copper. The potential quantity and
grade is conceptual in nature, a qualified person has not done sufficient
work to define a mineral resource and it is uncertain if future work will
result in the delineation of a mineral resource. The historical
estimate should not be relied upon.
Mokambo Property
The
Company distributed, at the Vancouver Roundup Conference in January 2008,
copies of a Business TV presentation highlighting the Company. The
presentation included an oxide estimate with applied production parameters
for the Mokambo Property, which could be construed
as an NI 43-101 current resource estimate. The oxide estimate, however,
was meant to be illustrative in nature and was not prepared or supported by a
preliminary assessment in accordance with NI
43-101.
The
Company retracts the oxide estimate and restates it as an estimated
exploration target with a range of approximately 1 to 5 million tonnes,
grading a range of approximately 1.47% to 1.72% copper. The potential
quantity and grade is conceptual in nature, 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. The estimate should
not be relied upon.
The
only resource estimate available at this time is the sulphide 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. Although the
Company is completing its Phase 1 drill program as per the technical report,
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.
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
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.
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 :
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