ICS Copper Systems Ltd

Published : January 07th, 2009

ICS Abandons Mokambo Property

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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.

 

Important Information:

We respect your privacy.  If you wish to be removed from ICX email distribution list please reply to this email by typing ?UNSUBSCRIBE? in the subject line and you will be removed from future mailings.  

 

ICS Copper Systems Ltd

DEVELOPMENT STAGE
CODE : ICX.V
CUSIP : 45107L 10 0
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ICS Copper Systemps is a copper development stage company based in Canada.

ICS Copper Systemps holds various exploration projects in Congo Dem. Rep. of.

Its main asset in development is MOKAMBO MINE in Zambia and its main exploration properties are EXACOM, MUSOSHI TAILINGS and SKANIA in Congo Dem. Rep. of.

ICS Copper Systemps is listed in Canada and in Germany. Its market capitalisation is CA$ 2.5 millions as of today (US$ 2.5 millions, € 1.8 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.37, and its lowest recent point on April 09, 2009 at CA$ 0.01.

ICS Copper Systemps has 35 889 000 shares outstanding.

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Corporate Presentations of ICS Copper Systems Ltd
9/5/2007report by Fundamental Research
In the News and Medias of ICS Copper Systems Ltd
12/18/2007targeting production for July 2009
Annual reports of ICS Copper Systems Ltd
2008 Annual report
Financings of ICS Copper Systems Ltd
5/27/2008Announces $1.1 Million Private Placement
Nominations of ICS Copper Systems Ltd
8/21/2008APPOINTMENT OF CHAIRMAN & NEW DIRECTOR TO THE BOARD OF DIREC...
4/16/2008 APPOINTS RICHARD MOLYNEUX TO THE BOARD
Project news of ICS Copper Systems Ltd
1/7/2009(Mokambo Mine)ICS Abandons Mokambo Property
11/25/2008(Mokambo Mine)NEARS PRODUCTION OF THIRD PARTY ORE
7/23/2008(Mokambo Mine) DRILLS 40.9 METERS OF 1.10% CU & 16.0 METERS OF 1.56% CU AT...
4/18/2008(Mokambo Mine)UPDATES MOKAMBO SULPHIDE DRILL PROGRAM
3/10/2008(Mokambo Mine) MOKAMBO PROJECT SULPHIDE DRILL PROGRAM HAS COMMENCED
Corporate news of ICS Copper Systems Ltd
11/4/2008PAUSES FOR STRATEGIC REVIEW
5/7/2008INSTALLATION OF EMEW PLANT IN ZAMBIA BY Q4 OF 2008 - ON SCHE...
4/4/2008CLARIFIES ITS PRESS RELEASE 08-02
4/2/2008SIGNS JOINT VENTURE WITH TRANSAFRICAN MINERALS LIMITED
3/31/2008SIGNS JOINT VENTURE ON THE KARUKURUKU CONCESSION (DRC)
1/28/2008 MANAGEMENT CLARIFICATION
10/30/2007CLARIFIES ITS DISCLOSURE
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