Significant gold and copper
exploration project
acquired in Zambia, Africa
VANCOUVER, Canada
(TSXv: IGC; Frankfurt: I6G (WKN: A0HGX4) and Pink Sheets: IGCGF)
– March 3, 2008 - IGC Resources Inc. (“IGC” or the
“Company”) is pleased to announce it has entered into an option
agreement to acquire approximately 3,500 square kilometres of exploration
ground within the copper province in central Zambia, Africa. The
agreement is subject to completion of a technical and legal due diligence by 17
May 2008. To date historical data indicate the areas are highly
prospective for copper and gold mineralisation.
Initially the
Company will pay a non-refundable payment of US$50,000 to secure an exclusive
90 day period during which the Company will complete a technical and legal due
diligence. On successful completion of a satisfactory due diligence the
Company will pay a further US$100,000, followed by two additional payments of
US$100,000 and US$100,000 each subsequent six months on the anniversary of
signing to acquire a 90% interest in the project.
The summary data provided to
the Company by the vendors indicates that the project comprises two granted exploration
permits within the central region of Zambia,
Africa. A number of prospects have already
been identified with historical samples reporting significant copper and
gold mineralisation. Values of up to 38.1% copper have been recorded in
trenching and pit samples with seven advanced targets identified within the
concessions.
Previous
exploration by a number of companies up until the mid 1970’s has seen a
significant database developed including over 300 shallow holes and
10 diamond holes drilled on the Chimena and Karibarembi prospects
with areas of ground and airborne geophysics and extensive pit and trench
sampling completed throughout the concessions.
Of particular interest amongst
the advanced targets is the Karibarembi prospect. This prospect is considered
to have the potential for Carlin type (Nevada)
gold mineralisation with argillaceous host rocks displaying strong
silicification and anomalous gold, arsenic and tungsten mineralisation.
Further to this,
Roan Consolidated Mines throughout the 1950s-to 1970s have recorded occurrences
of copper including chalcopyrite, malachite and haematitie and limonite
associations in veins systems within the Karibarembi prospect. Assays
from trench sampling at the prospect gave up to 39.4% copper and 5.8
dwt. gold (9.02 grams
per tonne, 0.29 oz
per ton).
The Company will
now embark upon an independent geological assessment of the existing data
including verification of all historical data as claimed by the vendors in
their summary report and as reported in this release. It is anticipated
that following a positive result of the due diligence by early 2008 work will
commence immediately on ground with field surveys confirming previous results,
and defining probable drill targets for early drilling later in 2008.
Technical
information in this announcement was reviewed by Mr. Dave Holden, CEO, who is a
Member of the AusIMM and a “Qualified Person” as defined under
Canadian National Instrument 43-101 (“NI 43-101”).
About IGC Resources Inc.: IGC Resources Inc.’s principal business
activities are the exploration, development and mining of gold copper projects
in Australia and Africa while continuing to investigate other mineral
resource prospects for potential acquisition globally. IGC holds gold resources
at Blackburn, Western
Australia, an IOCG exploration project in the southern Fraser Range
proterozoic mobile belt and a
copper–gold/uranium project at Uaroo, immediately south of the Manyingee
uranium deposit near Onslow,
Western Australia.
For more information, please visit our website at www.igcresources.com,
email us at info@igcresources.com
or call us at +1 604-664-7424.
***
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Statements in this release may constitute
forward-looking statements which involve known and unknown inherent risks and
uncertainties that are detailed in IGC’s periodic filings with Canadian securities
regulators. Given these risks and uncertainties, investors should not
place undue reliance on forward-looking statements as a prediction of actual
results. Actual events or results could differ materially from
IGC’s expectations and
IGC RESOURCES INC.
Per:
Linda Holmes
Director & Corporate Secretary
O: 250-404-0310
F: 250-404-0311
www.igcresources.com
