|
PRESS RELEASE 08-05
JOINT
VENTURE WITH TRANSAFRICAN MINERALS LIMITED
April
2nd , 2008 � Abbotsford, British Columbia, Canada � ICS Copper
Systems Ltd (The Company
or ICS) (ICX:TSX.V) is pleased to announce that it has signed
a binding Letter of Intent (LOI) with TransAfrican Minerals Limited
(TransAfrican) in connection with 6 licences in the Democratic Republic of
Congo (DRC), whereby TransAfrican has the option of earning up to a 70%
interest in the licences by completion of cash and work commitments. The
three stage deal is summarized below:
Stage
1 - to earn a 51% interest
|
Date for
Completion
|
Cash Payments
to be Made 1.
|
Minimum
Exploration and Development
Expenditures to be Incurred
|
|
Within 30 days of signing
|
C$400,000
|
-
|
|
Within 90 days of signing
|
C$400,000
|
-
|
|
End of Year 12
|
C$200,000
|
C$1,200,000
|
|
End of Year 22
|
C$200,000
|
C$1,200,000
|
|
End of Year 32
|
C$200,000
|
C$ 200,000
|
|
TOTAL
|
C$1,400,000
|
C$2,600,000
|
1.
These items, being the cash payment of C$1,400,000
and the minimum expenditure requirement of C$ 2,600,000 are
firm binding commitments on TransAfrican;
2.
From execution of this LOI by the parties.
Stage 2 � to earn an additional 10% interest (for a
total of 61%)
TransAfrican may earn an additional 10% interest in the
licences by conducting additional exploration within 24 months of successful
completion of Stage 1.
Stage 3 � to earn an additional 9% Interest (for a
total of 70%)
TransAfrican may earn an additional 9% interest by funding
70% Bankable Feasibility Study within 48 months of successful completion of
Stage 2.
THE LICENCES
The licences that fall under this agreement are Bayombwe,
Lubudi, Bukama, Kabalo, Kaniama and Karukuruku.
ABOUT TRANSAFRICAN MINERALS LIMITED
TransAfrican Minerals Limited is an emerging
privately-funded global mining company led by a strong management team made
up of former senior investment bankers and mining executives with more than
200 years of combined experience funding, developing and managing global
mining projects.
The company is led by Mr. Mohamed Matongo as its Deputy
Chairman and President. The Chief Executive Officer is Mr. Robert S.
Stewart.
Mr. Matongo was formerly a senior banker (Sr. Vice
President) with Citibank in London, Kuala Lumpur, Abhu Dhabi and Johannesburg. He founded Bayete
Resources Pty Ltd. four years ago and was the CEO and Deputy Chairman until
2006 when Bayete Resources Pty Ltd. sold its interests to Troy International
UK Limited. Mr. Matongo also formed Tegeta Exploration and Mining Pty
Ltd., a junior explorer and mining company focusing on Coal Mining in South Africa.
During the last 5 years he has facilitated the creation of many emerging
(BEE) companies in South
Africa and he specializes in deal
origination, conceptualization, mergers and acquisitions.
Mr. Stewart is a mining and financial executive with 30
years of senior experience in Africa and
around the world. As former Chief representative of Bechtel, Chairman
of Ocelot International, TANGAS, CAMGAS, America Mineral Fields, Congo
Chamber of Mines and International Cobalt, he initiated, financed and
developed several major mining, natural gas and power projects in East,
Central and Southern Africa.
TransAfrican is building a global presence in precious,
base and strategic metals with future acquisitions targeted in Africa, Canada, Australia
and Asia. Through acquisitions and
joint ventures, TransAfrican has built up a portfolio of mining and
exploration projects (copper, uranium, cobalt, gold and coal) in Zambia, DRC, Mozambique,
Madagascar, Mali, Indonesia,
Australia, Mongolia and Argentina.
TransAfrican has recently engaged the services of two
eminent Canadian firms, Messrs Rosmir Capital Corp (Financial Advisor), and
Fraser Milner Casgrain LLP, (Legal Counsel) for the company.
TransAfrican is planning an IPO on the Toronto Stock Exchange to raise
further capital to develop its portfolio.
MANAGEMENT�S COMMENT
Graham Chisholm, President & CEO comments, �we are
very pleased with this transaction. It addresses one of the business
objectives of the Company which is to find well funded joint venture partners
for its DRC licences. This approach allows for the advancement of ICS�s
high quality exploration targets in DRC and enables the Company to focus its
treasury on the development of the Mokambo Mine Project in Zambia.�
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
|