ICS Abandons Mokambo Property
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
President and CEO of ICS,
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
The Company was also pleased to make the appointment of
Stock options were granted to
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.
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SOURCE ICS Copper Systems Ltd.