ICS Re-assesses OpportunitiesBy Ics Copper Systems Ltd., PRNE
Sunday, May 9, 2010
ABBOTSFORD, Canada, May 10, 2010 - With reference to the company's previous News Release 10-02, ICS is
pleased to announce that further to the withdrawal of JVC/Chantete from the
JV with ICS, the company has reached a final settlement agreement with
JVC/Chantete whereby the encumbered loan granted to ICS by JVC in the sum of
USD $125,000, was fully settled by ICS. We are pleased to have reached an
agreement and the removal of the encumbrance of ICS assets and a settlement
letter has been signed releasing all parties from all obligations and claims
against each other.
ICS is presently reviewing its existing portfolio of properties in DRC
and Zambia, as well as assessing the opportunity of further
exploration/production properties in Africa and in North America. Due
diligence is being undertaken with the assistance of independent geological
consultants which will be reviewed by the Board.
Furthermore, various proposals have been submitted to the company for
its EMEW plant that include JV opportunities as well as outright purchase
of the equipment valued at approx USD 1.4M.
No agreement has been reached as of today and we will update in due
We wish to advise the retirement of Chairman of the Board Richard
Molyneux who served on the Board as a non executive Director in 2008 and
who was subsequently unanimously appointed as Chairman of ICS. Richard has
decided to retire from active Board involvement to pursue private interests
and we thank him very much for his leadership and chairmanship over the last
two and half years. In the interim period Markus Janser has accepted the
role as Lead Director. Stephen Gregory also moves on to concentrate on his
own company. We thank him for his contribution to the company and we wish
him good luck.
ICS COPPER SYSTEMS LTD. "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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
For further information:
Graham Chisholm email@example.com Office: +1(604)-859-3007 Cell: +1(604)-302-0746 Jeannette Durand firstname.lastname@example.org Web Page: www.icscopper.com/
For further information: Graham Chisholm, graham at icscopper.com, Office:
+1(604)-859-3007, Cell: +1(604)-302-0746; Jeannette Durand,
jeannette at icscopper.com
Tags: Abbotsford, canada, ICS Copper Systems Ltd., May 10