Canwealth Minerals Corporation seeking a public company for reverse merger

NEW YORK and MONTREAL, May 2, 2012 /PRNewswire/ - Canwealth Minerals Corporation and majority shareholder, ICBS Ltd., (OTCPK: ICBT), announced today that after a meeting with the company's directors, auditors and lawyers a resolution was passed by the board, to take Canwealth Minerals Corporation public by reverse merger with an existing U.S. public company.

Representatives from ICBS have engaged in actively seeking a public U.S. company for a reverse merger. The merger would allow Canwealth to become a publicly traded company within a relatively short time.  An initial IPO was ruled out because of the lengthy and expensive  process prior to being able to trade its stock. A reverse merger could see Canwealth trading within 30-60 days after the completion of the reverse merger.

Canwealth Minerals drilling program is set to commence on May 20, 2012, at Golden Ridge The exploration schedule is based on a window of opportunity with respect to weather, road conditions and accessibility (snow accumulation, flooding and erosion) to the primary target.  Drilling will depend on access to water that is free of ice. Core drilling to determine the extent of the precious mineral deposits is expected to have the first  results by the summer.

Canwealth Minerals Corporation - is a mineral exploration and mining company actively searching for gold, silver, PGE, base metal and REE mineral deposits in Quebec. At the present time the company holds 9 Mining properties (268 Claim cells) in Northern Quebec's Abitibi region and the James Bay basin including addition exploration camps in South Western Quebec for a total of 38,573 acres under management and is 100% owned by Canwealth Minerals Corp. Canwealth will require development funding for equipment and labour which could top three million dollars over the next two years.

ICBS Limited is a 51% shareholder in Canwealth Minerals Corp.

Legal Notice Regarding Forward-Looking Statements:

Safe Harbour: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbour created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of ICBS Limited, to be materially different from the statements made herein.

SOURCE Canwealth Minerals Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED