ICS SELLS EMEW PLANT & EQUIPMENT FOR USD 1.5M
ABBOTSFORD, BC, Sept. 23 /PRNewswire-FirstCall/ - ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to report that it has concluded the sale of its EMEW plant and other mining equipment for the sum of 1.5 M dollars to a Zambian company.
Under the terms of the agreement, the Zambian company has paid, and ICS has received, an initial tranche of USD 200,000. Additional monthly payments of USD 15,000 will be made until the commissioning of the plant at which time the balance owing will be paid over a period of 18 months.
Ownership of the plant will only pass to the Zambian company once full payment has been received.
Proceeds of the sale of the EMEW plant will be used to explore and advance ICS's recently acquired Excelsior Springs Gold property in Nevada. A NI 43-101 Technical Report on the Excelsior property is expected to be finalized within weeks.
Based on information contained in this report, ICS's Technical Committee, chaired by Larry Treadgold and assisted by geologists Dave Wolfe and Ken Brook, will finalize details of a mapping and sampling program to be undertaken in the fall of 2010, from which decisions will be taken regarding a spring 2011 drill program.
President and CEO Graham Chisholm comments, "With the sale of the unused EMEW plant and other mining equipment ICS will have a clean balance sheet with no debt and cash in the till and will focus on advancing its gold asset in Nevada."
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.
SOURCE ICS Copper Systems Ltd.
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