ICBS and Canwealth Minerals Corporation, Signs Letter of Intent for Joint Gold Mining Venture With Bayport Corporation of Nevada.
LAS VEGAS and MONTREAL, Nov. 8, 2011 /PRNewswire/ -- Canwealth Minerals Corporation and partner ICBS Ltd., (OTCPK: ICBT), announced today that they have signed a letter of intent for a joint Gold, and REE ( rare earth elements ) mining venture with the Bayport Corporation of Nevada.
The proposed joint venture is intended to develop property claims owned by Bayport in Utah covering 1120 acres. The agreement would see Canwealth commence a three stage deep core drilling development program over the next three years. The focus will be on gold and other precious metals along with REE (rare earth elements).
Bayport's current mining claims consist of numerous locations in the western United States. Bayport is currently negotiating with several mining companies and individuals to increase our presence in the mining community. Rare Earth and precious minerals and metals are very strategic and critical for the United States military, defense welfare and many new inventions.
Rare Earth holdings may be the most financially significant division of Bayport. Bayport now controls a tremendous amount of Rare Earth Elements (REE's) in the northwestern portion of the United States and Northern Canada with our new association with a mining company in Newfoundland. This company likewise owns a vast amount of REE's in northern Canada. Bayport has entered into a Letter of Agreement with a prestigious Wall Street firm, to do a best-efforts $50,000,000 IPO for the myriad of rare earth we control.
Canwealth Minerals Corporation is a gold and precious metal mining company which holds claims in in northern Quebec. The company is committed to build Canwealth Minerals Corporation into a profitable resource by maximizing shareholder value through exploration of its high quality properties in Northern Quebec.
Canwealth holds 243 claims representing 35,087 acres under management. The company currently has 8 mining locations in the Abitibi region of Northern Quebec. The company is currently performing deep core drilling at two of its most promising sites. Along with Gold and other precious metals, the companies claims have large deposits of REE ( rare earth elements ).
The two companies will form a new corporation that will be owned equally by both Bayport and ICBS. ICBS's subsidiary, Canwealth Minerals Corporation will commence drilling operations at the Utah claim sites in the new year, which is expected to run into early summer. Assay of the core samples will be shipped to AGAT Laboratories in Toronto Ontario for analysis.
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.
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SOURCE ICBS Limited
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