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