Imperial Reports Production for 2012 and Forecast Production for 2013
VANCOUVER, BRITISH COLUMBIA, Jan 22, 2013 (Menafn - MARKETWIRE via COMTEX) --Imperial Metals Corporation reports its annual base andprecious metals production from Mount Polley and Huckleberry(1) minesexceeded the 2012 forecast. Copper production of 51.3 million poundsexceeded the forecast by 2%, gold production of 53,525 ouncesexceeded the forecast by 11.4% and silver production was 31.7% abovethe forecast totalling 211,995 ounces.
Base and precious metals production(1)(2) allocable to Imperial in2013 from the Mount Polley, Huckleberry and Sterling mines isanticipated to be 58.5 million pounds copper, 54,600 ounces gold and195,000 ounces silver.
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Planned
ANNUAL PRODUCTION(1)2013(2)20122011
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Copper (lbs)58,500,00051,345,60047,865,426
Gold (oz)54,60053,52544,274
Silver (oz)195,000211,995204,861
Molybdenum (lbs)-2,2783,465
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QUARTER PRODUCTION(1)4Q 20124Q 2011
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Copper (lbs)13,906,52511,903,715
Gold (oz)13,63512,399
Silver (oz)56,79750,742
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(1) Represents 100% production from Mount Polley mine and 50% production
from Huckleberry mine.
(2) Refer to Cautionary Note Regarding Forward-Looking Information.
The Sterling gold mine commenced production in the 2012 second quarter,and produced 3,613 ounces gold by year end, which was not included inthe 2012 forecast. In 2013 Sterling is expected to produce(2) 10,000ounces gold.
MOUNT POLLEY MINE OPERATIONS
Throughput was up 5% from 2011 with over 8.1 million tonnes milled in2012 compared to 7.7 million tonnes in 2011. Increased throughput,improved recoveries and better grades resulted in increased copperand gold production of 27% and 22% respectively from the levelsachieved in 2011. Mount Polley is expected to produce(2) 38.5 millionpounds copper and 43,000 ounces gold in 2013.
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ANNUAL PRODUCTION20122011
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Ore milled (tonnes)8,121,8787,716,856
Ore milled per calendar day (tonnes)22,19121,142
Grade % - Copper0.2800.265
Grade g/t - Gold0.3040.272
Recovery % - Copper67.4058.70
Recovery % - Gold65.7062.90
Copper (lbs)33,789,60026,450,426
Gold (oz)52,23642,514
Silver (oz)116,10195,786
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MOUNT POLLEY EXPLORATION
Exploration in the fourth quarter included five drill holes atCariboo, two drill holes at Quarry, nine drill holes in Springer and21 underground drill holes at Zuke, for a total of 11,011 metres.Cariboo and Springer drilling was successful in upgrading andexpanding these zones and has presented significant opportunities forfurther exploration below and adjacent to the current mine plan.Drilling from the Boundary underground workings that targeted thenearby Zuke zone provided additional confidence in the continuity ofthe copper/gold mineralization and determined the mineralized brecciabody extends higher and further to the east.
HUCKLEBERRY MINE OPERATIONS
Recoveries continued to be excellent throughout 2012. Huckleberry'sannual copper production of 35.1 million pounds exceeded the 2012forecast by 6.4%. Imperial's share(1) of 2013 production(2) isestimated to be 20.0 million pounds copper.
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ANNUAL PRODUCTION(i)20122011
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Ore milled (tonnes)5,876,9005,929,700
Ore milled per calendar day (tonnes)16,05716,246
Grade % - Copper0.3010.365
Grade % - Molybdenum0.0070.007
Recovery % - Copper90.089.9
Copper (lbs)35,112,00042,830,000
Gold (oz)2,5783,520
Silver (oz)19,787218,150
Molybdenum (lbs)4,5566,929
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(i) 50% allocable to Imperial.
HUCKLEBERRY EXPLORATION
In the fourth quarter, two drill holes totalling 1,183 metres weredrilled adjacent to the Main Zone Optimization (MZO) pit. Drill holeMZDP12-8 was drilled between the Main and East zone ore bodies totest for the continuation of a mineralized zone, discovered earlierin 2012, to the south and east. Widespread ore grade mineralizationwas intersected to a depth of 560 metres. Drill hole MZOS12-1 wasdrilled just beyond the southern margin of the MZO pit to test forthe continuation of high grade mineralization at depth. This drillhole intersected a mineralized zone that was larger than expected,with a significant zone of high grade material. Selected interceptsare provided in the following table:
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Total Interval Interval Interval
TargetDrillLengthfromtoLengthCopper Molybdenum
ZoneHole(m)(m)(m)(m)%%
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MZ DeepMZPDP12-8665.38209.40559.92350.520.2260.002
incl.346.56425.8179.250.3820.002
incl.520.29550.7730.480.2970.003
MZO SouthMZOS12-1517.25306.93465.43158.500.3100.009
incl.358.75398.3739.620.5940.013
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Imperial is an exploration, mine development and operating companybased in Vancouver, British Columbia. The Company operates the MountPolley open pit copper/gold mine and has 50% interest in theHuckleberry open pit copper/molybdenum mine. Imperial is developingits wholly owned Red Chris copper/gold property and the Ruddock Creeklead/zinc property (50% joint venture) and is operator of its whollyowned Sterling gold heap leach property. All the Company's propertiesare located in British Columbia with the exception of Sterling inNevada, USA.
CAUTIONARY NOTE REGARDING "FORWARD-LOOKING INFORMATION":
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THEMEANING OF CANADIAN AND UNITED STATES SECURITIES LAWS. EXCEPT FORSTATEMENTS OF FACT RELATING TO THE COMPANY, CERTAIN INFORMATIONCONTAINED HEREIN CONSTITUTES FORWARD-LOOKING STATEMENTS.
WHEN WE DISCUSS OUR SHARE OF PLANNED PRODUCTION FROM HUCKLEBERRY;PRODUCTION FROM MOUNT POLLEY AND STERLING; COSTS AND TIMING OFCURRENT AND PROPOSED DEVELOPMENT, PRODUCTION AND MARKETING; TIMING OFSHIPMENTS TO JAPAN; CAPITAL EXPENDITURES; CASH FLOW, WORKING CAPITALREQUIREMENTS AND THE REQUIREMENT FOR ADDITIONAL CAPITAL; REVENUE,MARGINS AND EARNINGS; FUTURE PRICE OF COPPER AND GOLD; FUTURE FOREIGNCURRENCY EXCHANGE RATES; FUTURE ACCOUNTING CHANGES; FUTURE PRICES FORMARKETABLE SECURITIES; FUTURE RESOLUTION OF CONTINGENT LIABILITIES,OR OTHER THINGS THAT HAVE NOT YET HAPPENED IN THIS NEWS RELEASE, WEARE MAKING STATEMENTS CONSIDERED TO BE FORWARD-LOOKING INFORMATION ORFORWARD-LOOKING STATEMENTS UNDER CANADIAN AND UNITED STATESSECURITIES LAWS. WE REFER TO THEM IN THIS NEWS RELEASE ASFORWARD-LOOKING INFORMATION. THE FORWARD-LOOKING INFORMATION IN THISNEWS RELEASE TYPICALLY INCLUDES WORDS AND PHRASES ABOUT THE FUTURE,SUCH AS: PLAN, EXPECT, FORECAST, INTEND, ANTICIPATE, ESTIMATE,BUDGET, SCHEDULED, BELIEVE, MAY, COULD, WOULD, MIGHT AND WILL.
WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILLPROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONSMANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO:THE CONTINUED OPERATION OF THE COMPANY'S MINING OPERATIONS, THAT THEMINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BECOMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATEDPRODUCTION OUTCOMES, AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SETOUT HEREIN. IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS,INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALSBUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FORMINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERALRESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATERISK; FINANCING RISKS; ENVIRONMENTAL RISKS; FOREIGN ACTIVITIES; LEGALPROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUALINFORMATION FORM AND MANAGEMENT'S DISCUSSION & ANALYSIS. IF OURASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUALRESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECTAS SET OUT IN THIS NEWS RELEASE.
WE RECOMMEND YOU REVIEW OUR ANNUAL INFORMATION FORM AND ANNUALMANAGEMENT'S DISCUSSION AND ANALYSIS, WHICH INCLUDE A DISCUSSION OFMATERIAL RISKS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLYFROM OUR CURRENT EXPECTATIONS. FORWARD-LOOKING INFORMATION ISDESIGNED TO HELP YOU UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OURNEAR AND LONGER TIME PROSPECTS, AND IT MAY NOT BE APPROPRIATE FOROTHER PURPOSES. WE WILL NOT NECESSARILY UPDATE THIS INFORMATIONUNLESS WE ARE REQUIRED TO BY SECURITIES LAWS.
Contacts:
Imperial Metals Corporation
Brian Kynoch
President
604.669.8959
Imperial Metals Corporation
Gordon Keevil
Vice President Corporate Development
604.488.2677
Imperial Metals Corporation
Sabine Goetz
Investor Relations
604.488.2657
info@imperialmetals.com
www.imperialmetals.com
SOURCE: Imperial Metals Corporation
mailto:info@imperialmetals.com
http://www.imperialmetals.com
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