Imperial Metals Corporation

Imperial Metals Corporation

April 28, 2009 17:30 ET

Imperial Options Claim Adjacent to Mount Polley's Boundary Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2009) - Imperial Metals Corporation (TSX:III) reports it has entered into an option agreement with Valley High Ventures Ltd. to acquire a 100% interest in a portion of a claim adjacent to the Company's Boundary zone on the Mount Polley property.

Imperial may exercise the option by making a total of $300,000 in cash payments on or before January 1, 2010. The optioned property will be subject to a two stage royalty for each tonne milled at the Mount Polley mine concentrator. The stage I royalty is $2.50 per tonne for the first 400,000 tonnes milled. The stage II royalty is $1.25 per tonne for all tonnes milled in excess of 400,000 tonnes. The stage II royalty can be reduced to $0.62 per tonne by Imperial making a payment of $1,000,000 to Valley High.

The optioned property will facilitate an open pit design for the near surface mineralization discovered in the Boundary zone. In addition to the drilling currently underway in the Boundary zone, Imperial plans to conduct drilling on the optioned property.

Drilling at the Boundary zone in 2008/2009 returned significant intervals of high grade copper/gold mineralization. Two recent holes, ND09-69 and ND09-70, are highlighted in the table below. A drill plan and an updated drill assay table will be available on Imperial's website.

Boundary Total Interval Interval Interval Copper Gold
Drill Hole # Length (m) from (m) to (m) Length (m) % g/t
ND09-69 375.4 145.0 150.4 5.4 3.28 3.41
ND09-70 345.95 255.0 260.9 5.9 3.73 2.78

Steve Robertson, P.Geo. is the designated Qualified Person as defined by National Instrument 43-101 for the exploration programs. Samples for the diamond drilling reported at Mount Polley were analyzed at the Mount Polley mine laboratory and Acme Analytical Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs. The porphyry and breccia related deposits at Mount Polley are irregular in shape and true thicknesses have not been estimated.

Imperial is a mine development and operating company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris property in northwest British Columbia, and the exploration stage Sterling gold property in southwest Nevada.

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    604.687.4030 (FAX)
    Imperial Metals Corporation
    Patrick McAndless
    Vice President Exploration
    Imperial Metals Corporation
    Sabine Goetz
    Investor Relations