Imperial Metals Corporation

Imperial Metals Corporation

March 30, 2006 12:13 ET

Imperial Reports 2005 Financial Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2006) - Imperial Metals Corporation (TSX:III) reports 2005 net income of $21.6 million, compared net income of $3.6 million in 2004. Cash flow was $8.2 million compared to a $3.8 million shortfall in 2004. Higher metal prices and income tax recoveries increased the Company's share of income from Huckleberry to $29.9 million in 2005 compared to $8.1 million in 2004.

Year Ended Year Ended
December 31, 2005 December 31, 2004
(000's) (000's)
Revenues $71,077 $ 1,125
Operating Income (Loss) $ 1,504 $(4,443)
Net Income $21,569 $ 3,640
Basic Income Per Share $ 0.77 $ 0.14
Diluted Income Per Share $ 0.74 $ 0.13
Cash Flow (1) $ 8,200 $(3,832)
Cash Flow Per Share (1) $ 0.29 $ (0.15)

(1) Cash flow and cash flow per share are measures used by the
Company to evaluate its performance however, they are not terms
recognized under generally accepted accounting principles. Cash flow
is defined as cash flow from operations before the net change in
working capital balances and cash flow per share is the same measure
divided by the weighted average number of common shares outstanding
during the period. Cash flow is defined as cash flow from operations
before the net change in working capital balances.

Huckleberry's probable reserves, updated as at December 31, 2005, are higher than previously budgeted. Milling at the Huckleberry mine was scheduled to be completed in September 2007. The revised reserve estimate now provides for the mill to continue to operate until mid December 2007. Huckleberry plans to conduct additional exploration drilling in the Main Zone Extension area to reassess the feasibility of mining this zone, which has the potential to add up to two years to Huckleberry's mine life.

Imperial Metals is an operating mining company based in Vancouver, British Columbia. For additional information, including the Company's 2005 Annual Report, visit the Company's website

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    (604) 669-8959
    (604) 687-4030 (FAX)
    Imperial Metals Corporation
    Andre Deepwell
    Chief Financial Officer
    (604) 488-2666
    Imperial Metals Corporation
    Sabine Goetz
    Investor Relations
    (604) 488-2657