Imperial Metals Corporation

Imperial Metals Corporation

December 06, 2006 11:43 ET

Imperial Reports Huckleberry Mines Ltd. Debt Repaid

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 6, 2006) - Imperial Metals Corporation (TSX:III) reports that Huckleberry Mines Ltd. has repaid the balance of its long term debt totaling $37.3 million. The Government of British Columbia through the Ministry of Employment and Investment received $9.6 million and the Japan Group, a consortium of four Japanese companies, received $27.7 million. During the year 2006 Huckleberry repaid $120.9 million of long term debt and is now debt free.

Huckleberry is expected to commence payment of cash dividends to shareholders in 2007.

Imperial holds a 50% interest in Huckleberry Mines Ltd., which operates the Huckleberry copper/molybdenum open pit mine located southwest of Houston, BC.

In July 2006 the Board of Huckleberry announced that it had approved management's recommendation to proceed with the extension of the Main Zone Pit. Mining of this pit will add over two year's life to the Huckleberry operation, extending production into 2010.

Imperial is a mine development and operating company based in Vancouver, British Columbia. In addition to the Huckleberry mine, Imperial's other key properties are the Mount Polley open pit copper/gold producing mine (100% interest) in central British Columbia and the development stage Sterling gold mine (100% interest) in southwest Nevada.

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