SOURCE: Imperial Metals Corporation

Imperial Metals Corporation

April 05, 2016 18:04 ET

Imperial Reports Huckleberry Mines Ltd. Updates Plans for Operations Suspension and Correction to Outlook Statement in 2015 Fourth Quarter MD&A and Annual Report

VANCOUVER, BC--(Marketwired - April 05, 2016) - Imperial Metals Corporation ("Imperial" or the "Company") (TSX: III) reports that Huckleberry Mines Ltd. ("HML") has recalled 44 of the 85 employees that were laid off at the Huckleberry mine ("Mine") in January 2016 due to weak copper prices. The recalled personnel will focus on tailings dam construction, but may conduct some mining in the open pit if the schedule allows. This will provide operational readiness in the future.

The Mine will continue to process stockpiles until the end of August 2016. Copper prices will be monitored however the Mine is expected to be placed on care and maintenance if copper prices do not increase by the third quarter of 2016. 

Employees at the Mine have demonstrated a strong commitment to safety and to date have achieved 487 days without a Lost Time Accident. This commitment to safety was recently recognized by the Ministry of Energy and Mines Edward Prior Award for Safety in 2015.

HML owns and operates the Huckleberry Mine. Imperial owns a 50% interest in HML, and the remaining 50% interest is owned by the Japan Group, comprised of Mitsubishi Materials Corporation, Dowa Mining Co. Ltd. and Furukawa Co.

Please note that the Company has re-filed its Management Discussion & Analysis for its 2015 fourth quarter and its 2015 Annual Report to correct the number of 2016 first quarter Red Chris concentrate shipments reported in the Outlook "Development" sub-section. The sixth shipment from Red Chris is expected to sail from the Port of Stewart this week, thus only five shipments will be booked in the first quarter of 2016. Even at five, this number of shipments in one quarter is still a new record for the Company.

About Imperial
Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper-gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead-zinc property, both in British Columbia.

Forward-Looking Information and Risks Notice

Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, specific statements regarding the plan to have the Mine's recently recalled personnel focus on tailings dam construction, and if time permits, mining in the open pit, and the ongoing processing of stockpiles expected to continue until the end of August 2016, at which time it is anticipated that operations will be placed on care and maintenance if copper prices do not increase by the third quarter of 2016, the timing of the sixth Red Chris concentrate shipment expected to sail from the Port of Stewart, and in general, statements with respect to the estimation of mineral reserves and mineral resources, the conversion of mineral resources to mineral reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, and success of mining operations. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including "guidance", "expectations", "targeted", "plan", "planned", "estimated", "calls for" and "expected". By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

Contact Information

  • Imperial Contact Information

    Brian Kynoch
    President
    604.669.8959

    Andre Deepwell
    Chief Financial Officer
    604.488.2666

    Gordon Keevil
    Vice President Corporate Development
    604.488.2677

    Sabine Goetz
    Shareholder Communications
    604.488.2657
    investor@imperialmetals.com

    www.imperialmetals.com