Imperial Metals Corporation

Imperial Metals Corporation

March 05, 2007 22:00 ET

Imperial Takes Up Additional bcMetals Shares

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) - Imperial Metals Corporation (TSX:III) reports that as of 4:00 p.m. (Vancouver time) on March 5, 2007, approximately 3.4 million additional common shares and 0.2 million out-of-the-money warrants of bcMetals Corporation had been validly deposited to the offer by Imperial's wholly-owned subsidiary, CAT-Gold Corporation, to acquire all of the shares and out-of-the-money securities of bcMetals. Together with approximately 39.6 million shares of bcMetals held prior to today's take-up, Imperial will own, indirectly, approximately 43.0 million shares, or 97.8% of bcMetals' outstanding shares.

CAT-Gold has given notice to the depositary to take-up and accept for payment all of the additional shares and out-of-the-money securities deposited pursuant to the offer. CAT-Gold will pay for such shares and out-of-the-money securities on or before March 8, 2007.

Including the shares taken up today, Imperial has acquired approximately 33.7 million shares pursuant to CAT-Gold's offer, representing approximately 92.1% of bcMetals' outstanding shares other than any shares held by Imperial or CAT-Gold as of the date of the offer. Under applicable corporate legislation, Imperial may now exercise a statutory right of compulsory acquisition to purchase the remaining 2.2% of bcMetals shares not already owned by Imperial.

As noted in the circular for the CAT-Gold offer, Imperial and CAT-Gold intend to take such actions as are necessary, including effecting a compulsory acquisition, that will result in Imperial owning 100% of the bcMetals common shares.

Investors and security holders of bcMetals are urged to read the formal offer and takeover bid circular of CAT-Gold Corporation dated January 3, 2007, and any amendments thereto when they become available, as they contain important information. A copy of the formal offer and takeover bid circular will be available on Imperial's website, the SEDAR website, or by direct request to Imperial.

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