Sherwood Copper Corporation
TSX VENTURE : SWC

Sherwood Copper Corporation

September 23, 2005 09:12 ET

Permit for Sherwood's Minto Project Signed by Premier of Yukon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 23, 2005) -

Type A Water Licence Extended to June 30, 2016

Sherwood Copper Corporation (TSX VENTURE:SWC) is pleased to announce that the Honourable Dennis Fentie, Premier of the Yukon, has signed a ten-year extension of the Type A Water Licence for the 100% owned Minto copper-gold project. The Type A licence allows Sherwood, through its wholly owned subsidiary Minto Explorations, to construct and operate a mine at Minto. The Minto Project already has a Type B Water Licence which covers, among other things, access to the site.

"The renewal of the Type A Water Licence for 10 more years provides Sherwood Copper with the certainty it needs to advance the Minto Project towards a production decision," said Stephen Quin, President & CEO of Sherwood Copper. "We are very encouraged by the speedy execution of the renewal: the Premier signed the licence just one week after the Yukon Water Board sent its positive recommendation to the Executive Office and illustrating just how much the Yukon has changed since devolution."

Minto Project

The Minto Project is a high-grade copper-gold deposit located in the Yukon Territory of Canada. In the late 1990's, a feasibility study was completed by prior owners, permits obtained and construction commenced. Construction was suspended after expenditures of approximately $10 million as a result of depressed copper prices. As announced June 27, 2005, the Minto Project contains measured and indicated resources of 9.2 million tons at a grade of 1.8% copper, 0.016oz/t gold and 0.2oz/t silver, and an additional inferred resource of 0.8 million tons grading 1.4% copper, 0.013oz/t gold and 0.2oz/t silver. The mineral resources for the Minto Project were estimated by Giroux Consulting. Gary Giroux, P.Eng. is the Qualified Person under National Instrument 43-101 responsible for the estimate. Sherwood is conducting an extensive work program to support completion of an updated feasibility study on the Minto Project, which is slated for completion in early 2006.

Sherwood

Sherwood's successful consolidation of the ownership of the Minto Project provides a unique investment opportunity - participation in an already permitted, partially constructed, high-grade, open pit copper-gold project located in Canada with infrastructure and exploration potential on the property.

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen P. Quin

President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.

Contact Information

  • Sherwood Copper Corporation
    Stephen Quin
    President of Sherwood
    (604) 687-7545 or (888) 338-2200
    (604) 689-5041 (FAX)
    or
    Sherwood Copper Corporation
    Investor Relations
    (604) 687-7545 or (888) 338-2200
    (604) 689-5041 (FAX)
    www.sherwoodcopper.com