Sherwood Copper Corporation

Sherwood Copper Corporation

April 11, 2007 13:21 ET

Sherwood Accelerates Phase 2 Mill Expansion at Minto Copper-Gold Mine, Yukon

Mill Expansion from 1563tpd to 2400tpd to be Complete by End of 2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 11, 2007) - Sherwood Copper Corporation (TSX VENTURE:SWC) today announced that it has decided to accelerate the Phase 2 mill expansion at its high grade Minto copper-gold mine using funds from the recently completed convertible debenture financing.

"With funds from recent financings, we can complete the Phase 2 mill expansion more than six months earlier than previously planned," said Stephen Quin, President & CEO of Sherwood. "This accelerated approach fits with our strategy of 'More Production Sooner' which aims to maximize value to our shareholders," he said. "We will be able to maintain our current construction momentum by rolling straight from Phase 1 mine construction into Phase 2 mill expansion utilizing our existing contractors."

Phase 2 Expansion Accelerated

Sherwood's 2006 feasibility study for the Minto Project assumed that the Phase 2 mill expansion from 1,563 tonnes per day to 2,400 tonnes per day would take place during the first year of operations and be funded from cash flow, once available. With the additional capital available from the recent convertible debenture financing (announced February 28, 2007), Sherwood now intends to transition straight from Phase 1 mine construction to the Phase 2 mill expansion without delay. Sherwood's objective is to complete the Phase 2 expansion by the end of 2007, six to nine months ahead of previous forecasts. The layout and design of the Phase 2 mill expansion is being adjusted to allow for potential future increases in mill throughput, beyond 2,400 tonnes per day. These design changes may increase the immediate capital costs for Phase 2 modestly, but considerably less than having to deal with bottlenecks later.

Sherwood intends to continue its excellent working relationship with construction managers, JDS Energy & Mining, engineering & procurement by Hatch Ltd. and construction by Clark Builders, all who have contributed enormously to the very rapid development of the Minto Mine.

Work to implement Phase 2 construction has already commenced, with detailed engineering underway at Hatch, civil construction in progress at site (pouring foundations for the mill expansion and tailings filter building expansion), relocation of the second ball mill to site (completed), and ordering of long lead time equipment. The major construction effort for Phase 2 will occur during the summer of 2007.

Mine Development Progress

As reported on March 30, 2007, Sherwood estimates that development of the high grade, open pit Minto copper-gold mine was more than 75% complete at the end of March and is on track for start-up ahead of schedule, in June 2007. All major equipment is now installed and the remaining work principally consists of piping, electrical and instrumentation tie-ins. High grade copper-gold ore is a few metres from being exposed with pre-stripping more than 85% complete. Recent photographs of development progress can be viewed on Sherwood's website at


Sherwood's successful consolidation of the ownership of the Minto Project provides a unique investment opportunity: participation in a fully permitted, Canadian, high-grade, open pit copper-gold mine offering near term, low cost copper-gold production, as well as exposure to the tremendous exploration potential of the Minto property.

Additional Information

Additional information on Sherwood and its Minto Project can be obtained on Sherwood's website at

On behalf of the board of directors

Stephen P. Quin, President & CEO

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Sherwood Copper Corporation
    Stephen Quin
    (604) 687-7545 or 1-888-338-2200
    Sherwood Copper Corporation
    Investor Relations
    (604) 687-7545 or 1-888-338-2200
    (604) 689-5041 (FAX)