Sherwood Copper Corporation
TSX VENTURE : SWC
TSX VENTURE : SWC.DB

Sherwood Copper Corporation

April 24, 2007 16:22 ET

Sherwood Awarded Funding from the Yukon Government to Advance Area 2 Discovery

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today announced that the Yukon government Department of Economic Development has awarded its wholly owned subsidiary, Minto Explorations, up to $200,000 in funding to support the advancement of the Area 2 discovery at the high grade Minto copper-gold mine towards a production decision.

"Minto Explorations Ltd. has made a discovery that has the potential to significantly extend the life of Minto Mine," said Minister Kenyon. "This funding supports the studies that are necessary to bring this area into development and enhance the significant economic benefits that the Minto Project is expected to provide Yukon."

"Sherwood Copper's subsidiary, Minto Explorations, will have invested almost $100 million in the development of the Minto mine by mid-2007," said Stephen P. Quin, President & CEO of Sherwood Copper and Minto Explorations. "The discovery of the adjacent Area 2 deposit provides an opportunity to extend the mine life and/or increase production to the benefit of all stakeholders in the project. The funds being provided by the Economic Development Department of Yukon government provide real help in advancing the economic assessment of Area 2 at a critical time in the Company's development," he said. "I am appreciative of the proactive and supportive role of Yukon government in assisting in the development of the mining industry in Yukon."

The Strategic Industries Fund (SIDF) is providing up to $200,000 to Minto Explorations Ltd. to prepare pre-feasibility and optimization studies for an area adjacent to the main deposit of the Minto Copper project. Minto Exploration Ltd. is investing several million dollars into the drilling and economic appraisal of Area 2, with a maximum amount of $200,000 to be contributed by the Yukon Economic Development.

The Minto Project is a high grade copper-gold deposit located 240km north of Whitehorse, and is owned 100% by Minto Explorations Ltd., a wholly owned subsidiary of Sherwood Copper Corporation. The Minto deposit is being developed as an open pit mining operation followed by conventional crushing, grinding, and flotation to produce copper concentrates with significant gold and silver credits. These concentrates will be exported via the port of Skagway, Alaska, to smelters in Asia for treatment and sale.

Economic Development helps identify and assist the development of industries and strategic projects in Yukon with the potential for broad-based economic benefits. A variety of assistance for eligible SIDF projects is available for strategic projects or activities in the preliminary, development and implementation stages.

Sherwood

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 http://www.sherwoodcopper.com.

On behalf of the board of directors

SHERWOOD COPPER CORPORATION

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 Corp.
    Stephen Quin
    President
    (604) 687-7545 or 1-888-338-2200
    or
    Sherwood Copper Corp.
    Investor Relations
    (604) 687-7545 or 1-888-338-2200
    (604) 689-5041 (FAX)
    Website: www.sherwoodcopper.com