Sherwood Copper Corporation

Sherwood Copper Corporation

November 22, 2006 17:13 ET

Sherwood Copper to Change to December 31 Year End and Update on Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) - Sherwood Copper Corporation (TSX VENTURE:SWC) today announced that it will change to a December 31 fiscal year end and provided an update on the non-brokered private placement.

Change in Year End

Sherwood has elected to change its year-end in order to simplify the Company's financial reporting obligations so that the financial reporting periods coincide with its quarterly operating budgets (prepared on a calendar basis) and to make it easier for analytical comparisons in the public arena as the Company moves from being an exploration company into a producing company. Currently, Sherwood's financial year-end is November 30. The new financial year-end will be December 31. The Company's transition year will consist of a 13-month period ended December 31, 2006. Additional information related to this change is available on SEDAR.

Non-brokered Private Placement

As announced November 17, 2006, Sherwood has agreed to enter into a non-brokered private placement that was scheduled to close on November 24, 2006. The placement is now expected to close on or about November 29, 2006. The number of common shares to be issued pursuant to the placement, being 1,115,000 common shares at a purchase price of $3.30 per common share for gross proceeds of $3,679,500, remains unchanged, but Sherwood has increased the flow-through component of the placement from 390,000 to 465,000 flow-through shares, priced at $4.25 per share for gross proceeds of $1,976,250. Some members of management will purchase an aggregate of 33,000 flow through shares in the placement. The net proceeds of the financings would be used for the advancement of Sherwood's high-grade Minto copper-gold project in the Yukon, including the advancement of the Area 2 mineralization through a pre-feasibility study, exploration on areas outside Area 2, and for general corporate purposes.

Minto Project

The Minto Project is a high-grade copper-gold deposit located in the Yukon Territory of Canada. As announced on July 10, 2006 and updated August 28, 2006, Sherwood has completed a feasibility study for the development of the Minto Project as a high grade, open pit copper-gold mine, which study demonstrated robust returns. Sherwood has engaged its engineering, procurement and construction management, mining and general contractors for the development of a mining operation at Minto, all of whom are actively involved in the development of the Minto Mine. Project financing and forward sales agreements for a significant portion of the first four years of production were announced October 26, 2006.


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 developed infrastructure and substantial exploration potential within the current property.

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)