VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 5, 2016) – Imperial Metals Corporation (“Imperial” or the “Company”) (TSX:III) reports that Huckleberry Mines Ltd. (“HML”) has notified employees at the Huckleberry mine (“Mine”) that operations will be suspended once the stockpiles have been milled. It is anticipated milling of the stockpiles will be completed by about the end of August 2016, and at that time the Mine will be temporarily placed on care and maintenance until there is an improvement in the price of copper.
The continuing low copper price has forced HML to make this difficult decision despite HML and its employees having made significant strides in reducing operating costs at the Mine. HML will continue to investigate ways to maintain operations, including consideration of the plan announced today by Minister of Energy and Mines Bill Bennett that will allow mining companies to temporarily defer a portion of their hydro bills.
HML owns and operates the Mine. Imperial owns a 50% interest in HML, and the remaining 50% interest is owned by the Japan Group, comprised of Mitsubishi Materials Corporation, Dowa Mining Co. Ltd. and Furukawa Co.
Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company, through its subsidiaries, owns the Mount Polley copper/gold mine in British Columbia, the Sterling gold mine in Nevada and the Red Chris copper/gold mine in northern British Columbia. Imperial owns a 50% interest in Huckleberry Mines Ltd. and a 50% interest in the Ruddock Creek lead/zinc property, both in British Columbia.
Forward-Looking Information and Risks Notice
Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, specific statements regarding Huckleberry Mine’s stockpile anticipated to fully milled by the end of August 2016, at which time operations will be suspended and the mine will be temporarily placed on care and maintenance, and in general, statements with respect to the estimation of mineral reserves and mineral resources, the conversion of mineral resources to mineral reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, and success of mining operations. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “outlook”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “guidance”, “expectations”, “targeted”, “plan”, “planned”, “estimated”, “calls for” and “expected”. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.