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CORRECTION FROM SOURCE: Imperial Reports Production for 2012 and Forecast Production for 2013

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- This document corrects and replaces the news release sent earlier today at 6:19 PM EST. The 2012 annual production of silver of the Huckleberry Mine has been amended to 191,787 oz. The corrected version follows:

Imperial Metals Corporation (TSX:III) reports its annual base and precious metals production from Mount Polley and Huckleberry(1) mines exceeded the 2012 forecast. Copper production of 51.3 million pounds exceeded the forecast by 2%, gold production of 53,525 ounces exceeded the forecast by 11.4% and silver production was 31.7% above the forecast totalling 211,995 ounces.

Base and precious metals production(1)(2) allocable to Imperial in 2013 from the Mount Polley, Huckleberry and Sterling mines is anticipated to be 58.5 million pounds copper, 54,600 ounces gold and 195,000 ounces silver.

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                                            Planned                        
ANNUAL PRODUCTION(1)                         2013(2)       2012        2011
---------------------------------------------------------------------------
Copper (lbs)                             58,500,000  51,345,600  47,865,426
Gold (oz)                                    54,600      53,525      44,274
Silver (oz)                                 195,000     211,995     204,861
Molybdenum (lbs)                                  -       2,278       3,465
---------------------------------------------------------------------------

---------------------------------------------------------------------------
QUARTER PRODUCTION(1)                                   4Q 2012     4Q 2011
---------------------------------------------------------------------------
Copper (lbs)                                         13,906,525  11,903,715
Gold (oz)                                                13,635      12,399
Silver (oz)                                              56,797      50,742
---------------------------------------------------------------------------
(1) Represents 100% production from Mount Polley mine and 50% production   
    from Huckleberry mine.                                                 
(2) Refer to Cautionary Note Regarding Forward-Looking Information.        

The Sterling gold mine commenced production in the 2012 second quarter, and produced 3,613 ounces gold by year end, which was not included in the 2012 forecast. In 2013 Sterling is expected to produce(2) 10,000 ounces gold.

MOUNT POLLEY MINE OPERATIONS

Throughput was up 5% from 2011 with over 8.1 million tonnes milled in 2012 compared to 7.7 million tonnes in 2011. Increased throughput, improved recoveries and better grades resulted in increased copper and gold production of 27% and 22% respectively from the levels achieved in 2011. Mount Polley is expected to produce(2) 38.5 million pounds copper and 43,000 ounces gold in 2013.

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ANNUAL PRODUCTION                                          2012        2011
---------------------------------------------------------------------------
Ore milled (tonnes)                                   8,121,878   7,716,856
Ore milled per calendar day (tonnes)                     22,191      21,142
Grade % - Copper                                          0.280       0.265
Grade g/t - Gold                                          0.304       0.272
Recovery % - Copper                                       67.40       58.70
Recovery % - Gold                                         65.70       62.90
Copper (lbs)                                         33,789,600  26,450,426
Gold (oz)                                                52,236      42,514
Silver (oz)                                             116,101      95,786
---------------------------------------------------------------------------

MOUNT POLLEY EXPLORATION

Exploration in the fourth quarter included five drill holes at Cariboo, two drill holes at Quarry, nine drill holes in Springer and 21 underground drill holes at Zuke, for a total of 11,011 metres. Cariboo and Springer drilling was successful in upgrading and expanding these zones and has presented significant opportunities for further exploration below and adjacent to the current mine plan. Drilling from the Boundary underground workings that targeted the nearby Zuke zone provided additional confidence in the continuity of the copper/gold mineralization and determined the mineralized breccia body extends higher and further to the east.

HUCKLEBERRY MINE OPERATIONS

Recoveries continued to be excellent throughout 2012. Huckleberry's annual copper production of 35.1 million pounds exceeded the 2012 forecast by 6.4%. Imperial's share(1) of 2013 production(2) is estimated to be 20.0 million pounds copper.

---------------------------------------------------------------------------
ANNUAL PRODUCTION(i)                                       2012        2011
---------------------------------------------------------------------------
Ore milled (tonnes)                                   5,876,900   5,929,700
Ore milled per calendar day (tonnes)                     16,057      16,246
Grade % - Copper                                          0.301       0.365
Grade % - Molybdenum                                      0.007       0.007
Recovery % - Copper                                        90.0        89.9
Copper (lbs)                                         35,112,000  42,830,000
Gold (oz)                                                 2,578       3,520
Silver (oz)                                             191,787     218,150
Molybdenum (lbs)                                          4,556       6,929
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(i) 50% allocable to Imperial.

HUCKLEBERRY EXPLORATION

In the fourth quarter, two drill holes totalling 1,183 metres were drilled adjacent to the Main Zone Optimization (MZO) pit. Drill hole MZDP12-8 was drilled between the Main and East zone ore bodies to test for the continuation of a mineralized zone, discovered earlier in 2012, to the south and east. Widespread ore grade mineralization was intersected to a depth of 560 metres. Drill hole MZOS12-1 was drilled just beyond the southern margin of the MZO pit to test for the continuation of high grade mineralization at depth. This drill hole intersected a mineralized zone that was larger than expected, with a significant zone of high grade material. Selected intercepts are provided in the following table:

---------------------------------------------------------------------------
                        Total Interval Interval Interval                   
Target     Drill       Length     from       to   Length  Copper Molybdenum
Zone       Hole            (m)      (m)      (m)      (m)      %          %
---------------------------------------------------------------------------
MZ Deep    MZPDP12-8   665.38   209.40   559.92   350.52   0.226      0.002
           incl.                346.56   425.81    79.25   0.382      0.002
           incl.                520.29   550.77    30.48   0.297      0.003
MZO South  MZOS12-1    517.25   306.93   465.43   158.50   0.310      0.009
           incl.                358.75   398.37    39.62   0.594      0.013
---------------------------------------------------------------------------

Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company operates the Mount Polley open pit copper/gold mine and has 50% interest in the Huckleberry open pit copper/molybdenum mine. Imperial is developing its wholly owned Red Chris copper/gold property and the Ruddock Creek lead/zinc property (50% joint venture) and is operator of its wholly owned Sterling gold heap leach property. All the Company's properties are located in British Columbia with the exception of Sterling in Nevada, USA.

CAUTIONARY NOTE REGARDING "FORWARD-LOOKING INFORMATION":

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF CANADIAN AND UNITED STATES SECURITIES LAWS. EXCEPT FOR STATEMENTS OF FACT RELATING TO THE COMPANY, CERTAIN INFORMATION CONTAINED HEREIN CONSTITUTES FORWARD-LOOKING STATEMENTS.

WHEN WE DISCUSS OUR SHARE OF PLANNED PRODUCTION FROM HUCKLEBERRY; PRODUCTION FROM MOUNT POLLEY AND STERLING; COSTS AND TIMING OF CURRENT AND PROPOSED DEVELOPMENT, PRODUCTION AND MARKETING; TIMING OF SHIPMENTS TO JAPAN; CAPITAL EXPENDITURES; CASH FLOW, WORKING CAPITAL REQUIREMENTS AND THE REQUIREMENT FOR ADDITIONAL CAPITAL; REVENUE, MARGINS AND EARNINGS; FUTURE PRICE OF COPPER AND GOLD; FUTURE FOREIGN CURRENCY EXCHANGE RATES; FUTURE ACCOUNTING CHANGES; FUTURE PRICES FOR MARKETABLE SECURITIES; FUTURE RESOLUTION OF CONTINGENT LIABILITIES, OR OTHER THINGS THAT HAVE NOT YET HAPPENED IN THIS NEWS RELEASE, WE ARE MAKING STATEMENTS CONSIDERED TO BE FORWARD-LOOKING INFORMATION OR FORWARD-LOOKING STATEMENTS UNDER CANADIAN AND UNITED STATES SECURITIES LAWS. WE REFER TO THEM IN THIS NEWS RELEASE AS FORWARD-LOOKING INFORMATION. THE FORWARD-LOOKING INFORMATION IN THIS NEWS RELEASE TYPICALLY INCLUDES WORDS AND PHRASES ABOUT THE FUTURE, SUCH AS: PLAN, EXPECT, FORECAST, INTEND, ANTICIPATE, ESTIMATE, BUDGET, SCHEDULED, BELIEVE, MAY, COULD, WOULD, MIGHT AND WILL.

WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILL PROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONS MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO: THE CONTINUED OPERATION OF THE COMPANY'S MINING OPERATIONS, THAT THE MINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BE COMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATED PRODUCTION OUTCOMES, AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SET OUT HEREIN. IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS, INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALS BUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FOR MINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERAL RESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATE RISK; FINANCING RISKS; ENVIRONMENTAL RISKS; FOREIGN ACTIVITIES; LEGAL PROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUAL INFORMATION FORM AND MANAGEMENT'S DISCUSSION & ANALYSIS. IF OUR ASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUAL RESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECT AS SET OUT IN THIS NEWS RELEASE.

WE RECOMMEND YOU REVIEW OUR ANNUAL INFORMATION FORM AND ANNUAL MANAGEMENT'S DISCUSSION AND ANALYSIS, WHICH INCLUDE A DISCUSSION OF MATERIAL RISKS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM OUR CURRENT EXPECTATIONS. FORWARD-LOOKING INFORMATION IS DESIGNED TO HELP YOU UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR NEAR AND LONGER TIME PROSPECTS, AND IT MAY NOT BE APPROPRIATE FOR OTHER PURPOSES. WE WILL NOT NECESSARILY UPDATE THIS INFORMATION UNLESS WE ARE REQUIRED TO BY SECURITIES LAWS.

Contacts:
Imperial Metals Corporation
Brian Kynoch
President
604.669.8959

Imperial Metals Corporation
Gordon Keevil
Vice President Corporate Development
604.488.2677

Imperial Metals Corporation
Sabine Goetz
Investor Relations
604.488.2657
[email protected]
www.imperialmetals.com

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