Click here to close now.




















Welcome!

News Feed Item

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.


---------------------------------------------------------------------------
                                            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.


---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
(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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...