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Imperial Reports on Mount Polley Exploration Results from Springer Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- Imperial Metals Corporation (TSX:III) reports results from exploration below the south end of the Springer pit at Mount Polley.(1)(2) The drilling has confirmed that mineralization in this area extends well below the planned Springer pit bottom and further to the east in the vicinity of drill hole SD12-147.

The final phase of 2012 surface exploration drilling was conducted in the south end of the active Springer pit and tested areas both within the current mine plan and also below the proposed Phase 5 Springer pit. Drill hole SD12-147, drilled along the eastern edge of the known Springer mineralization, intercepted 446.3 metres grading 0.34% copper and 0.31 g/t gold. Prior to this drilling, the resource block model relied on an older, short drill hole with lower copper grades and no gold assay data, so the effect of hole SD12-147 on the pending block model update will be to extend the copper/gold mineralization both to depth and to the east and provide better copper/gold grade information.

All holes drilled in this program intersected long intervals of copper/gold mineralization above the current mine cut-off grades, as shown on the table below. The copper oxide level averaged 6.5% over the long intervals, shown on the table, which is much less than the average copper oxide level of 14% in the ore delivered to the mill in 2012. The lower oxide level results in better copper recovery in the flotation circuit. Also, some holes intercepted shorter intervals with copper grades averaging over 1% as highlighted by SD12-152 which intercepted 67.5 metres grading 1.27% copper and 0.90 g/t gold well below the planned pit, and hole SD12-150 which intercepted 31.9 metres grading 1.20% copper and 0.84 g/t just below the planned pit, and SD12-157 which intercepted 23.5 metres grading 1.20% copper and 1.16 g/t gold within the planned Springer pit.

Selected intercepts from the Springer zone(3):

----------------------------------------------------------------------------
                  Depth to                                                  
                   Planned                                                  
            Total      Pit Interval Interval Interval              (i)Copper
Drill      Length   Bottom     from       to   Length Copper  Gold     Equiv
Hole #        (m)      (m)      (m)      (m)      (m)      %   g/t         %
----------------------------------------------------------------------------
SD12-147    523.3    128.0      3.7    450.0    446.3   0.34  0.31      0.54
including                     186.8    257.5     70.7   0.54  0.73      1.02
SD12-150    678.2    180.0     57.5    547.2    489.7   0.41  0.36      0.65
including                     180.0    211.9     31.9   1.20  0.84      1.76
including                     427.5    492.5     65.0   0.54  0.69      1.00
SD12-151    720.9    180.0    150.0    720.9    570.9   0.29  0.30      0.49
including                     252.5    290.0     37.5   0.73  0.47      1.04
including                     302.5    345.0     42.5   0.62  0.48      1.00
SD12-152    471.5    195.0    230.1    471.5    241.4   0.60  0.54      0.95
including                     280.0    347.5     67.5   1.27  0.90      1.86
SD12-153    670.6    157.0    147.5    670.6    523.1   0.29  0.39      0.54
including                     502.5    567.5     65.0   0.52  0.86      1.09
SD13-156    612.7    135.0      6.1    607.5    601.4   0.30  0.34      0.53
including                     157.3    435.0    277.7   0.46  0.48      0.77
SD12-157    483.1    150.0      7.5    348.1    340.6   0.30  0.37      0.55
including                      41.0     64.5     23.5   1.20  1.16      1.97
including                     412.5    462.5     50.0   0.17  0.39      0.43
----------------------------------------------------------------------------
                                        (i) CuEq% = Cu% + (0.662 x Au g/t)

Diamond drilling at depth below the Springer pit has confirmed the mineralization continues for several hundred metres below the current mine plan and is notably higher grade in certain areas than is assumed in the resource block model. This exploration drilling data will be used to support an updated resource and mine model, currently in progress. Eight of the 11 holes reported ended in copper/gold mineralization. Underground exploration drilling from the Boundary zone workings has recently restarted.

Steve Robertson, P.Geo., the designated Qualified Person as defined by National Instrument 43-101 for the exploration programs, has reviewed this news release. Mount Polley samples for the diamond drilling reported were analyzed at the Mount Polley mine laboratory. A full QA/QC program using blanks, standards and duplicates was maintained for all diamond drilling samples submitted to the labs. The porphyry and breccia related mineralized areas at Mount Polley are irregular in shape and true thicknesses have not been estimated.

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 in BC, the Sterling gold heap leach mine in Nevada, and has a 50% interest in the Huckleberry open pit copper/molybdenum mine in BC. Imperial's Ruddock Creek lead/zinc property in BC is a (50/50) joint venture. In 2012 Imperial commenced construction of the Red Chris copper/gold mine in BC, with a mid-2014 completion target.

Documents available on www.imperialmetals.com:

(1) Springer drill plan; (2) Springer section; (3) 2012 Mount Polley drill data

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 CURRENT AND FUTURE EXPLORATION PROGRAMS, EXPLORATION RESULTS, AND EXPECTATIONS OR ASSUMPTIONS BASED ON THOSE RESULTS, 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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