Welcome!

News Feed Item

Imperial Reports on 2013 Production, 2014 Forecast and Credit Facility Increase

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- Imperial Metals Corporation (TSX:III) reports its annual base and precious metals production(1) from Mount Polley, Huckleberry and Sterling mines was 59.1 million pounds copper, 54,456 ounces gold and 243,013 ounces silver. Copper and gold production were within 1% of planned, and silver production was 24% above the forecast.

Forecast production(1)(2) for 2014 from Mount Polley, Huckleberry and Sterling operations is 65.0 million pounds copper, 56,700 ounces gold and 220,000 ounces silver.


----------------------------------------------------------------------
Annual Production(1)   Planned 2014(2)            2013            2012
----------------------------------------------------------------------
Copper - lbs                65,000,000      59,107,574      51,345,600
Gold - oz                       56,700          54,456          57,138
Silver - oz                    220,000         243,013         211,995
----------------------------------------------------------------------
Quarter Production(1)                          4Q 2013         4Q 2012
----------------------------------------------------------------------
Copper - lbs                                14,426,595      13,906,525
Gold - oz                                       11,857          14,449
Silver - oz                                     58,075          56,797
----------------------------------------------------------------------
(1) 100% production from Mount Polley & Sterling mines + 50%          
 production from Huckleberry mine                                     
(2) Cautionary Note                                                   

Forecast production(2) from the Red Chris mine, scheduled to begin production in the final quarter of 2014, is 20.0 million pounds copper and 10,000 ounces gold.

Mount Polley Mine

Higher copper grade and improved recovery in 2013 resulted in 38.5 million pounds copper production, up 14% from 33.79 million pounds in 2012. Gold production was down due to lower gold grade being treated in 2013 compared to 2012. Both copper and gold recoveries were higher in 2013 as a result of the ore treated being less oxidized.

Forecast production(2) for 2014 from Mount Polley is 44.0 million pounds copper, 47,000 ounces gold and 120,000 ounces silver.


----------------------------------------------------------------------
Annual Production                                 2013            2012
----------------------------------------------------------------------
Ore milled - tonnes                          7,956,738       8,121,878
Ore milled per calendar day - tonnes            21,799          22,191
Grade % - copper                                 0.295           0.280
Grade g/t - gold                                 0.263           0.304
Recovery % - copper                              74.46           67.40
Recovery % - gold                                68.09           65.70
Copper - lbs                                38,501,165      33,789,600
Gold - oz                                       45,823          52,236
Silver - oz                                    123,999         116,101
----------------------------------------------------------------------

Huckleberry Mine

Increase in copper grade and recovery in 2013 resulted in 41.2 million pounds copper production, up 17% from 35.1 million pounds in 2012.

Imperial's share(3) of Huckleberry's 2014 forecast production(2) is 21.0 million pounds copper and 100,000 ounces silver.


----------------------------------------------------------------------
Annual Production(i)                              2013            2012
----------------------------------------------------------------------
Ore milled - tonnes                          5,895,193       5,876,900
Ore milled per calendar day - tonnes            16,151          16,057
Grade % - Copper                                 0.346           0.301
Recovery % - Copper                               91.6            90.0
Copper - lbs                                41,212,818      35,112,000
Gold - oz                                        2,983           2,578
Silver - oz                                    238,028         191,787
----------------------------------------------------------------------
(i) production stated 100% - Imperial's allocation is 50%(3)          

Sterling Mine

Sterling shipped 7,431 ounces gold in 2013. Forecast production(2) for 2014 from Sterling is 8,000 ounces gold.


----------------------------------------------------------------------
Annual Production                                 2013            2012
----------------------------------------------------------------------
Ore Stacked - tons                             160,789          77,944
Gold Grade - oz/ton                              0.083           0.082
Gold ounces - added to heap                     13,348           6,393
Gold ounces - in-process & poured                7,142           3,613
Gold shipped - ounces                            7,431           2,852
----------------------------------------------------------------------

Credit Facility

Imperial's unsecured line of credit facility ("LOC") with Edco Capital Corporation, a company controlled by Mr. Edwards, a significant shareholder of the Company, has been increased from a maximum of $200 million to $225 million.

A commitment fee of $125,000 is payable in respect of the increase in the LOC. All others terms and conditions of the LOC remain unchanged. The LOC drawdown date has been extended from January 31, 2014 until March 31, 2014. It bears interest at 7% per annum and is repayable by January 1, 2015. Payments pursuant to the LOC constitute a related party transaction within the meaning of Multilateral Instrument 61-101. Management considers the LOC to be advantageous as it provides additional timing and flexibility for arranging senior financing for the Red Chris project. Management also considers the LOC terms and conditions are reasonable, in the context of the market. The LOC was reviewed and approved by the independent members of the Company's Board of Directors. The LOC is exempt from the formal valuation and minority interest approval requirements of Multilateral Instrument 61-101 as it represents less than 25% of the Company's market capitalization. The material change report in relation to this transaction will be filed less than 21 days before closing as the Company completed this transaction on January 22, 2014 as all necessary approvals had been received and the Company wished to complete the transaction as soon as commercially feasible after such approvals were obtained.

About Imperial

Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company operates the Mount Polley copper/gold mine in British Columbia and the Sterling gold mine in Nevada. Imperial has 50% interest in the Huckleberry copper mine, and 50% interest in the Ruddock Creek lead/zinc property, both in British Columbia. The Company is in development of its wholly owned Red Chris copper/gold property in British Columbia.

Cautionary Note Regarding "Forward-Looking Information"

This press release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian and United States Securities Laws, which we will refer to as "forward-looking information". Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information. When we discuss mine plans; costs and timing of current and proposed exploration; development; production and marketing; capital expenditures; construction of transmission lines; cash flow; working capital requirements and the requirement for additional capital; operations; revenue; margins and earnings; future prices of copper and gold; future foreign currency exchange rates; future accounting changes; future prices for marketable securities; future resolution of contingent liabilities; receipt of permits; or other matters that have not yet occurred, 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 press release as forward-looking information.

The forward-looking information in this press release may include words and phrases about the future, such as: plan, expect, forecast, intend, anticipate, estimate, budget, scheduled, believe, may, could, would, might or will. We can give no assurance 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, no material adverse change in the market price of commodities or exchange rates, 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 risks; financing risks; regulatory and permitting risks; environmental risks; joint venture risks; foreign activity risks; legal proceedings; and other risks that are set out in the Company's current 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 provided in this press release. We recommend you review the Company's current Management's Discussion & Analysis, which includes 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 term 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
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...