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
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...