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 an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"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.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
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...