Imperial Metals Reports on First Quarter Production Results
VANCOUVER, British Columbia, April 25, 2018 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports that metal production from the Red Chris and Mount Polley mines for the 2018 first quarter was 25.1 million pounds copper and 24,495 ounces gold.
Red Chris first quarter metal production was 19.72 million pounds copper and 12,215 ounces gold, an increase of 21% and 110% respectively from the 16.33 million pounds copper and 5,811 ounces gold produced in the March 2017 quarter. The mill achieved average throughput of 28,783 tonnes per calendar day for the March 2018 quarter. First quarter metal recoveries were 77.22% copper and 47.37% gold, a decrease of 3% in copper recovery and increase of 27% in gold recovery from the comparable 2017 quarter.
The Red Chris copper and gold grades will be lower for the 2018 second and third quarters as bottom benches of the phase 3 pushback in the Main zone pit were completed in the 2018 first quarter. The mill feed for the second and third quarters will come from the upper benches of the phase 4 pushback.
Mount Polley metal production was 5.37 million pounds copper and 12,280 ounces gold, a slight decrease from the 5.46 million pounds copper and 13,811 ounces gold produced in the comparable 2017 quarter. The mill achieved average throughput of 17,917 tonnes per calendar day, and metal recoveries were 75.67% copper and 73.75% gold during the 2018 first quarter, an increase of 6% and 3% respectively for the comparable 2017 quarter.
The Company is targeting 2018 production to be within the range of 89-96 million pounds copper and 75,000-80,000 ounces gold as reported in the January 11 news release.
Imperial is a Vancouver exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris, Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 50% interest in the Ruddock Creek lead/zinc property.
Brian Kynoch | President | 604.669.8959
Andre Deepwell | Chief Financial Officer | 604.488.2666
Gordon Keevil | Vice President Corporate Development | 604.488.2677
Forward-Looking Information and Risks Notice
Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, specific statements regarding expectations that metal grades will be lower in the second half of 2018 for the Red Chris mine. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents; dependence on key personnel; labour pool constraints; labour disputes; availability of infrastructure required for the development of mining projects; delays in obtaining governmental approvals or financing; that additional required financing may not be available to the Company on terms acceptable to the Company or at all; counterparty risks associated with sales of our metals; changes in general economic conditions; increased operating and capital costs; and other risks of the mining industry as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.