Imperial Metals Reports Third Quarter Production Results
VANCOUVER, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports that its Red Chris and Mount Polley mines produced 16.14 million pounds copper and 16,488 ounces gold in the third quarter of 2018.
Red Chris metal production was 13.55 million pounds copper and 8,741 ounces gold, a decrease of 31% and an increase of 4% respectively, from 19.66 million pounds copper and 8,426 ounces gold produced in the comparable 2017 quarter. Mill throughput averaged 30,544 tonnes per calendar day during the third quarter ended September 30, 2018. Metal recoveries were 74.92% copper and 45.65% gold, compared to 78.94% copper and 43.09% gold in the third quarter of September 2017. Gold recoveries and grades continue to exceed budget, while copper recoveries continued to be lower than planned. As mining activities progress deeper into phase 4 of the Main zone pit, the copper recovery is increasing. The October month to date copper recovery was 78.1%, an increase from the average copper recovery of 74.92% achieved in the 2018 third quarter.
Mount Polley metal production during the September 2018 quarter was 2.60 million pounds copper and 7,748 ounces gold, a decrease of 34% and 22% respectively from the 3.98 million pounds copper and 9,989 ounces gold produced in the third quarter ended September 30, 2017. Mill throughput averaged 15,145 tonnes per calendar day. Metal recoveries were 38.39% copper and 65.06% gold, compared to 61.44% copper and 67.22% gold in the comparable 2017 quarter.
The unionized employees at Mount Polley returned to work in August following the strike that began on May 23, 2018. Following the return to work, mining in the Cariboo pit was restarted and the mill no longer relied solely on low grade stockpiles. Mining at the Cariboo pit is anticipated to be completed by mid-November, following which the mill will process feed from the low grade stockpiles. The dredging operation to remove tailings from the Springer pit now expected to be completed by the end of the 2019 first quarter. The low grade stockpiles are sufficient to maintain milling operations until mid-2019.
Red Chris 2018 production targets have been revised to an estimated 61.9 million pounds copper and 43,200 ounces gold, approximately 83% and 135% respectively of the mid-point production target totals set in early 2018.
Mount Polley 2018 production targets have been revised to an estimated 15.6 million pounds copper and 39,500 ounces gold, representing about 87% of the mid-point production target totals set in early 2018.
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
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, statements relating to expectations that: mining at Mount Polley mine’s Cariboo pit will be completed by mid-November, following which the mill is expected to process feed from the low grade stockpiles; the dredging operation to remove tailings from Mount Polley’s Springer pit will be completed by the end of the 2019 first quarter; and the low grade stockpiles at Mount Polley are sufficient to maintain milling operations until mid-2019. 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 to 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.