Imperial Reports Second Quarter Production Results

2018-07-13 / @nasdaq

VANCOUVER, British Columbia, July 13, 2018 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports metal production from its Red Chris and Mount Polley mines for the 2018 second quarter was 15.33 million pounds copper and 17,724 ounces gold.

Red Chris second quarter metal production was 11.51 million pounds copper and 8,614 ounces gold, a decrease of 25.4% and an increase of 39.9% respectively from 15.42 million pounds copper and 6,159 ounces gold produced in the June 2017 quarter. The mill achieved an average throughput of 27,802 tonnes per calendar day during the June 2018 quarter, as throughput was impacted by the failure of a trunnion bearing in the ball mill, resulting in about 6 days of mill downtime in May.

In July, the mill throughput has averaged 32,995 tonnes per day through to July 10. Metal recoveries in the 2018 second quarter were 72.96% copper and 43.94% gold, a decrease of about 4% and an increase of about 16% respectively from the comparable 2017 quarter. Gold grades and recovery were better than expected during the quarter, while copper recovery continues to lag expectations with the majority of the ore fed to the mill coming from the upper benches of the phase 4 pushback of the Main zone.

One of the five geotechnical holes recommended by Golder Associates in their review of the potential for utilizing block cave methods to mine the deep mineralization at Red Chris has been completed. The remainder of the geotechnical holes are being deferred to a later date as their locations are not impacted by this year’s mining operations. The completed hole was designed to obtain geotechnical information, but it also intersects some of the deep mineralization. Assays from the completed hole will be released when available.

Metal production at Mount Polley was impacted by the ongoing employee union strike initiated May 23. Processing operations have been continued with staff operating the mill, but mining operations have been suspended and only low grade stockpiles have been processed. As a result, grades for the 2018 second quarter were lower with copper at 0.18% and gold at 0.261 g/t compared to 0.212% copper and 0.334 g/t gold during the comparable 2017 quarter. Metal production was 3.82 million pounds copper and 9,110 ounces gold, a decrease of 31.8% and 34.7% respectively from the 5.6 million pounds copper and 13,958 ounces gold produced in the June 2017 quarter. Mill throughput averaged 17,395 tonnes per calendar day, down about 11% from the comparable 2017 quarter.

Discussions with representatives of the Mount Polley unionized employees are scheduled to resume the week of July 16.

About Imperial

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.

Company Contacts

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 the deferral of the remainder of the geotechnical holes to a later date and the future release of assays from the completed hole when available; and expectations that discussions with representatives of the Mount Polley unionized employees will resume the week of July 16. 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.