The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
III: TSX
Chairman: Pierre Lebel (mug)
President and COO: J. Brian Kynoch
Vice President, Exploration: Patrick M. McAndless
Imperial Metals Corp., organized in 2001, is a Vancouver-based miner focused on discovering, developing and operating base and precious metal assets in western North America. Key properties include the Mount Polley open-pit copper/gold mine in central British Columbia, 50 percent interest in the Huckleberry open-pit copper/molybdenum mine in northern British Columbia, the development-stage Red Chris copper/gold property in northwest British Columbia, and development-stage mineral properties in Nevada and southern British Columbia stemming from its merger with Selkirk Metals Corp. in 2009.
Highlights of Imperial's 2010 exploration program include expenditures of C$5.6 million in the June 2010 quarter for C$1.5 million in ongoing work at Mount Polley and C$3.5 million in drilling at Red Chris.
The 2010 exploration at the Mount Polley used two drills focused on a number of exploration targets.
Underground development to access the Boundary zone also was initiated from a portal in the Wight Pit.
Mount Polley's reserves as of Jan. 1, contained 284 million pounds copper and 367,000 ounces gold, providing a mine life to the fourth quarter of 2015.
At the Huckleberry Mine, Imperial updated its reserves estimate for the Main Zone Extension (Saddle Expansion) to extend the mine's life to July 2012.
At Red Chris, five drills were in operation in the second quarter and drilling continues to extend the boundaries of the deposit and focus on delineation of the Red Chris mineralized system to at least 1,000 meters below surface with some holes testing to 1,500 meters.
A Red Chris updated mineral resource estimate added 1.29 billion pounds copper and 2.73 million ounces gold to measured and indicated resources, and 1.37 billion pounds copper and 2.54 million ounces gold to the inferred resources, at a 0.3 percent copper cut-off grade.
The mineral resource is estimated at 3.71 billion pounds copper and 5.56 million ounces gold of measured and indicated resources, and 2.39 billion pounds copper and 3.79 million ounces gold of inferred resources at a 0.3 percent copper cut-off grade.
Imperial also spent C$1 million on development at Red Chris in the second quarter.
Imperial Aug. 5 reported the completion of 43 drill holes totaling 29,566 meters including 23 condemnation holes at a proposed tailings impoundment and plant site areas.
Cash and short-term deposits: C$25.9 million (as of June 30, 2010)
Working capital: C$57.8 million (as of June 30, 2010)
Market capitalization: US$621.6 million (as of Sept. 6, 2010)
200 - 580 Hornby Street Vancouver, BC V6C 3B6
Tel: 604-669-8959 Fax: 604-687-4030
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