Imperial Reports Third Quarter Production Results
October 18 2018 - 6:32PM
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.
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
Brian Kynoch | President |
604.669.8959 Andre Deepwell | Chief Financial
Officer | 604.488.2666 Sabine Goetz
| Shareholder Communications |
604.488.2657 | investor@imperialmetals.com
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.
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