VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) reported the
results of its Annual General Meeting of shareholders, where all
resolutions put before shareholders were approved. Re-elected to
the board of directors were Stephen Quin, President & CEO,
Bruce McLeod, Chairman, Larry Bell, Colin Benner, Jim Crombie, John
Gammon and Roy Hudson. Ray Antony did not stand for re-election and
Sherwood expressed its appreciations for his years of invaluable
service to the company both as a director and chair of the audit
committee, a role assumed by Larry Bell subsequent to the
meeting.
Strategic Plans
Following the meeting, Stephen Quin, President & CEO, laid
out Sherwood's strategic objective, which is to become a profitable
intermediate base metal producer by:
- Fully optimizing its existing assets through a relentless
pursuit of value;
- Using exploration to fuel growth from within;
- Take advantage of exploration success to support a cycle of
reserve increases and production expansions;
- Using mergers and acquisitions to accelerate growth.
With the high grade Minto copper-gold mine in the Yukon running
at design capacity, Sherwood is now focussed on pursuing value
opportunities through the optimization of the operations, focusing
on increasing throughput and performance above the design levels
achieved and reducing costs. Current and near term opportunities
include a rescheduled open pit mine plan (discussed in the May 30,
2008 press release), pushing throughput above design of 2,400tpd
(which opportunity has been demonstrated by running the plant at
above 3,400tpd on occasion), installation of a gravity plant to
recover native gold and connection to grid power later in 2008 to
lower costs.
In addition to optimizing the main deposit at Minto, Sherwood
aims to continue its aggressive exploration program to continue
defining additional high grade copper-gold deposits, such as the
discovery and definition of the Area 2 deposit in 2006, the
discovery of the Area 118 deposit and the definition of the
Ridgetop deposit in 2007, and the discovery of several additional
mineralized areas awaiting further exploration. Area 2, Area 118
and Ridgetop are currently undergoing definition drilling.
Rapid advancement of new areas from discovery through resource
definition and into reserves (in 18 months for Area 2) provides
opportunities to rapidly translate exploration success into
production growth. Sherwood aims to continue its strategy of
demonstrating and implementing incremental increases in production,
as with the Area 2 deposit which was converted to reserves in a
pre-feasibility study (as reported on December 12, 2007) and which
is in the process of being permitted for production. Sherwood is
currently drilling Area 118 and Ridgetop to standards that could
support conversion to reserves should these deposits prove
economic. The objective is to provide the next round of production
growth, as well as following up on some of the other discoveries
and targets identified in 2007 such as Airstrip, Copper Keel and
others, to introduce additional prospects into the exploration
pipeline. Sherwood's objective for the Minto Mine is to sustain
production levels of 60-70 million pounds of copper production per
annum, plus significant gold and silver by-products for a minimum
of 8-10 years. This objective of increased production is supported
by the ability to significantly increase mill throughput (to
3,500tpd or more) with minimal capital investment.
In order to accelerate growth for Sherwood beyond that set out
above for the Minto Mine, Sherwood is looking to mergers and
acquisitions to both increase and accelerate its production growth
profile. The recently completed acquisition of the high grade
Kutcho copper project in NW British Columbia is an example of that
strategy being implemented. Sherwood is in the process of
completing a NI43-101 compliant Preliminary Economic Assessment
("PEA") on the main deposit at Kutcho, targeting near term
production of approximately 50 million pounds of copper per year,
with significant by-product zinc, silver and gold. The PEA only
focuses on part of one of the three known deposits at Kutcho, and
Sherwood aims to subsequently evaluate options for the significant
additional resource in the other deposits, as well as resuming
exploration on the balance of the property.
Beyond the Kutcho acquisition, Sherwood continues to evaluate
merger and acquisition opportunities on more advanced projects or
currently producing companies that could increase its contemplated
production profile, and potentially even add production ahead of
the start of any mine at Kutcho.
Readers of this press release should note that the
implementation of a number of the objectives set out herein,
including the expansion of the Minto Mine and development of a new
mine at Kutcho, are dependent on the successful completion of
further technical studies and/or permitting, and both projects will
involve continued stakeholder consultation, especially with local
First Nations, to whom Sherwood intends to deliver meaningful
benefits resulting from the successful operation of these
mines.
A copy of the presentation given at the Annual General Meeting
is available on the company's website.
About Sherwood Copper
Sherwood Copper's objective is the profitable production of base
and precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest-grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the resource and reserve base,
potentially leading to further production increases. To further
accelerate its production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in
May 2008, Sherwood acquired 100% ownership in Western Keltic Mines,
owner of the high-grade Kutcho copper-zinc-gold-silver deposit in
northwestern British Columbia. Sherwood expects to lever off its
successful development of the Minto Mine and rapidly advance the
Kutcho project to a production decision.
Additional Information
Additional information on Sherwood and its Minto Project can be
obtained on Sherwood's website at
http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"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 actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed form 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 at www.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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation - Investor Contact Stephen
P. Quin (604) 687-7545 Sherwood Copper Corporation - Investor
Contact Brad Kopp (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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