VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/19/14 -- Imperial Metals Corporation ("Imperial") (TSX: III) announces it has completed and closed the sale of the 93 kilometre 287kV Iskut extension of the Northwest Transmission Line to BC Hydro for $52 million. The Iskut extension was built by Highway 37 Power Corp., a subsidiary of Imperial, from the terminus of the Northwest Transmission Line at the Bob Quinn substation to a newly constructed substation at Tatogga Lake. A 16 kilometre 287kV power line connects the Red Chris mine to the Tatogga substation.
Power was first delivered to the Red Chris mine via the Iskut extension on November 7, 2014. To date the substation and main transformer, pit, crusher, overland conveyors, reclaim water systems and the main switchgear in the mill building have been electrified and are now available for service. Mining is underway on both the East and Main zones and the operations personnel have begun crushing and conveying ore to the coarse ore stockpile in preparation for commissioning the mill. As part of the mine commissioning process, an ore stockpile near the gyratory crusher has been established in preparation for commencing mill operations in the coming weeks.
Imperial is pleased to have designed and built the Iskut extension, a key component of the electrification of BC's northwest. The Iskut extension, along with the Northwest Transmission Line, will provide grid power to the newly constructed Red Chris mine and future developments along the 437 kilometre transmission line corridor from Terrace to Tatogga Lake.
"We are very pleased to have been able to work together with the provincial government and the Tahltan nation and be part of the planning and construction of this important new regional development initiative. This will provide the power infrastructure for developments, such as the Red Chris mine, that will provide for long term employment and economic growth in the region," stated Brian Kynoch, President of Imperial.
About Imperial
Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company operates the Mount Polley copper/gold mine in British Columbia and the Sterling gold mine in Nevada. Imperial has a 50% interest in the Huckleberry copper mine and a 50% interest in the Ruddock Creek lead/zinc property, both in British Columbia. Imperial is in development of its wholly owned Red Chris copper/gold property in British Columbia.
Cautionary Note Regarding "Forward-Looking Information"
This news release contains statements which constitute, or may be deemed to constitute, "forward-looking information" which are prospective in nature and reflect the current views and/or expectations of Imperial. Often, but not always, forward-looking information can be identified by the use of statements such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "forecasts", "projects", "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", "should", "would", "might" or "will" be taken, occur or be achieved. Such information in this press release includes, without limitation, statements regarding Imperial's expectations relating to the commencement of mill operations at the Red Chris mine, and expectations relating to the impact of the Northwest Transmission Line on Imperial's business and the region.
Forward-looking information is not based on historical facts, but rather on then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which Imperial operates, including assumptions that there will be no material delay in the commissioning and commencement of mill operations at the Red Chris mine, that equipment will operate as expected and power ramp up will proceed as expected, and that there will be no material obstructions or impacts curtailing expected outcomes in the region. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Imperial's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements constituting forward-looking information.
Important risks that could cause Imperial's actual results, revenues, performance or achievements to differ materially from Imperial's expectations include, among other things: risks of business activity delays or interruption due to protest and civil disobedience, equipment failure, labour unrest, power shortages, risks related to timing of the commissioning and commencement of mill operations at the Red Chris mine, and other hazards and risks found in Imperial's Management's Discussion and Analysis for the year ended December 31, 2013 and other public filings which are available on Imperial's profile on SEDAR at www.sedar.com. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Imperial does not undertake to update any forward looking information, except in accordance with applicable securities laws.
Contacts:
Imperial Metals Corporation
Brian Kynoch
President
604.669.8959
Imperial Metals Corporation
Steve Robertson
Vice President Corporate Affairs
604.488.2669
Imperial Metals Corporation
Sabine Goetz
Shareholder Communications
604.488.2657
investor@imperialmetals.com
