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News Article | May 15, 2017
Site: globenewswire.com

VANCOUVER, British Columbia, May 15, 2017 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports comparative financial results for the three months ended March 31, 2017 and 2016, as summarized in this release and discussed in detail in the Management’s Discussion & Analysis. The Company’s financial results are prepared in accordance with International Financial Reporting Standards. The reporting currency of the Company is the Canadian (“CDN”) Dollar. Revenues decreased to $115.7 million in the March 2017 quarter compared to $136.8 million in the 2016 comparative quarter, a decrease of $21.1 million or 15%. Revenue from the Red Chris mine in the March 2017 quarter was $54.6 million compared to $84.9 million in the 2016 comparative quarter. This decrease was attributable to lower shipment volumes due to processing lower grade ore in the 2017 quarter compared to the 2016 quarter. Revenue from the Mount Polley mine in the March 2017 quarter was $61.0 million compared to $51.6 million in the 2016 comparative quarter. This increase was primarily due to higher gold grade ore processed and sold in the 2017 quarter compared to the 2016 quarter. In the March 2017 quarter there were three concentrate shipments from Red Chris mine (2016-five concentrate shipments) and two concentrate shipments from Mount Polley mine (2016–two concentrate shipments). Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date. Revenue revaluations in the March 2017 quarter added $5.1 million to revenue compared to $5.2 million of revenue added due to revenue revaluations in the 2016 comparative quarter. Positive revenue revaluations are the result of the copper price on the settlement date and/or the current period balance sheet date being higher than when the revenue was initially recorded or the copper price at the last balance sheet date and vice versa for negative revenue revaluations. Net loss for the March 2017 quarter was $18.8 million ($0.20 per share) compared to net income of $17.7 million ($0.22 per share) in the 2016 comparative quarter. The increase in net loss of $36.5 million was primarily due to the following factors: The March 2017 quarter net loss included foreign exchange gain related to changes in CDN/US Dollar exchange rate of $3.4 million compared to foreign exchange gain of $30.5 million in the 2016 comparative quarter. The $3.4 million foreign exchange gain is comprised of a $3.4 million gain on the senior notes, a $0.2 million loss on long term equipment loans, and a $0.2 million gain on short-term debt and operational items. The average CDN/US Dollar exchange rate in the March 2017 quarter was 1.323 compared to an average of 1.375 in the 2016 comparative quarter. Cash flow was $15.1 million in the March 2017 quarter compared to cash flow of $49.4 million in the 2016 comparative quarter. Cash flow is a measure used by the Company to evaluate its performance, however, it is not a term recognized under IFRS. The Company believes Cash flow is useful to investors and it is one of the measures used by management to assess the financial performance of the Company. Capital expenditures were $24.0 million in the March 2017 quarter, up from $10.5 million in the 2016 comparative quarter. The March 2017 expenditures included $6.2 million for tailings dam construction, $5.0 million for component changes on mobile equipment and $7.2 million of mobile equipment at Mount Polley. At March 31, 2017, the Company had $7.2 million in cash (December 31, 2016-$14.3 million). The Company had $5.7 million of short-term debt at March 31, 2017 (December 31, 2016-$13.3 million) and has classified $158.1 million of its non-current debt as current at March 31, 2017 (December 31, 2016-$18.7 million). The London Metals Exchange cash settlement copper price per pound averaged US$2.65 in the March 2017 quarter compared to US$2.12 in the 2016 comparative quarter. The London Metals Exchange cash settlement gold price per troy ounce averaged US$1,219 in the March 2017 quarter compared to US$1,181 in the March 2016 quarter. The average CDN/US$ Dollar exchange rate was 1.323 in the March 2017 quarter, 3.78% lower than in the March 2016 quarter. In CDN Dollar terms the average copper price in the March 2017 quarter was CDN$3.51 per pound compared to CDN$2.92 per pound in the 2016 comparative quarter and the average gold price in the March 2017 quarter was CDN$1,613 per ounce compared to CDN$1,624 per ounce in the 2016 comparative quarter. At March 31, 2017, the Company had cash of $7.2 million, available capacity of $20.3 million for future draws under the senior secured revolving credit facility, and a working capital deficiency of $214.6 million compared to cash of $14.3 million and a working capital deficiency of $89.1 million at December 31, 2016. The working capital deficiency at March 31, 2017 included $134.1 million related to the senior secured revolving credit facility which matures on March 15, 2018. The Company reports four non-IFRS financial measures: Adjusted net income, Adjusted EBITDA, Cash flow and Cash cost per pound of copper produced which are described in detail below. The Company believes these measures are useful to investors because they are included in the measures that are used by management in assessing the financial performance of the Company. Adjusted net income, Adjusted EBITDA, and Cash flow are not generally accepted earnings measures and should not be considered as an alternative to net income (loss) and cash flows as determined in accordance with IFRS. As there is no standardized method of calculating these measures, these measures may not be directly comparable to similarly titled measures used by other companies. Adjusted net loss in the March 2017 quarter was $22.3 million ($0.24 per share) compared to an adjusted net income of $1.2 million ($0.01 per share) in the 2016 comparative quarter. Adjusted net income or loss shows the financial results excluding the effect of items not settling in the current period and non-recurring items. Adjusted net income or loss is calculated by removing the gains or losses, resulting from mark to market revaluation of derivative instruments not related to the current period, net of tax, unrealized foreign exchange gains or losses on non-current debt, net of tax. Adjusted EBITDA in the March 2017 quarter was $15.2 million compared to $49.9 million in the 2016 comparative quarter. We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depletion and depreciation, and as adjusted for certain other items. Cash flow in the March 2017 quarter was $15.1 million compared to $49.4 million in the 2016 comparative quarter. Cash flow per share was $0.16 in the March 2017 quarter compared to $0.60 in the 2016 comparative quarter. Cash flow and cash flow per share are measures used by the Company to evaluate its performance however they are not terms recognized under IFRS. Cash flow is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid and cash flow per share is the same measure divided by the weighted average number of common shares outstanding during the year. The cash cost per pound of copper produced is a non-IFRS financial measure that does not have a standardized meaning under IFRS, and as a result may not be comparable to similar measures presented by other companies. Management uses this non-IFRS financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-IFRS financial measure individually for its three copper mines, Red Chris, Mount Polley and Huckleberry, and on a composite basis for these mines. Management uses this non-IFRS financial measure to monitor operating costs and profitability. The cash cost per pound of copper produced is derived from the sum of cash production costs, transportation and offsite costs, treatment and refining costs, royalties, net of by-product and other revenues, divided by the number of pounds of copper produced during the period. Variations from period to period in the cash cost per pound of copper produced are the result of many factors including:  grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced. Idle mine costs during the periods when the Huckleberry mine was not in operation have been excluded from the cash cost per pound of copper produced. Calculation of Cash Cost Per Pound of Copper Produced Metal production for the March 2017 quarter was 16.3 million pounds copper and 5,811 ounces gold with all mill feed coming from the Main Zone pit. Copper recovery for this quarter was 79.5%, up slightly from the 79.1% achieved in the March 2016 quarter, while treating substantially lower copper grades of 0.39% compared to 0.63% treated in the March 2016 quarter. During this first quarter, the best weekly average recovery for Red Chris was achieved. From January 19-25 copper recovery was 84.3% with a daily record recovery of 86.2% on January 24, 2017. These recoveries were achieved on low clay ore from the lower benches. The mill achieved average throughput of 26,706 tonnes per calendar day for the March 2017 quarter, up 13% from the comparable quarter in 2016. Mining the upper benches of the Phase 3 pushback is still yielding significant volumes of high clay ore. To offset the lower recoveries achieved while treating this ore, throughput is being pushed and recently 34,000 tonnes per day throughput was averaged for a week - a new record for Red Chris. Construction work on installation of an additional rougher cell is nearing completion. Major piping connections are planned for mid-May during a scheduled shut down for maintenance, and commissioning is planned to begin by the end of May. Production at Red Chris for the first quarter was about 7% less than expected for copper and on budget for gold. Production for the year is expected to be at the lower end of the target range for both metals, with production of copper heavily weighted to the 2017 second half, as copper grades are expected to be about 20% higher compared to the 2017 first half. Exploration, development and capital expenditures were $11.0 million in the March 2017 quarter compared to $6.9 million in the comparative 2016 quarter. Metal production for the March 31, 2017 quarter was 5.5 million pounds copper and 13,811 ounces gold with virtually all ore coming from the Cariboo pit. Copper recovery was 71.3% and gold recovery was 71.6%, similar to those achieved in the March 2016 quarter. The tonnage of higher grade ores delivered from the Cariboo pit have been lower than predicted by the exploration block model, down about 7%. This has been offset by significant increased tonnages low-grade ores, up over 100%. This does result in lower production as head grades delivered to the mill are lower. To help offset this, mill throughput will be pushed during the summer months to help offset the lower volumes of higher grade available from the Cariboo pit. First quarter production at Mount Polley was down due to lower than planned copper grades and reduced mill throughput resulting from unexpected repair work. Mount Polley 2017 production targets are 25-28 million pounds copper and 55-60 thousand ounces gold, however copper production is likely to be at the lower end of the guidance. Exploration, development and capital expenditures were $13.0 million in the March 2017 quarter compared to $3.5 million in the comparative 2016 quarter. The Huckleberry mine remains on care and maintenance. On April 7, 2017, Huckleberry Mines Ltd. (“Huckleberry") exercised its right of first refusal to purchase for cancellation all the shares of Huckleberry held by a syndicate of Japanese companies in exchange for cash consideration of $2.0 million. The transaction closed on April 28, 2017 and Imperial now holds 100% of the shares of Huckleberry through HML Mining Inc., a wholly owned subsidiary of Imperial. On February 14, 2017, the Company announced it entered into a Letter of Intent to sell its interest in the Sterling gold mine property and related assets and as a result these assets and liabilities have been reclassified to assets held for sale. The closing is subject to completion of a formal agreement, board and regulatory approvals, completion of due diligence and conventional conditions for such a transaction. The Company is also pleased to announce the additional appointments of General Counsel Sophie Hsia as Vice President Risk, and Chief Scientific Officer Dr. Carolyn Anglin as Vice President Environmental Affairs. The copper and gold production targets for 2017 from the Red Chris and Mount Polley mines remains within the range previously provided (110-118 million pounds copper and 95-104 thousand ounces gold) but at the lower end of the range, given the first quarter production. Higher copper production is targeted for the second half of 2017 when grades are expected to be higher at Red Chris. For detailed financial information, refer to Imperial’s 2017 First Quarter Report available on imperialmetals.com and sedar.com. About Imperial Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris, Mount Polley and Huckleberry copper mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in the Ruddock Creek lead|zinc property in British Columbia. The information in this news release provides a summary review of the Company’s operations and financial position as at and for the period ended March 31, 2017, and plans for the future based on facts and circumstances as of May 15, 2017. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information which is prospective in nature and reflects 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 MD&A includes, without limitation, statements regarding: use of proceeds from financings and credit; the 2017 production targets for the Red Chris and Mount Polley mines and the expected weighting of production to the second half of the year; construction progress and planned installation of an additional Red Chris flotation cell; the expected closing of the sale of the Company’s interest in the Sterling gold mine property; mine plans; costs and timing of current and proposed exploration and development; production and marketing; capital expenditures; adequacy of funds for projects and liabilities; the receipt of necessary regulatory permits, approvals or other consents; cash flow; working capital requirements; the requirement for additional capital; results of operations, production, revenue, margins and earnings; future prices of copper and gold; future foreign currency exchange rates and impact; future accounting changes; and future prices for marketable securities. 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 the Company operates, including, but not limited to, assumptions that: the Company will be able to advance and complete remaining planned rehabilitation activities within expected timeframes; there will be no significant delay or other material impact on the expected timeframes or costs for completion of rehabilitation of the Mount Polley mine and implementation of Mount Polley’s long term water management plan; the Company’s initial rehabilitation activities at Mount Polley will be successful in the long term; all required permits, approvals and arrangements to proceed with planned rehabilitation and Mount Polley’s long term water management plan will be obtained in a timely manner; there will be no material operational delays at the Red Chris or Mount Polley mines; equipment will operate as expected; there will not be significant power outages; the Company’s use of derivative instruments will enable the Company to achieve expected pricing protection; there will be no material adverse change in the market price of commodities and exchange rates; the Red Chris and Mount Polley mines will achieve expected production outcomes (including with respect to mined grades and mill recoveries); and Imperial will have access to capital as required and satisfy financial covenants contained in its credit facilities and other loan documents. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. We can give no assurance that the forward-looking information will prove to be accurate. 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: that additional financing that may be required may not be available to Imperial on terms acceptable to Imperial or at all; that Imperial may be unable to satisfy financial covenants contained in its credit facilities and other loan documents; uncertainty regarding the outcome of sample testing and analysis being conducted on the area affected by the Mount Polley Breach; risks relating to the timely receipt of necessary approvals and consents to proceed with the rehabilitation plan and Mount Polley’s long term water management plan; risks relating to the remaining costs and liabilities and any unforeseen longer-term environmental consequences arising from the Mount Polley Breach; uncertainty as to actual timing of completion of rehabilitation activities and the implementation of Mount Polley’s long term water management plan; risks relating to the impact of the Mount Polley Breach on Imperial’s reputation; the quantum of claims, fines and penalties that may become payable by Imperial and the risk that current sources of funds are insufficient to fund liabilities; risks that Imperial will be unsuccessful in defending against any legal claims or potential litigation; risks of protesting activity and other civil disobedience restricting access to the Company’s properties; failure of plant, equipment or processes to operate in accordance with specifications or expectations; cost escalation, unavailability of materials and equipment, labour unrest, power outages or shortages, and natural phenomena such as weather conditions negatively impacting the operation of the Red Chris mine or the Mount Polley mine; changes in commodity and power prices; changes in market demand for our concentrate; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); and other hazards and risks disclosed within the Management’s Discussion and Analysis for the year ended December 31, 2016 and other public filings which are available on sedar.com and imperialmetals.com. For the reasons set forth above, investors should not place undue reliance on forward-looking information. Imperial does not undertake to update any forward looking information, except in accordance with applicable securities laws.


News Article | May 4, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - May 3, 2017) - Orbus Pharma Inc. (the "Company") announced today that the securities regulators (the "Commissions") in the Provinces of Ontario, British Columbia, Manitoba, Alberta and Québec have granted a full revocation (the "Revocation") of the cease trade order imposed by each of them in May, 2010 against the securities of the Company. The cease trade orders had been imposed by the Commissions for failure by the Company to file its required filings by the filing deadline as prescribed by applicable securities laws. Its common shares were listed on the TSX NEX Exchange ("NEX") under the symbol ORB, but were suspended from trading on the NEX on April 30, 2010 for failure to maintain minimum NEX Exchange listing requirements. Shortly after the cease trade orders were issued, the Company's shares were delisted from the NEX on January 25, 2012. The Company applied in or about March, 2017 to each of the Commissions for a revocation of the cease trade orders and that time, requested relief from filing the annual and quarterly financial reports and related MD&A for 2010 - 2013. In April, 2017, the Company filed annual audited financial statements and related MD&A for 2014, 2015 and 2016, and the Commissions granted the requested relief. On May 3, 2017, each of the Commissions revoked the cease trade orders issued against the Company. As a condition of revoking the Ontario cease trade order, the Ontario Securities Commission requested that the Company undertake not to complete a restructuring transaction, significant acquisition or reverse takeover of a business not located in Canada unless the Company first received a receipt for a final prospectus in respect of such business. The Company has given such undertaking. The Company intends to hold a meeting of shareholders within 90 days of the date of the Revocation. Although the Company has been inactive, following the Revocation, the Company intends to reactivate itself. In the near term, the Company intends to seek opportunities to acquire assets or a business and obtain financing, in conjunction with which it may seek a listing on a Canadian stock exchange. The Continuous Disclosure Materials can be reviewed on SEDAR under the Company's profile at www.sedar.com. Directors and Officers of the Company Greg Muir (President, CEO and acting CFO and Director) is currently Vice President Finance and Information Technology with Crestline Coach Ltd, headquartered in Saskatoon. In this role, he provides corporate and functional leadership to drive operational excellence and outstanding financial performance. He has held key roles in both private and public listed companies where his responsibilities included, but were not limited to, operations management, enterprise financing and regulatory compliance. Mr. Muir is a Chartered Professional Accountant (CPA, CMA), Management Accounting, with an MBA specializing in Finance and Statistics and a Bachelor of Arts in Economics Laurie M. Paré (Director) is a Financial Consultant and President of Bellevue Spur Capital Corporation, a private company. He is a former partner of Pricewaterhouse Coopers LLP. Mr. Paré has a Bachelor of Commerce degree from the University of Alberta and is a Chartered Professional Accountant. He is a Director on the Board of Directors of Imperial Metals Corporation. Jeffrey McCaig (Director) is the Chairman of the board of directors of the Trimac Group of Companies, of which he was CEO until December 31, 2015. Mr. McCaig has been a director of MEG Energy Inc. since March 1, 2014, a director of Potash Corporation of Saskatchewan since January 2001 and a director of Bantrel Company since 2000, becoming its Chairman in December 2007. Mr. McCaig is also a director and co-owner of the Calgary Flames Hockey Club. Mr. McCaig holds a degree in economics from Harvard University, a law degree from Osgoode Hall Law School, and a Master of Science in Management degree from Stanford University. Other than with respect to the Company and as disclosed above, no director or executive officer of the Company: No director or executive officer of the Company has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision. This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the Company's expectation with respect to future plans for the business, raising capital, listing on a stock exchange, and the anticipated timing of such events. Generally, forward looking information can be identified by the use of forward-looking terminology 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | February 22, 2017
Site: www.accesswire.com

VANCOUVER, BC / ACCESSWIRE / February 22, 2017 / David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM) ("EnGold" or the "Company") reports that the first drill hole of its 2017 campaign, collared in an area of its' 100% owned Lac La Hache Property with no previous drilling, has encountered a 27 metre intercept of intensely mineralized material. Company geologists have identified the material as skarn-type copper-magnetite. The new discovery is located 1.8 km southeast of the existing copper-gold-silver-magnetite resource defined at the Spout Deposit. Vertical drill hole G16-01 has intersected 27 m of high-grade, massive mineralization containing abundant chalcopyrite, pyrite and magnetite within a near-horizontal skarn bed within the Nicola volcanic host rocks. This is believed to occur within the same host strata as the Spout Deposits. The new zone occurs at 337 to 370 m down-hole. Drilling continues to depth in this hole at press-time. The core is being logged and prepared for assay which will be done on a rush basis. The hole targeted a large and strong, 1.0 milligal residual gravity anomaly defined in 2015 by a detailed ground gravity test survey. The amplitude and size of this anomaly significantly exceed the positive gravity responses observed over the Spout North and South Deposits. The new anomaly measures 1400 m east-west by 1000 m north-south at a contoured value of 0.5 milligal. Although insufficient data is available to precisely determine the true width of the mineralization, company geologists believe the 27 metre intercept is close to a true width. EnGold is focused on finding and developing mining operations at its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving exceptional shareholder and stakeholder value by discovering and developing mineral resources. The advanced stage property lies within BC's Quesnel Trough mineral belt, which hosts several past and currently producing copper/gold/silver mines, including nearby Imperial Metals' Mount Polley copper-gold mine and New Gold Inc.'s New Afton copper-gold mine. The Company has drilled numerous prospects on the property, including Spout copper-magnetite-gold-silver deposit (for which a resource calculation has been reported and supported by an NI43-101 Technical Report), the gold-rich Aurizon gold-copper-silver prospect and recent new discoveries with porphyry and skarn copper/gold potential. EnGold is currently focused on evaluation of its Aurizon Gold (gold-copper-sliver) prospect, where drilling continues to extend the host structure and gold-rich grades. Supported by significant local infrastructure including powerlines, all season road access, rail and other amenities, the Lac La Hache project demonstrates excellent logistics for resource extraction. Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release. Engold Mines Ltd. Per/ David Brett, MBA President & CEO For further info contact David Brett, 604-682-2421 or [email protected] This news release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | February 22, 2017
Site: marketersmedia.com

The new discovery is located 1.8 km southeast of the existing copper-gold-silver-magnetite resource defined at the Spout Deposit. Vertical drill hole G16-01 has intersected 27 m of high-grade, massive mineralization containing abundant chalcopyrite, pyrite and magnetite within a near-horizontal skarn bed within the Nicola volcanic host rocks. This is believed to occur within the same host strata as the Spout Deposits. The new zone occurs at 337 to 370 m down-hole. Drilling continues to depth in this hole at press-time. The core is being logged and prepared for assay which will be done on a rush basis. The hole targeted a large and strong, 1.0 milligal residual gravity anomaly defined in 2015 by a detailed ground gravity test survey. The amplitude and size of this anomaly significantly exceed the positive gravity responses observed over the Spout North and South Deposits. The new anomaly measures 1400 m east-west by 1000 m north-south at a contoured value of 0.5 milligal. Although insufficient data is available to precisely determine the true width of the mineralization, company geologists believe the 27 metre intercept is close to a true width. EnGold is focused on finding and developing mining operations at its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving exceptional shareholder and stakeholder value by discovering and developing mineral resources. The advanced stage property lies within BC's Quesnel Trough mineral belt, which hosts several past and currently producing copper/gold/silver mines, including nearby Imperial Metals' Mount Polley copper-gold mine and New Gold Inc.'s New Afton copper-gold mine. The Company has drilled numerous prospects on the property, including Spout copper-magnetite-gold-silver deposit (for which a resource calculation has been reported and supported by an NI43-101 Technical Report), the gold-rich Aurizon gold-copper-silver prospect and recent new discoveries with porphyry and skarn copper/gold potential. EnGold is currently focused on evaluation of its Aurizon Gold (gold-copper-sliver) prospect, where drilling continues to extend the host structure and gold-rich grades. Supported by significant local infrastructure including powerlines, all season road access, rail and other amenities, the Lac La Hache project demonstrates excellent logistics for resource extraction. Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release. Engold Mines Ltd. Per/ David Brett, MBA President & CEO For further info contact David Brett, 604-682-2421 or david@engold.ca This news release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


VANCOUVER, BC / ACCESSWIRE / March 1, 2017 / David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM) ("EnGold" or the "Company") reports that recently completed drill hole G16-01 targeting a gravity geophysical anomaly has encountered 1.76% copper, 0.27 grams per ton gold, 10.29 g/t silver, and 35.8% iron over 26.57 meters in a previously undrilled area of its' 100% owned Lac La Hache Property in the Cariboo region of BC. Within this, a 14 m thick interval exceeds 2% copper. The skarn-type mineralization is located 1.8 km southeast of the existing copper-gold-silver-magnetite resource defined at the Spout Deposit. EnGold is now mobilizing a second drill to the Property to focus on the 1 km X 1.4 km gravity geophysical anomaly. The first drill was moved to the Aurizon Gold target, where it is now drilling, as the Company was waiting for assays from the new zone and developing an exploration plan for the next phase of work to follow up on the new results. The Company may move both drills to the new zone, depending on a variety of factors as the program evolves. "This discovery has significant size potential and marks a new and greatly accelerated phase of growth for EnGold," said EnGold President & CEO David Brett. "We are fortunate to have the technical talent and infrastructure capacity to expand our operations rapidly." "Our modeling suggests the new zone is stratabound mineralization that is continuous with the Spout Deposits 1.8 km to the northwest, and that it extends further to the southeast than currently defined by the relatively sparse initial gravity test survey. The size of the geophysical anomaly is already impressive and will be expanded with additional surveying in early March," said VP Exploration, Rob Shives, P.Geo. "These results represent a truly text-book example where the combination of geophysical, geochemical, and geological modeling supports accurate prediction of this new zone in a previously untested area, as indicated by this success in the very first drill hole." Vertical drill hole G16-01 intersected semi-massive magnetite-chalcopyrite (minor pyrite) skarn type mineralization over a true width exceeding 26 meters. The mineralization appears stratabound, occurring within sub-horizontal, skarned Nicola volcanoclastic rocks interpreted as the possible down-dip extension of Spout host rocks. The mineralogy and textures of the mineralized zone also appears very similar to Spout Deposit mineralization. The hole targeted a large and strong, 1.0 milligal residual gravity anomaly defined in 2015 by a detailed ground gravity test survey conducted by Brian Jones, Excel Geophysics Inc. As previously reported (see News Release Feb 22, 2017), the amplitude and size of this anomaly significantly exceed the positive gravity responses observed over the Spout North and South Deposits. The new anomaly measures 1400 m east-west by 1000 m north-south at a contoured value of 0.5 milligal. Similar to the Spout Deposit, the new anomaly is flanked by induced polarization chargeability anomalies to north and south. Assay results have been received (Table 1) and are reported below: Although insufficient data is available to precisely determine the true width of the mineralization, company geologists believe the 27 metre intercept is close to a true width. EnGold Mines Ltd follows procedures which ensure sample security, chain of custody, and Quality Assurance/Quality Control for all drilling and geochemical sampling, conforming to industry practices defined by Canadian Institute for Mining, Metallurgy (CIMM) standards, and required for TSX-listed companies by National Instrument 43-101. All core was logged and photographed. Sampled intervals were sawed in half, bagged, sealed, and sent securely to ALS Canada Ltd for analyses. Half-gram samples were digested with aqua regia acid then analysed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) for 35 elements (ME-ICP41). A 30 gram split is analyzed for gold by fire assay with a gravimetric finish (ME-GRA21). Copper values exceeding 1 percent were analyzed using aqua regia digestion with an ICP-AES finish (ME-OG46) to improve accuracy and precision at higher grades. As part of our comprehensive QA/QC program, one standard, one blank, and one in-line replicate were inserted into the sample stream in each group of approximately 20 samples in each analytical batch. EnGold is focused on finding and developing mining operations at its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement, and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving exceptional shareholder and stakeholder value by discovering and developing mineral resources. The advanced stage property lies within BC's Quesnel Trough mineral belt, which hosts several past and currently producing copper/gold/silver mines, including nearby Imperial Metals' Mount Polley copper-gold mine and New Gold Inc.'s New Afton copper-gold mine. The Company has drilled numerous prospects on the property, including Spout copper-magnetite-gold-silver deposit (for which a resource calculation has been reported and supported by an NI43-101 Technical Report), the gold-rich Aurizon gold-copper-silver prospect and recent new discoveries with porphyry and skarn copper/gold potential. EnGold is currently focused on evaluation of its Aurizon Gold (gold-copper-sliver) prospect, where drilling continues to extend the host structure and gold-rich grades, and on the new copper-magnetite-gold-silver discovery. Supported by significant local infrastructure including powerlines, all season road access, rail, and other amenities, the Lac La Hache project demonstrates excellent logistics for resource extraction. Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release. Engold Mines Ltd. Per/ David Brett, MBA President & CEO For further info, contact David Brett, 604-682-2421 or [email protected] This news release may contain "forward-looking statements." Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


EnGold is now mobilizing a second drill to the Property to focus on the 1 km X 1.4 km gravity geophysical anomaly. The first drill was moved to the Aurizon Gold target, where it is now drilling, as the Company was waiting for assays from the new zone and developing an exploration plan for the next phase of work to follow up on the new results. The Company may move both drills to the new zone, depending on a variety of factors as the program evolves. "This discovery has significant size potential and marks a new and greatly accelerated phase of growth for EnGold," said EnGold President & CEO David Brett. "We are fortunate to have the technical talent and infrastructure capacity to expand our operations rapidly." "Our modeling suggests the new zone is stratabound mineralization that is continuous with the Spout Deposits 1.8 km to the northwest, and that it extends further to the southeast than currently defined by the relatively sparse initial gravity test survey. The size of the geophysical anomaly is already impressive and will be expanded with additional surveying in early March," said VP Exploration, Rob Shives, P.Geo. "These results represent a truly text-book example where the combination of geophysical, geochemical, and geological modeling supports accurate prediction of this new zone in a previously untested area, as indicated by this success in the very first drill hole." Vertical drill hole G16-01 intersected semi-massive magnetite-chalcopyrite (minor pyrite) skarn type mineralization over a true width exceeding 26 meters. The mineralization appears stratabound, occurring within sub-horizontal, skarned Nicola volcanoclastic rocks interpreted as the possible down-dip extension of Spout host rocks. The mineralogy and textures of the mineralized zone also appears very similar to Spout Deposit mineralization. The hole targeted a large and strong, 1.0 milligal residual gravity anomaly defined in 2015 by a detailed ground gravity test survey conducted by Brian Jones, Excel Geophysics Inc. As previously reported (see News Release Feb 22, 2017), the amplitude and size of this anomaly significantly exceed the positive gravity responses observed over the Spout North and South Deposits. The new anomaly measures 1400 m east-west by 1000 m north-south at a contoured value of 0.5 milligal. Similar to the Spout Deposit, the new anomaly is flanked by induced polarization chargeability anomalies to north and south. Assay results have been received (Table 1) and are reported below: Although insufficient data is available to precisely determine the true width of the mineralization, company geologists believe the 27 metre intercept is close to a true width. EnGold Mines Ltd follows procedures which ensure sample security, chain of custody, and Quality Assurance/Quality Control for all drilling and geochemical sampling, conforming to industry practices defined by Canadian Institute for Mining, Metallurgy (CIMM) standards, and required for TSX-listed companies by National Instrument 43-101. All core was logged and photographed. Sampled intervals were sawed in half, bagged, sealed, and sent securely to ALS Canada Ltd for analyses. Half-gram samples were digested with aqua regia acid then analysed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) for 35 elements (ME-ICP41). A 30 gram split is analyzed for gold by fire assay with a gravimetric finish (ME-GRA21). Copper values exceeding 1 percent were analyzed using aqua regia digestion with an ICP-AES finish (ME-OG46) to improve accuracy and precision at higher grades. As part of our comprehensive QA/QC program, one standard, one blank, and one in-line replicate were inserted into the sample stream in each group of approximately 20 samples in each analytical batch. EnGold is focused on finding and developing mining operations at its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement, and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving exceptional shareholder and stakeholder value by discovering and developing mineral resources. The advanced stage property lies within BC's Quesnel Trough mineral belt, which hosts several past and currently producing copper/gold/silver mines, including nearby Imperial Metals' Mount Polley copper-gold mine and New Gold Inc.'s New Afton copper-gold mine. The Company has drilled numerous prospects on the property, including Spout copper-magnetite-gold-silver deposit (for which a resource calculation has been reported and supported by an NI43-101 Technical Report), the gold-rich Aurizon gold-copper-silver prospect and recent new discoveries with porphyry and skarn copper/gold potential. EnGold is currently focused on evaluation of its Aurizon Gold (gold-copper-sliver) prospect, where drilling continues to extend the host structure and gold-rich grades, and on the new copper-magnetite-gold-silver discovery. Supported by significant local infrastructure including powerlines, all season road access, rail, and other amenities, the Lac La Hache project demonstrates excellent logistics for resource extraction. Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release. Engold Mines Ltd. Per/ David Brett, MBA President & CEO For further info, contact David Brett, 604-682-2421 or david@engold.ca This news release may contain "forward-looking statements." Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | February 15, 2017
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - February 15, 2017) - Imperial Metals Corporation (the "Company") (TSX: III) reports that Sterling Gold Mining Corporation ("SGMC"), a wholly-owned subsidiary, has entered into a Letter of Intent ("LOI") with Northern Empire Resources Corp. ("NM") to sell its interest in the Sterling gold mine property located in Nevada, United States. The purchase price for the assets includes US$10 million cash (including a US$250,000 non-refundable deposit due within 5 days of the execution of the LOI) and 5 million shares of NM. SGMC will retain a two percent (2.0%) Net Smelter Returns royalty ("NSR") on the portions of the Sterling gold mine property not currently burdened by a pre-existing NSR. The closing is planned for the second quarter of 2017 and is subject to completion of a formal Property Purchase Agreement, board and regulatory approvals as necessary, completion of due diligence and conventional conditions for such a transaction. About Imperial Imperial is a Vancouver-based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper/gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead/zinc property, both in British Columbia. 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 anticipated completion of the sale of all, or substantially all, of the assets of Sterling Gold Mining Corporation, including the Sterling mine, in the second quarter of 2017 (the "Sterling Sale"). 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. In this document certain forward-looking statements are identified by words including "guidance", "expectations", "targeted", "plan", "planned", "estimated", "calls for" and "expected". 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. These risks, uncertainties and other factors include, among others, the following: required approvals not being obtained and the closing of the Sterling Sale not occurring or being delayed; political and economic environment, gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory environment and restrictions, including environmental regulatory restrictions and liability; currency fluctuations; speculative nature of gold exploration; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property; 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 of those statements, all of which are filed and available for review at imperialmetals.com and 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.


News Article | February 15, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 15, 2017) - Northern Empire Resources Corp. (TSX VENTURE:NM) (the "Company" or "Northern Empire") today announced that the Company has entered into a Letter of Intent ("LOI") with Sterling Gold Mining Corporation ("SGMC"), a wholly owned subsidiary of Imperial Metals Corporation ("Imperial Metals")(TSX:III) to acquire a 100% interest in the Sterling property, located in Nye County, Nevada, and certain royalty rights for claims located in Nevada and California (the "Proposed Transaction"). Michael G. Allen, President, CEO and Director of Northern Empire commented, "Acquiring the Sterling property represents a company changing opportunity for the shareholders of Northern Empire. The next phase of open pit mining has been permitted at Sterling, and the properties have not seen significant exploration in 20 years. The Sterling land package consists of two claim blocks, Sterling and Daisy. Combined, the land package represents the acquisition of a gold district within Nevada, hosting 3 past producing open pit mines. The Sterling mine has previously operated as a high grade open pit and underground operation as recently as 2015, and is known for it's excellent run of mine heap leach recoveries. The site is staffed, with leach rinsing operations continuing. The Daisy claim block has indications of a large Carlin system, which has seen very little exploration since the late 1990s." Under the terms of the Proposed Transaction with SGMC, the Company will acquire: The purchase price for the assets will consist of: The completion of the transaction is subject to a number of conditions to closing including, but not limited to Northern Empire's satisfactory completion of legal, title and environmental due diligence with respect to the Sterling Property, completion of various financings to raise adequate funds to make the purchase, board and regulatory approvals, and other customary conditions in the mining industry for similar asset purchase and sales. In relation to the Proposed Transaction, the Company will be arranging a bridge financing of convertible debentures. The proceeds of the bridge financing will be used to pay the US$250,000 deposit due to SGMC, complete an updated NI 43-101 technical report on the Sterling property and for due diligence and working capital purposes. The interest free convertible debenture will convert into a unit of the Company consisting of a share and a half warrant (each full warrant, a "Warrant") upon the closing of the Proposed Transaction, or, if the Proposed Transaction doesn't complete, upon resumption of trading of the Company's shares. The conversion price shall be equal to (a) the price for which the Company completes the Subsequent Financing, as set out below, or (b) if the Proposed Transaction doesn't complete, $0.175. Each Warrant shall be exercisable into a common share of Northern Empire at a price of 33 1/3% premium to the conversion price for a period of 2 years following the closing of the convertible debenture financing. In the event that the Company files a prospectus in connection with the Acquisition Financing, it will use reasonable commercial efforts to qualify the issuance of the Units under the prospectus. In addition, the Company intends to complete a subsequent financing (the "Acquisition Financing") to complete the Proposed Transaction, the proceeds of which will be used to fund the purchase price for the proposed Acquisition, for ongoing exploration work on the Sterling Property and for general working capital. Further details regarding the Acquisition Financing will be released in due course. The Company has engaged Cormark Securities Inc. as its financial advisor in connection with the proposed transaction and Acquisition Financing. McCullough O'Connor Irwin LLP and Parsons Behle and Latimer are acting as legal advisors on the transaction. The Company has engaged JDS Energy and Mining and Norwest Corporation as technical advisors. Northern Empire is an aggressive, Vancouver based, gold explorer working to take advantage of the current improving market conditions by assembling a value driven portfolio of properties. Michael G. Allen, President of Northern Empire, and a Qualified Person as defined by NI 43-101, has reviewed the information contained in this news release. He is the non-independent qualified person for this new release and has verified the data. ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. Certain information set forth in this news release contains "forward-looking statement", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations about the completion of the Proposed Transaction and the related financings, future performance based on current results and expected cash costs and are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "will", "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which, may cause the Company's actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological risks, the financial markets generally, the results of the due diligence investigations to be conducted by the Company, the ability of the Company to complete the related financings or obtain requisite Exchange acceptance. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.


News Article | February 28, 2017
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - February 28, 2017) - Imperial Metals Corporation (the "Company") (TSX: III) reports on the results from the first nine holes from an underground drilling program completed at the Martel and Green zones located beneath the Wight pit, approximately 400 metres east of the recently developed and mined Boundary zone. Martel zone highlights include 110.0 metres grading 1.27% copper and 0.24 g/t gold in drill hole MU-17-7, which included 56.9 metres grading 1.90% copper and 0.37 g/t gold. MU-17-8 was extended in length to intersect the Green zone mineralization where it intercepted 17.8 metres grading 4.49% copper and 1.44 g/t gold. The drilling was designed to delineate two higher-grade zones discovered in 2004, prior to development of the Wight Pit. The holes, except MU-16-5, were designed to intersect the Martel zone, and five of the holes were extended to test the sparsely drilled Green zone located east of the Martel zone. Drill hole MU-16-5 was drilled to test below the Martel zone. At depth approximately 230 metres beneath the Martel zone, it intercepted two intervals of mineralization: 37 metres of 0.70% copper and 0.45 g/t gold, and 34.9 metres of 0.94 % copper and 0.27 g/t gold. This first underground exploration of the Martel zone consisted of 6,600 metres in 25 holes, and complements surface drilling done mainly in 2003-2005. Four drill stations were established at 25 metre intervals along an exploration drift about 400 metres east of the Boundary zone underground workings. Holes were drilled on azimuths ranging from 070° to 090° at shallow to moderate angles, crossing the Brown Wall fault and into the Martel breccia. Mineralized intercepts in the Martel and Green zones are summarized in the table below. Note all intervals are the entire length and true widths have not been determined. The mineralization is believed to have formed in a vertical hydrothermal breccia body within a complex of monzonitic intrusions. It now occurs in two segments which were formerly contiguous but are now separated by the steeply southwest-dipping Brown Wall fault. The upper hanging wall portion was mined in the Wight pit (2005-2009). The deeper portion was dropped down slightly and offset to the northwest, and is known as the Martel zone, the top of which was exposed in the bottom of the final Wight pit. Mineralization generally begins immediately after the fault, and consists of chalcopyrite and bornite disseminated in a polylithic breccia matrix, in fine to coarse infill between clasts or in veins. Late to post-mineral monzonitic dikes cut the breccia, the largest being 10-14 metres thick, obliquely bisecting the Martel zone, otherwise internal dilution by dikes is limited. The Martel zone measures approximately 130 metres long, 170 metres high, and 140 metres wide, perpendicular to the Brown Wall fault plane. Along its northeastern fringe, the Martel zone gives way to monzonitic wall rock and dikes. The easternmost body of mineralization intersected in this drilling is the Green zone which is hosted in a distinct style of breccia and is intermittent but can be very high grade. The Martel zone is open in all directions except to the southwest where the Brown Wall fault cuts-off the zone. Assays from the remaining holes are expected by the end of March 2017. Once all results are received, they will be loaded into the block model for this area and a revised resource estimate will be completed followed by mine planning. Based on the results to date, two options for mine development may be considered. The longer lower grades such as 147.5 metres of 1.03% copper and 0.20 g/t gold in drill hole MU-16-6 may be amenable to sub-level caving, while shorter higher grade sections may be amendable to conventional long hole mining. Imperial's Vice President Finance, Saurabh Handa, will resign effective March 17, 2017 to pursue other opportunities. The Company and the board of directors would like to thank Mr. Handa for his contributions to the Company, and wish him well in his future endeavours. Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper|gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead|zinc property, both in British Columbia. 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 expectations that assays will be obtained by the end of March 2017 for the remaining drill holes in the Mount Polley mine underground drilling program targeting the Martel and Green zones located beneath the Wight pit; expectations that all results, once received, will be loaded into the block model for this area, a revised resource estimate will be completed, and based on the results to date, mine planning with two options for mine development will be considered; and in general, statements with respect to the estimation of mineral reserves and mineral resources. 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. In this document certain forward-looking statements are identified by words including "guidance", "expectations", "targeted", "plan", "planned", "estimated", "calls for" and "expected". 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 or in the completion of development or construction activities; 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 of those statements, all of which are filed and available for review at imperialmetals.com and 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.


News Article | February 15, 2017
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - February 10, 2017) - Imperial Metals Corporation (the "Company") (TSX: III) reports that it has amended certain financial covenants under the senior secured revolving credit facility for the March 31, June 30, and September 30, 2017 reporting periods. The financial covenants for these periods have been revised as follows: The interest rate charged under the senior secured revolving credit facility varies with the Company's financial leverage. A new interest rate bracket has been added to reflect the revised maximum leverage. Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper/gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead/zinc property, both in British Columbia.

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