A
NORTHAIR GROUP COMPANY
SUITE
860
- 625
HOWE STREET Ÿ
VANCOUVER, BC Ÿ
V6C 2T6 CANADA Ÿ TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
July 25, 2007
#07-24
Sherwood Delivers First
Concentrates from Minto Mine to Port of
Skagway, Alaska
- Delivery represents another milestone in the rapid
development of the Minto Copper-Gold Mine
-
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper Corporation (SWC: TSX-V)
today announced that it has begun regular shipments of copper-gold concentrates
from its high grade Minto Mine, in the Yukon, to the port of Skagway,
Alaska. The first truckloads of
concentrates were delivered on July 16, 2007 and regular shipments have been
underway since that date.
?Regular shipments of copper-gold concentrates from our
Minto Mine to the port of Skagway, Alaska, represents another major milestone in
the fast paced development of this high grade copper-gold mine,? said Stephen P.
Quin, President & CEO of Sherwood Copper. ?This milestone, passed ahead of
schedule, is a credit to the many people who have contributed to the successful
development of the Minto Mine and the reactivation of the Skagway Ore
Terminal. We can now look forward
to a steady flow of copper-gold concentrates delivered and sold, providing
revenue and profits to our
shareholders.?
Concentrates are currently being bagged in 2-tonne
super-sacks in the concentrate storage shed at the Minto Mine, which are then
delivered by flat-deck trucks to Skagway.
Bagging of concentrates will continue until the permanent truck unloading
and Concentrate Storage Building are completed at Skagway later in
2007. The refurbishment of the ship
loader at Skagway is nearing completion and is expected
to be available for loading the first 5,000 tonnes of concentrate on to a ship
in September 2007. The permanent
Concentrate Storage Building at Skagway is expected to be complete in October,
but its completion is not required before making the first shipment. Once the truck unloading facility is
completed, bulk concentrates will be trucked in dedicated trailers. At full production, the Minto Mine is
forecast to produce approximately 60,000 tonnes of copper-gold concentrate per
year.
The Skagway Ore Terminal is being reactivated in
cooperation with the Alaska Industrial Development and Export Authority
(?AIDEA?) who has granted Sherwood?s wholly owned subsidiary, Minto Explorations
Ltd., the right to use the Skagway Ore Terminal, including 25,000 square feet of
storage space and the existing ship loader (which is capable of loading
approximately 1,000 tons per hour of concentrates on to a ship). AIDEA is funding 100% of the cost of the
reactivation of the Skagway Ore Terminal and the construction of a new
Concentrate
Storage Building over the storage space leased by
Minto Explorations. Minto Explorations will reimburse AIDEA for the costs of the refurbishment, including
feasibility studies and engineering, over seven years with a 7% interest rate. Minto Explorations will also
pay the cost of operating the Skagway Ore Terminal for the export of
concentrates. Should other users
utilize the Skagway Ore Terminal during the term of the contract, Minto
Explorations? contribution to the refurbishment could be reduced pro
rata.
?Using Skagway as a port for the export of
concentrates is a considerably more attractive option than trucking concentrates
to the next closest port or the rail head, even taking into account the cost of
the refurbishment,? said Mr. Quin.
?The total cost of the refurbishment is estimated at approximately US$9.9
million. With AIDEA funding this
cost over seven years and the potential for third parties to reduce our
contributions, the economics of using Skagway are
robust.?
Minto Project
The
Minto Mine is a high-grade copper-gold deposit located in the Yukon Territory of
Canada. The mill is currently
undergoing commissioning and is expected to ramp up to full production during
the third quarter of 2007. Over the
past several days, the mill has consistently processed in excess of 1,000 tonnes
per day and over 1,400 tonnes per day on each of the last two days, continuing
the ramp up to the design throughput capacity of 1,563 tonnes per
day.
Sherwood
Sherwood?s successful consolidation of the ownership of
the Minto Project provides a unique investment opportunity ? participation in a
fully permitted, operating, high-grade, open pit copper-gold mine located in
Canada with tremendous exploration potential on the 100% owned
property.
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?
Stephen P. Quin
President &
CEO
For further information
please contact Stephen Quin,
President of Sherwood Copper Corp.
or Brad Kopp or Kristy
Reynolds at (604) 687-7545 or (888) 338-2200
**
INTERNET ADDRESS: www.sherwoodcopper.com **
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of this press release. This news release may contain forward looking
statements which are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or discussions of
goals and exploration results, and involves a number of risks and uncertainties
that could cause actual results to differ materially from those projected. These
risks and uncertainties include, but are not limited to, metal price volatility,
volatility of metals production, project development, ore reserve estimates,
future anticipated reserves and cost engineering estimate risks, geological
factors and exploration results.
See the Company?s filings for a more detailed discussion of factors that
may impact expected results.