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VANCOUVER,
BRITISH COLUMBIA--(Marketwire - April 28,
2009) - Imperial Metals Corporation (TSX:III) reports it has entered
into an option agreement with Valley High Ventures Ltd. to acquire a
100% interest in a portion of a claim adjacent to the Company's Boundary
zone on the Mount Polley property.
Imperial may exercise the option by making a total of $300,000 in cash
payments on or before January 1, 2010. The optioned property will be
subject to a two stage royalty for each tonne milled at the Mount Polley
mine concentrator. The stage I royalty is $2.50 per tonne for the first
400,000 tonnes milled. The stage II royalty is $1.25 per tonne for all
tonnes milled in excess of 400,000 tonnes. The stage II royalty can be
reduced to $0.62 per tonne by Imperial making a payment of $1,000,000
to Valley High.
The optioned property will facilitate an open pit design for the near
surface mineralization discovered in the Boundary zone. In addition to
the drilling currently underway in the Boundary zone, Imperial plans to
conduct drilling on the optioned property.
Drilling at the Boundary zone in 2008/2009 returned significant
intervals of high grade copper/gold mineralization. Two recent holes,
ND09-69 and ND09-70, are highlighted in the table below. A drill plan
and an updated drill assay table will be available on Imperial's
website.
---------------------------------------------------------------------- Boundary Total Interval Interval Interval Copper Gold Drill Hole # Length (m) from (m) to (m) Length (m) % g/t ND09-69 375.4 145.0 150.4 5.4 3.28 3.41 ND09-70 345.95 255.0 260.9 5.9 3.73 2.78 ----------------------------------------------------------------------
Steve Robertson, P.Geo.
is the designated Qualified Person as defined
by National Instrument 43-101 for the exploration programs. Samples for
the diamond drilling reported at Mount
Polley
were analyzed at the Mount Polley mine
laboratory and Acme Analytical Laboratories in Vancouver. A full QA/QC program using
blanks, standards and duplicates was maintained for all samples
submitted to the labs. The porphyry and breccia
related deposits at Mount
Polley
are irregular in shape and true thicknesses have not been estimated.
Imperial is a mine development and operating company based in Vancouver, British
Columbia. The Company's key properties are
the Mount Polley open pit copper/gold
producing mine in central British Columbia, the Huckleberry open pit
copper/molybdenum producing mine in northern British Columbia, the
development stage Red Chris property in northwest British Columbia, and
the exploration stage Sterling gold property in southwest Nevada.
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