Imperial Group owns Mount Polley

The advanced Mount Polley copper-gold project in central British Columbia is now owned 100% by the Imperial Metals Group, with Imperial Metals (TSE) having a 60.4% direct interest. Along with two affiliated limited partnerships, Imperial Metals recently acquired a 38.41% interest in Mount Polley held by International Corona (TSE). The transaction was valued at $6 million, comprised of $1 million in cash and 4.1 million Imperial shares. Corona now owns 16.9% of Imperial’s outstanding shares and has the right to nominate a director to Imperial’s board. The Mount Polley project contains preliminary reserves of 254 million tons grading 0.25% copper and 0.01 oz. gold per ton. But the current mining plan is focused on a starter pit, S-19, which has reserves of 54 million tons grading 0.38% copper and 0.016 oz. gold per ton. The pit has been designed for an optimum 10-year mine life. Imperial Metals said considerable exploration potential remains in at least four areas on the 22,000 acres of the Mount Polley property.