Imperial Metals hits hot hole at Polley

Vancouver The initial results from an on going 15 hole drill program over the Northeast zone on the Mount Polley copper-gold mine property in British Columbia have returned impressive values for owner Imperial Metals (III-T).

The first 60 metres of hole 1 yielded 57 metres grading 2.54% copper and 1.15 grams gold per tonne from 3 metres downhole. The hot hole was drilled vertically to a depth of 184.71 metres.

Assay results for the remainder of the hole and an additional 9 holes, which have been completed to date, are still pending.

The Northeast zone lies some 1.5 km northeast of the Bell pit and has been outlined on surface over a 140-by-70-metre area. A newly completed trenching program yielded up to 1.03% copper and 0.42 gram gold per tonne over 54 metres.

Located near Williams Lake, the Mount Polley mine was put on care and maintenance back in September 2001 due to historically low copper prices. Construction of the mine was completed in June 1997 after a subsidiary of Japan-based Sumitomo acquired a 45% interest in the project by agreeing to loan the project $54 million. Capital cost for construction came in at $123.5 million.

Then, in July 1999, Imperial sold another 2.5% interest to Sumitomo for US$875,000 to meet ongoing financial obligations. By 2000, Imperial had reacquired the 47.5% interest for $4.5 million in cash.In total, 27.7 million tonnes of ore grading 0.56 gram gold per tonne and 0.33% copper were processed from the Cariboo and Bell Pits. In 2000, the operation produced 34.2 million lbs. copper and 83,000 oz. gold.

The remaining probable reserves from the Springer and Bell pits at Sept. 30, 2001, tallied 31.9 million tonnes grading 0.36% copper and 0.34 gram gold. There is also 2.7 million tonnes grading 0.22% copper and 0.31 gram gold, plus another 200,000 tonnes grading 0.29% copper and 0.42 gram gold sitting in a stockpile for future processing.