Vancouver — Low copper and gold prices continued to take their toll on Imperial Metal’s (IPM-T) balance sheet in the quarter ended June 30.
Despite a jump in revenue to $30.8 million from $19.5 million in same period last year, the company posted a loss of $2.9 million, or 4 per share, in the second quarter of 2001. However, this was a marked improvement over the $4.4-million loss that the company tabled in the second quarter of 2000.
In the first six months of the year, Imperial lost $4.5 million, or 6 per share. This is equal to the losses posted in the same period last year.
At the now suspended Mount Polley copper-gold mine near Williams Lake, 9.5 million lbs. copper and 20,630 oz. gold were produced in the latest quarter. Milling grades during the three-month period came in at 0.31% copper and 0.49 gram gold per tonne.
Low commodity prices have prompted Imperial to suspend the operation, beginning Sept. 30. About 240 workers will be affected. Production is expected to resume when metal prices improve.
Imperial holds 100% of the project.
The company’s 50%-owned Huckleberry copper-molybdenum mine, southwest of Houston B.C., produced 19 million lbs. copper and 556,500 lbs. molybdenum in the latest quarter. Milling grades during the period came in at 0.49% copper and 0.02% molybdenum.
Drilling activities at the company’s wholly owned Sterling gold project in Nevada yielded inconclusive results during the quarter.
Imperial drilled five reverse-circulation holes on deep high-grade mineralization that was discovered earlier this year. Three of the holes were abandoned before reaching target depth. Two cut 1.9 grams gold over 13.5 metres and 12 metres, respectively. The zone measures 150 metres by 60 metres and lies on the Reudy fault.
Additional drilling is planned.
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