More Mount Polley high-grade for Imperial

Vancouver – Additional Northeast zone drilling by Imperial Metals (III-T) at its wholly-owned Mount Polley copper-gold project, located 56 km northeast of Williams Lake in central British Columbia, has extended mineralization in the new area.

The northern portion of the Northeast zone continues to deliver significant copper-mineralized intercepts for the company. The latest round of core drilling includes:

• Hole WB04-133 An intersection of 245 metres (from 220 metres) returned 0.87% copper, 0.33 grams gold per tonne and 5.3 grams silver per tonne, including a 148-metre interval grading 1.21% copper, 0.34 grams gold and 7.2 grams silver, and an even higher-grade portion averaging 1.71% copper, 0.93 grams gold and 11.4 grams silver over 19 metres;
• Hole WB04-138 A 135-metre intercept (from 220 metres) assayed 1.03% copper, 0.16 grams gold and 6.4 grams silver, including 19 metres of 1.98% copper, 0.23 grams gold and 11.2 grams silver;
• Hole WB04-158 Drilling cut 127 metres (from 213 metres) grading 0.55% copper, 0.2 grams gold and 3.1 grams silver, and included a number of narrower, high-grade intercepts further down-hole, including 5 metres of 2.78% copper, 1.5 grams gold and 18.8 grams silver, another intercept of 8 metres averaging 3.57% copper, 2.4 grams gold and 23 grams silver, and a 10.6-metre section assaying 5.43% copper, 3.1 grams gold and 30.2 grams silver, the highest-grade encountered.

With now over 158 holes completed on the Northeast zone, three rigs continue to drill test and delineate the lateral and depth extents of the deposit and the modeled Wight Pit. Recent drilling has seen portions of the proposed pit previously classified as waste rock, return significant copper values.

Northeast zone expansion will have significant, positive implications in mine-life economics and reserves, with production recommencement at Mount Polley anticipated in early-2005. Discovered in mid-2003 through trenching, the Northeast zone hosts some of the highest-grade copper sulphide mineralization at the mine site.

The Mount Polley feasibility study and reactivation plan has outlined 40.7 million tonnes of proven and probable reserves grading 0.43% copper and 0.31 grams gold. With a projected mining life of just over six years, it is anticipated that up to 250 workers will be directly employed at the operation.

Imperial has 27.9 million shares outstanding, resulting in a $206-million market capitalization at its recent trading level of $7.40 per share.