Imperial Metals Corporation: Ruddock Creek Update V Zone

Imperial Metals Corporation: Ruddock Creek Update V Zone Expanded 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- Imperial
Metals Corporation (TSX:III) reports results from the 2012
exploration program that is nearing completion at its Ruddock Creek
property located 155 kilometres northeast of Kamloops, British
Columbia. The 2012 program(1)(2) included surface diamond drilling on
the V and Creek zones, underground diamond drilling on the Lower E
zone and an additional 69 metres of underground development for the
collection of a metallurgical bulk sample. In total 18 holes were
completed in the V zone, 7 holes in the Creek zone and 26 holes from
underground for a total of 10,081 metres of surface drilling and
5,843 metres of underground drilling. 
While the focus of exploration at Ruddock Creek has been the E zone,
surface exploration has continued over the past several years to
evaluate the potential to identify further resources along the five
kilometre "Ruddock Creek Sulphide Horizon". This ongoing program
resulted in the discovery of the V zone in 2011. The V zone, located
three kilometres west of the E zone outcrop, is a rotated block one
kilometre in strike length with mineralization striking east-west and
dipping north at -65 degrees. This zone had only been briefly
explored in 1963 with one packsack drill hole located at the extreme
western end. 
The V zone was the focus of the 2012 surface program. Detailed
drilling extended and further defined the zone over a strike length
of 500 metres and a vertical depth of 250 metres. Wider spaced
drilling extended the mineralization to a depth of 500 metres from
surface. The strike, dip and continuity of mineralization are very
predictable. 
Following are selected significant intersections from the V zone: 


 
----------------------------------------------------------------------------
                                       Est. True                            
V Zone          From      To  Interval Thickness     Zn     Pb   Zn+Pb    Ag
Drill Hole #     (m)     (m)       (m)       (m)      %      %       % (g/t)
----------------------------------------------------------------------------
RD-12-V17      500.5   512.5      12.0       7.0   8.74   1.54   10.28  2.42
RD-12-V18      136.3   139.1       2.8       2.7  21.05   3.92   24.97  4.29
and            145.1   150.4       5.3       4.8  17.99   2.82   20.82  2.42
RD-12-V20      235.8   239.9       4.1       2.7  20.92   3.36   24.28  3.20
RD-12-V22      147.7   153.6       5.9       4.9   7.95   1.54    9.50  2.14
and            152.4   153.6       1.2       1.0  28.59   4.72   33.30  6.00
RD-12-V23      288.0   302.7      14.7      10.5  10.24   1.94   12.17  2.85
includes       288.0   290.8       2.8       2.0  24.72   4.64   29.36  5.64
RD-12-V25      477.2   485.0       7.8       5.0  11.61   2.31   13.92  3.73
RD-12-V38      175.3   181.7       6.4       4.6  24.04   5.16   29.20  4.75
RD-12-V40      196.4   202.3       5.9       4.3   8.11   1.64    9.75  2.05
and            209.1   214.2       5.1       3.7  24.90   4.27   29.17  4.86
----------------------------------------------------------------------------

 
Previous drilling at the Creek zone, which is located 1.5 kilometres
west of the E zone outcrop, outlined the mineralization for 600
metres in an east-west direction and 400 metres in a north-south
direction to a vertical depth of approximately 400 metres. Drilling
in 2012 extended the Creek zone both laterally and down dip providing
further information for development studies. 
The 2012 underground diamond drilling program concentrated on the up
dip extensions of the Lower E zone. This program was recently
completed and results are pending. The program was successful in
extending the area on mineralization and will provide important
information for ongoing engineering studies. 
In 2012 the underground workings were dewatered to allow for
underground diamond drilling and further underground development.
Previous development has not been directly in the mineralization as
it was designed predominantly for underground drilling. This year a
drift was completed through a selected section of the massive
sulphide zone, which allowed for the collection of a ten tonne bulk
sample for future metallurgical testing and also provided important
information on mining conditions in the mineralization. 
The results from the 2012 exploration program(2) have continued to
enhance the project and increase the potential not only in the better
defined E and Creek zones but perhaps, more importantly, in the V
zone, one of many targets along the western extension of the Ruddock
Creek Sulphide Horizon. In addition to exploration conducted on site,
the 2012 Ruddock Creek program will also include a Preliminary
Economic Analysis (PEA). As the results from this year's exploration
are received they will be incorporated in the existing database and
the PEA. The study, which will also include an update of the resource
for the Property, will provide the basis for planning ongoing
exploration and development. 
Mitsui Mining and Smelting Co. Ltd. and Itochu Corporation have an
option to earn a 50% interest in the Ruddock Creek property. Mitsui
and Itochu spent $14 million by March 31, 2012 to earn a 35% working
interest. They elected to spend a further $6 million by March 31,
2013 to earn an additional 15% working interest, at which point
Ruddock Creek will be operated by way of a Joint Venture with
Imperial 50%, Mitsui 30% and Itochu 20%. The entire 2012 program and
related studies continue to be funded by Mitsui and Itochu under the
terms of the option agreement. Imperial will continue to operate the
project through its wholly owned subsidiary Selkirk Metals Corp. 
Jim Miller-Tait, P.Geo. is the designated Qualified Person as defined
by National Instrument 43-101 for the exploration program at Ruddock
Creek and he has reviewed this news release. Samples for the drilling
reported at Ruddock Creek were analyzed at Acme Analytical
Laboratories Ltd. in Vancouver BC. A full QA/QC program using blanks,
standards and duplicates was maintained for all samples submitted to
the labs. 
Imperial is an exploration, mine development and operating company
based in Vancouver, British Columbia. The Company operates the Mount
Polley open pit copper/gold mine and has 50% interest in the
Huckleberry open pit copper/molybdenum mine. Imperial is developing
its wholly owned Red Chris copper/gold property and the Ruddock Creek
lead/zinc property (65% joint venture) and is operator of its wholly
owned Sterling gold heap leach property. All the Company's properties
are located in British Columbia with the exception of Sterling which
is in Nevada, USA. 
Document available on www.imperialmetals.com: (1) V zone section; (2)
V zone drill data 
CAUTIONARY NOTE REGARDING "FORWARD-LOOKING INFORMATION": 
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE
MEANING OF CANADIAN AND UNITED STATES SECURITIES LAWS. EXCEPT FOR
STATEMENTS OF FACT RELATING TO THE COMPANY, CERTAIN INFORMATION
CONTAINED HEREIN CONSTITUTES FORWARD-LOOKING STATEMENTS. 
WHEN WE DISCUSS CURRENT AND FUTURE EXPLORATION PROGRAMS, EXPLORATION
RESULTS, AND EXPECTATIONS OR ASSUMPTIONS BASED ON THOSE RESULTS, WE
ARE MAKING STATEMENTS CONSIDERED TO BE FORWARD-LOOKING INFORMATION OR
FORWARD-LOOKING STATEMENTS UNDER CANADIAN AND UNITED STATES
SECURITIES LAWS. WE REFER TO THEM IN THIS NEWS RELEASE AS
FORWARD-LOOKING INFORMATION. THE FORWARD-LOOKING INFORMATION IN THIS
NEWS RELEASE TYPICALLY INCLUDES WORDS AND PHRASES ABOUT THE FUTURE,
SUCH AS: PLAN, EXPECT, FORECAST, INTEND, ANTICIPATE, ESTIMATE,
BUDGET, SCHEDULED, BELIEVE, MAY, COULD, WOULD, MIGHT AND WILL. 
WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILL
PROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONS
MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO:
THE CONTINUED OPERATION OF THE COMPANY'S MINING OPERATIONS, THAT THE
MINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BE
COMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATED
PRODUCTION OUTCOMES, AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SET
OUT HEREIN. IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS,
INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALS
BUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FOR
MINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERAL
RESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATE
RISK; FINANCING RISKS; ENVIRONMENTAL RISKS; FOREIGN ACTIVITIES; LEGAL
PROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUAL
INFORMATION FORM AND MANAGEMENT'S DISCUSSION & ANALYSIS. IF OUR
ASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUAL
RESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECT
AS SET OUT IN THIS NEWS RELEASE. 
WE RECOMMEND YOU REVIEW OUR ANNUAL INFORMATION FORM AND ANNUAL
MANAGEMENT'S DISCUSSION AND ANALYSIS, WHICH INCLUDE A DISCUSSION OF
MATERIAL RISKS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM OUR CURRENT EXPECTATIONS. FORWARD-LOOKING INFORMATION IS
DESIGNED TO HELP YOU UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR
NEAR AND LONGER TIME PROSPECTS, AND IT MAY NOT BE APPROPRIATE FOR
OTHER PURPOSES. WE WILL NOT NECESSARILY UPDATE THIS INFORMATION
UNLESS WE ARE REQUIRED TO BY SECURITIES LAWS.
Contacts:
Imperial Metals Corporation
Brian Kynoch
President
604.669.8959 
Imperial Metals Corporation
Gordon Keevil
Vice President Corporate Development
604.488.2677 
Imperial Metals Corporation
Sabine Goetz
Investor Relations
604.488.2657
info@imperialmetals.com
www.imperialmetals.com
 
 
Press spacebar to pause and continue. Press esc to stop.