Press release:
Monday April 6, 4:55 pm Eastern Time
Company Press Release
Imperial Metals: Temporary Suspension under Consideration at Mount
Polley Mine
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 6, 1998-- Imperial Metals Corp(TSE:IPM. - news) Mount Polley Mining Corporation, a wholly owned subsidiary of Imperial Metals Corporation (IPM-T), and SC Minerals Canada Limited have taken steps to put themselves in position to temporarily suspend mining operations at the Mount Polley
gold/copper mine on July 31, 1998.
The mine is presently working on an economic plan with the Job Protection Commission of the Province of British Columbia to
better the financial conditions it is operating under through cost reductions and concessions from all stakeholders. It is hoped
that this economic plan combined with improving metal prices will allow the mine to continue normal course operations beyond
July 31, 1998.
Mount Polley directly employs 167 people and provides indirect employment for an additional 335 people in support of the
mine and its employees. Most of these jobs would be affected by the suspension.
The Mount Polley mine is located in central British Columbia approximately 60 kilometres northeast of Williams Lake. It was
completed in June 1997 under budget and 5 months ahead of schedule. In March 1998 Mount Polley achieved record production levels producing 9,000 ounces of gold and 1,400,000 pounds of copper.
The possibility of a temporary suspension at Mount Polley will not affect Imperial's proposed merger with Princeton Mining
Corporation. Both companies plan to proceed with the merger which will achieve cost reductions through improved efficiency, better economies of scale and overhead reductions. The new company will emerge stronger and better able to deal with the challenges of low metal prices and the tougher competitive environment presently facing the mining industry. The shareholders and debentureholders of Princeton will meet to approve the merger on April 17, 1998, as originally planned.
Regards,
Mike |
