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| | September 13, 2004
Imperial Hits Long Intervals of Molybdenum/Copper Mineralization at the Bear Property
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| | Vancouver (September 13, 2004) - Imperial Metals Corporation (III-TSX) has completed a 1,704 metre, five hole diamond drill program at the Bear property where all holes returned long intercepts of molybdenum/copper mineralization. The Bear property is located 140 kilometres north of Smithers, British Columbia.
The best results are from BD04-18 which returned 295.9 metres of 0.059% molybdenum and 0.27% copper, or 0.56% copper equivalent(*), with mineralization starting at the top of bedrock. Hole BD04-17 was also impressive with 351.0 metres of 0.047% molybdenum and 0.21% copper or 0.44% copper equivalent. Both holes were still mineralized at the completed depth.
The work satisfied both goals of the program, to confirm the potential for the property to host the volume and the grades necessary for an economic deposit. Drilling confirmed the size potential for the mineralized body which is open for expansion, both laterally and to depth. Grades returned in 2004 compare favorably with molybdenum deposits that have been developed in British Columbia, as shown in the following table.
Prospecting at the Bear property uncovered showings to the north, northwest and south of the drilling area. Follow-up work will include investigation of those areas and assess their potential for drilling.
Results from the recent drilling will be compiled and analyzed in order to prepare for a larger program to be initiated in early summer 2005. A complete drill hole table and plan map are available on the Company's website.
Infrastructure in the area is excellent with nearby rail, roads, power and airstrips. With the outlook for a sustained strong molybdenum market, Imperial is well positioned to move the Bear project forward quickly through the next stage of exploration, and further if warranted. Although it is not expected that the recent molybdenum trading price of US$18.75/lb (up from US$2.50/lb in 2002) can be sustained over the long term, a very strong demand for molybdenum from the steel industry should be expected for years to come. This will result in a stronger molybdenum market and price environment than that experienced over the past few years.
The Bear property was acquired earlier in 2004 by optioning a nine unit claim and staking an additional 97 units. Imperial can earn a 100% interest in the property, subject to a 1.5% NSR, by spending $500,000 on exploration and making $115,000 in cash payments over three years. The NSR can be purchased by Imperial for $1,500,000. Currently Imperial has $90,000 in payments and $150,000 in work commitment remaining to complete the earn-in.
Steve Robertson, P.Geo., the designated Qualified Person as defined by National Instrument 43-101, supervised the preparation and verified the technical information in this release. Samples were analyzed by Acme Analytical Labs Ltd. in Vancouver, BC.
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For additional information refer to the Company website at www.imperialmetals.com or contact:
Brian Kynoch, President - 604.669.8959;
Steve Robertson, Senior Geologist - 604.488.2669; or
Sabine Goetz, Investor Relations - 604.488.2657 / info@imperialmetals.com
Associated Maps in PDF Format:
Bear Drill Summary (80 Kb)
Bear Drill Map (74 Kb)
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You can view the Next News Release 2004 item: Thu Sep 23, 2004, High Grade Results Continue to Expand Mount Polley's Northeast Zone
You can view the Previous News Release 2004 item: Tue Aug 31, 2004, Imperial Continues To Intersect High Grade Mineralization in the Northeast Zone at Mount Polley
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