News Releases

 March 22, 2007
Imperial Reports 2006 Financial Results
 Vancouver, BC - March 22, 2007 - Imperial Metals Corporation (TSX:III) reports net income of $82.0 million for 2006, compared to net income of $21.6 million for 2005. Cash flow increased to $70.4 million in 2006 compared to $8.2 million in 2005. The $62.2 million improvement is the result of higher copper prices and higher sales volumes at the Mount Polley mine in the 2006 compared to 2005.

Mineral sales revenues were $210.4 million in 2006 compared to $70.7 million in 2005. Revenue is recognized at the point of title transfer, which usually takes place upon loading concentrates into a ship or railcar for delivery to a smelter. Mineral sales revenues were higher in 2006 compared to 2005 primarily due to higher copper prices and a full year of operation of the Mount Polley mine which began milling operations on March 8, 2005.

Operating income for 2006 increased to $96.6 million from $1.5 million in 2005. Equity income from the Huckleberry mine was also higher at $33.7 million compared to $30.0 million in the comparative year.

 

  

Year Ended

Year Ended

 

  

December 31, 2006

December 31, 2005

 

  

(000’s)

(000’s)

Total Revenues

 

$211,447

$71,077

Operating Income

 

$96,600

$1,504

Net Income

 

$82,007

$21,569

Net Income per share

 

$2.75

$0.77

Diluted Income per share

 

$2.69

$0.74

Cash Flow (1)

 

$70,363

$8,200

Cash Flow per share (1)

 

$2.36

$0.29

(1) Cash flow and cash flow per share are measures used by the Company to evaluate its performance however, they are not terms recognized under generally accepted accounting principles. Cash flow is defined as cash flow from operations before the net change in working capital balances and cash flow per share is the same measure divided by the weighted average number of common shares outstanding during the period.

Detailed financial information is provided in Imperial's 2006 Management's Discussion and Analysis and the Financial Statements for the year ended December 31, 2006 which will be available on the SEDAR website: www.sedar.com.
Imperial's 2006 Annual report will be available on the Company's website: www.imperialmetals.com.

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Contact: Brian Kynoch, President 604.669.8959; Andre Deepwell, Chief Financial Officer 604.488.2666; Sabine Goetz, Investor Relations 604.488.2657
// website: www.imperialmetals.com // email: info@imperialmetals.com
 
 

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