|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.
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.
Contact: Brian Kynoch, President 604.669.8959; Andre Deepwell, Chief Financial Officer 604.488.2666; Sabine Goetz, Investor Relations 604.488.2657
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