VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2008) - Imperial Metals Corporation (TSX:III) reports layoff notices have been delivered to 49 of its 397 employees at the Mount Polley mine. The layoffs are scheduled to take place February 5, 2009. The layoffs are part of a package of cost reduction, restructuring and investment measures aimed at maintaining operations at the Mount Polley mine in the face of sharply reduced metal prices.
Imperial will continue exploration at Mount Polley to follow up on the recent discovery of high grade copper mineralization in the Boundary and Southeast zones. The aim of this program is to quickly develop and mine some of this high grade mineralization to enhance feed grades to the mill and reduce per pound copper production costs.
The Company has hedged 13.7 million pounds of Mount Polley copper over the next 8 months at a price of US$3.03/lb which will reduce the impact on cash flow of the sharp decline in copper prices.
Imperial is a mine development and operating company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris property in northwest British Columbia, and the exploration stage Sterling gold property in southwest Nevada.
FOR FURTHER INFORMATION PLEASE CONTACT:
Imperial Metals Corporation
Brian Kynoch
President
(604) 669-8959
(604) 687-4030 (FAX)
Imperial Metals Corporation
Sabine Goetz
Investor Relations
(604) 488-2657
Email: info@imperialmetals.com
Website: www.imperialmetals.com
