VANCOVUER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2005) - Imperial Metals Corporation (TSX:III) reports higher metal production and higher metal prices have pushed net income for the nine months ended September 30, 2005 to $11.8 million. Copper production of 11.9 million pounds from the 100% owned Mount Polley mine was almost double the previous quarter, as more ore from the high grade Wight pit was milled during the third quarter. Copper production from the 50% owned Huckleberry mine was 17 million pounds and molybdenum production was 179,000 pounds.
Imperial's comparative financial results for the nine months ended September 30, 2005 and September 30, 2004 are summarized below and discussed in detail in the attached Management's Discussion and Analysis. The September 2005 quarter net income of $5.6 million includes $7.9 million of equity income from Huckleberry, and a $3.3 million unrealized loss on copper price hedging activities. The September 2004 quarter net income of $0.8 million included $2.5 million of equity income from Huckleberry.
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(unaudited) Three Months Ended Nine Months Ended
in thousands except Sept 30, Sept 30, Sept 30, Sept 30,
per share amounts 2005 2004 2005 2004
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(000's) (000's) (000's) (000's)
Revenues $27,860 $ 197 $ 28,040 $ 804
Operating Income (Loss) $ 1,290 $(1,584) $ (1,596) $ (3,727)
Net Income (Loss) $ 5,584 $ 783 $ 11,877 $ (2,216)
Net Income (Loss)
Per Share $ 0.20 $ 0.03 $ 0.42 $ (0.09)
Cash Flow (1) $ 5,684 $(1,482) $ 3,448 $ (3,317)
Cash Flow Per Share (1) $ 0.20 $ (0.06) $ 0.12 $ (0.13)
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(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 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.
Imperial is an operating mining company based in Vancouver, British Columbia. Its wholly owned Mount Polley copper-gold open pit mine is located 56 kilometres northeast of Williams Lake, British Columbia, and its 50% owned Huckleberry copper-molybdenum open pit mine is located 123 kilometres southwest of Houston, British Columbia.
The Company's Third Quarter Report for the period ended September 30, 2005, as well as information on operations and exploration activities, is available on the company website www.imperialmetals.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Imperial Metals Corporation
Brian Kynoch
President
(604) 669-8959
(604) 687-4030 (FAX)
Imperial Metals Corporation
Andre Deepwell
Chief Financial Officer
(604) 488-2666
Imperial Metals Corporation
Sabine Goetz
Investor Relations
(604) 488-2657
info@imperialmetals.com
www.imperialmetals.com
