VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2005) - Imperial Metals Corporation (TSX:III) reports that during the first quarter of 2005 milling operations were restarted at the Mount Polley copper-gold mine following five months of extensive pre-production activities, including access road construction, clearing of the Wight Pit, Bell Pit pre-stripping and mill and site refurbishments.
Imperial's comparative results for the three months ended March 31, 2005 and March 31, 2004 are summarized below and discussed in detail in the Company's First Quarter Report under Management's Discussion and Analysis. The complete report is available on the Company website www.imperialmetals.com.
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(unaudited) in thousands Three Months Ended Three Months Ended
except per share amounts March 31, 2005 March 31, 2004
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Revenues $46 $296
Operating (Loss) $(1,717) $(925)
Net Income (Loss) $3,946 $(697)
Net Income (Loss) Per Share $0.14 $(0.03)
Cash Flow (1) $(1,145) $(744)
Cash Flow Per Share (1) $(0.04) $(0.03)
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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.
Net income for the three months ended March 31, 2005 includes $3.5 million in equity income from the Huckleberry mine and an income tax recovery of $2.2 million related to the change in the future income tax valuation allowance.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Imperial Metals Corporation
Brian Kynoch
President
(604) 669-8959
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
