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Abstract
(Marketwire - Feb. 2, 2012) - Imperial Metals Corporation (TSX:III) reports a tonnage increase of 103% in the Measured and Indicated Resource at its Red Chris copper/gold deposit. The 2012 Technical Report(1) ("2012 Report") includes assay results from 62 diamond drill holes totalling over 69 thousand metres completed since the May 2010 resource update. The Measured and Indicated Resource increased to 8.89 billion pounds copper and 12.90 million ounces gold, while the Inferred Resource increased to 7.44 billion pounds copper and 11.35 million ounces gold, all at a 0.1% copper cut-off.
Historically resource calculations for the Red Chris deposit were completed using a copper only grade cut-off to estimate the resource tonnage and grade. The 2012 Report provides an estimate using a copper only grade cut-off for continuity however, as gold is a major contributor to the value of the Red Chris deposit, a copper equivalent ("CuEq") cut-off has been included in this report. Imperial will report resources using a CuEq cut-off for future updates when estimating the tonnage and grade of the Red Chris mineral resource.
WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILL PROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONS MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO: THE CONTINUED OPERATION OF THE COMPANY'S MINING OPERATIONS, THAT THE MINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BE COMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATED PRODUCTION OUTCOMES, AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SET OUT HEREIN. IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS, INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALS BUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FOR MINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERAL RESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATE RISK; FINANCING RISKS; ENVIRONMENTAL RISKS; FOREIGN ACTIVITIES; LEGAL PROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUAL INFORMATION FORM AND MANAGEMENT'S DISCUSSION & ANALYSIS. IF OUR ASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUAL RESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECT AS SET OUT IN THIS NEWS RELEASE.