CORRECTION FROM SOURCE IMPERIAL METALS - SECOND QUARTER RESULTS.VANCOUVER, BC--(BUSINESS WIRE)--AUGUST 23, 1995--IMPERIAL METALS CORP.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : IPM (1) (Impressions Per Minute) Generally refers to document scanners that scan both sides of the page at the same time. Thus, a scanner that scans at 100 ppm (pages per minute) can provide 200 ipm. See ppm and document scanner. ) FINANCIAL Imperial changed to a calendar year reporting basis effective December 31, 1994. The comparative results for the quarter ended June 30, 1995 are those of the first quarter of the short fiscal year ended December 31, 1994. Two significant events affect the comparison: (a) the merger with Bethlehem Resources Corporation and inclusion of Bethlehem operations from January 1, 1995; and, (b) the deconsolidation of Cathedral Gold Corporation effective March 31, 1994. Financial results ----------------- Second quarter revenues totalled $6,681,000 compared to $753,000 in the second quarter of 1994. Imperial incurred an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $789,000 in the second quarter of 1995 compared to an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $157,000 in the second quarter of 1994. Net loss in the second quarter of 1995 was $660,000 ($0.01 per share) compared to net income of $225,000 ($0.00 per share) in the second quarter of 1994. The 1995 second quarter net loss is the result of higher operating loss and non cash depletion expenses at the Goldstream Mine. The 1994 second quarter included one time gains from the sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . During the second quarter of 1995 Imperial issued 3,963,516 shares and paid $2 million in cash to complete the merger with Bethlehem. The number of issued and outstanding Imperial shares is currently 57,036,593. At June 30, 1995 Imperial had $13,798,000 in cash and cash equivalents and no debt. Highlights ---------- The financial highlights for the six months ended June 30, 1995 are as follows:
SIX MONTHS ENDED JUNE 30
Percent
1995 1994 Change
---- ---- --------
Revenues $13,361,000 $2,099,000 +537
Operating Income $ 83,000 $ 308,000 -73
Net Income $ 209,000 $1,102,000 -81
Net Income
Per Share $ 0.00 $ 0.02 -100
Cash Flow $ 2,386,000 $ 503,000 +374
Cash Flow
Per Share $ 0.04 $ 0.01 +339
MOUNT POLLEY Construction permits received. Due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. nearing completion ---------------------------------------------------------------- Imperial is pleased to announce that it has received all permits required to commence construction at Mount Polley. Work will begin immediately on soil stripping in the mill site area and completion of the final section of road access to the project in anticipation of heavy construction start-up in the spring of 1996. Results from recent metallurgical due diligence test work performed by independent laboratories on fresh ore samples were positive with improved copper and gold recoveries and better concentrate grades than received from 1988-1989 ore samples. The most recent testwork, which was carried out on first year ore in accordance with due diligence requirements, included 13 bench scale float tests followed by four locked cycle tests by Westcoast Mineral Testing and four confirmatory locked cycle tests by G&T Metallurgy metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with . Based on these tests, the net smelter value of average mineable ore is slightly higher than indicated by the 1990 Wright Engineers feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . A report on this recent metallurgical due diligence testwork is nearing completion and will be presented to Sumitomo Corporation Sumitomo Corporation (住友商事, Sumitomo Shōji) TYO: 8053 is a highly built worldwide trading company (Sogo shosha), and is a diversified corporation based in Tokyo, Japan. It is a member company of the Sumitomo Group. early in September together with a revised ore reserve estimate taking into account the results of all drilling carried out at Mount Polley after completion of the 1990 Wright Engineers feasibility study. GOLDSTREAM MINE Shutdown Program Nearing Completion ----------------------------------- In mid July, milling operations at the Goldstream Mine's 1000 tonne per day mill were temporarily shut down in order to allow underground development to advance following slow ramp development and poorer than expected ore recovery in the 250 metre panel. The shutdown program is now nearing completion and milling operations are expected to resume on September 3, 1995. They will continue until January 31, 1996 when the economic mining limits of the existing ore body will have been reached under present conditions. A significant effort is being made to discover additional ore through drilling programs now underway in the area of the Goldstream deposit on properties in the vicinity of the Mine. Bethlehem Resources Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Imperial, operates and owns a 50 percent interest in the Goldstream Mine which is located near Revelstoke, British Columbia Revelstoke (population 7,500 municipal est. 2005) is a city in southeastern British Columbia, Canada. It is located 641 kilometers (398 miles) east of Vancouver, and 415 kilometers (258 miles) west of Calgary, Alberta. . MIRAGE/EL DORADO El Dorado El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. Stake Sold to Mirage ------------------------------ On August 3, 1995, Bethlehem Resources Corporation, a wholly owned subsidiary of Imperial, completed the sale of its 25 percent interest in the El Dorado gold project in El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. to Mirage Resource Corporation, the project operator, for 3.6 million shares of Mirage. At the same time, Bethlehem purchased an additional 483,460 shares of Mirage at $1.50 per share under a 2 million share private placement. The remainder of the private placement shares were taken up by Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. Corporation. Imperial now holds 4,083,460 shares of Mirage representing 24 percent of Mirage's 16.9 million issued and outstanding shares. Mirage reports current in-situ reserves at El Dorado of over 1 million ounces of gold and 7.7 million ounces of silver. The expansion potential of this resource is very high. Mirage now holds a 100 percent interest in the El Dorado project subject to a 50 percent back-in right held by Kinross. A pre-feasibility study, which triggers the back-in right, is expected shortly. Pierre Lebel President CONTACT: Pierre Lebel, President Brian Kynoch, Senior Vice President Dean Eyman, Investor Relations Investor relations The process by which the corporation communicates with its investors. (604) 669-8959 (604) 687 4030 (Fax) |
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