Imperial Metals Corp.: Construction at Mount Polley Five Months Ahead of Schedule.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 22, 1997-- IMPERIAL METALS(TSE IPM.) Imperial Metals Corporation commenced construction of the Mount Polley open pit gold-copper mine on May 29, 1996.

Original estimates called for the 18,000 tonne per day plant to be completed in October 1997 at a cost of $123.5 million. Completion is now scheduled for May 31, 1997, on budget and almost five months ahead of schedule! Plant tune-up and commissioning will begin in June followed by commencement of commercial production in July.

Construction History

In mid 1995 a limited program of soil stripping was carried out, allowing for completion of final plans and permitting for the start of site construction in the Spring of 1996. Construction commenced on May 29, 1996 with Imperial acting as Project Manager. By June, mill concrete foundations and footings were being poured with all concrete produced on site using a mixer truck system. Results were excellent enabling steel erection to commence in August with the crusher and mill building shells erected by mid September.

By the end of September 1996, crews were pushing hard to complete both the crusher and mill buildings before the onset of winter. This goal was achieved at the end of October and installation of crushers, mills, floatation cells and related facilities and equipment took place during the winter months.

Other work during this period included pre-production stripping and mining of two benches in the Cariboo pit which was completed in September, generating 300,000 tonnes of ore. Work on the tailings dam commenced in June, but proceeded at a reduced rate for most of the summer because of inclement weather. Work on the tailings dam continued through winter and was completed in March 1997. Construction of a 58 kilometre 69kv power line was completed in January 1997.

The plant will utilize up to 35,000 horsepower to crush, grind and process ore at the rate of 18,000 tonnes per day. Major process equipment and facilities at Mount Polley include: -0-

2  13 1/2' x 18' rod mills         3  7' shorthead cone crushers
2  13 1/2' x 28' ball mills        6  12' column cells
3  17 1/2' x 25' pebble mills     26  1000 ft3 Agitair mechanical
                                      cells
1  16 1/2' x 32' regrind mill      8  300 ft3 Agitair mechanical
                                      cells
1  42" x 65" gyratory crusher      1  15' high capacity thickener
1  7' standard crusher             2  PF-19 Larox pressure filters

At the time of writing, the plant was 90 percent complete. All crushers were operational together with 11 of the 20 conveyors. All mills have been installed and crews are now completing electrical and piping work, aiming at mechanical completion by the end of May 1997, some 12 months after the start of construction.

Location, Production and Capital Costs

Mount Polley is located 56 kilometres northeast of Williams Lake in central British Columbia. Imperial is the operator with a 55 percent interest. Sumitomo Corporation of Japan holds a 45 percent interest and is the concentrate marketing agent for the joint venture. Initial mineable reserves are 82.3 million tonnes grading 0.417 g/t (0.012 oz/t) gold and 0.3 percent copper, containing 1.1 million ounces of gold and 544 million pounds of copper. This will provide an initial mine life of 12 years, with potential for reserve expansion within the property boundaries.

Mount Polley is expected to produce approximately 100,000 ounces of gold during each of the first four years of operation. Copper production will average over 28 million pounds per year during the entire mine life. The stripping ratio is 1.16 to 1 and the project is not subject to any royalty, net profits or other underlying interests. The production cost per ounce of gold, with copper as a credit, during the first four years of operation is US$189. The deposit will be developed in three pits: Cariboo, Bell and Springer. The Cariboo pit, which will be mined first, has the highest gold grade and lowest stripping ratio.

Total capital cost is estimated at Cdn$123.5 million. Under the terms of the financing arrangement with Sumitomo, Imperial made an equity contribution of $14 million. The remainder of Imperial's cost share is being financed through a project loan facility from Sumitomo of up to $54 million.

Pierre Lebel, President

CONTACT: Imperial Metals Corporation

Pierre Lebel, 604/ 669-8959

604/ 687-4030 (FAX)

or

Imperial Metals Corporation

Brian Kynoch, 604/ 669-8959

604/ 687-4030 (FAX)

or

Imperial Metals Corporation

Charlene Parisotto, 604/ 669-8959

604/ 687-4030 (FAX)

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