Imperial Options Claim Adjacent to MountPolley's Boundary Zone

 

VANCOUVER, BC - Imperial Metals Corporation reported that it has entered into an option agreement with Valley High Ventures Ltd. to acquire a 100% interest in a portion of a claim adjacent to the Company's Boundary zone on the Mount Polley property.

Imperial may exercise the option by making a total of $300,000 in cash payments on or before January 1, 2010. The optioned property will be subject to a two stage royalty for each tonne milled at the Mount Polley mine concentrator. The stage I royalty is $2.50 per tonne for the first 400,000 tonnes milled. The stage II royalty is $1.25 per tonne for all tonnes milled in excess of 400,000 tonnes. The stage II royalty can be reduced to $0.62 per tonne by Imperial making a payment of $1,000,000 to Valley High.

The optioned property will facilitate an open pit design for the near surface mineralization discovered in the Boundary zone. In addition to the drilling currently underway in the Boundary zone, Imperial plans to conduct drilling on the optioned property.

Drilling at the Boundary zone in 2008/2009 returned significant intervals of high grade copper/gold mineralization.

The company’s address is 200 - 580 Hornby Street, Vancouver, BC V6C 3B6, 604.669.8959, fax: 604.687.4030.