Mr. Brian Kynoch reports
IMPERIAL REPORTS HUCKLEBERRY MINES LTD. PROVIDES NOTICE TO SUSPEND OPERATIONS
Imperial Metals Corp.'s Huckleberry Mines Ltd. (HML) has notified employees at the Huckleberry mine that operations will be suspended once the stockpiles have been milled. It is anticipated milling of the stockpiles will be completed by about the end of August, 2016, and at that time the mine will be temporarily placed on care and maintenance until there is an improvement in the price of copper.
The continuing low copper price has forced HML to make this difficult decision despite HML and its employees having made significant strides in reducing operating costs at the mine. HML will continue to investigate ways to maintain operations, including consideration of the plan announced today by Minister of Energy and Mines Bill Bennett that will allow mining companies to temporarily defer a portion of their hydro bills.
HML owns and operates the mine. Imperial owns a 50-per-cent interest in HML, and the remaining 50-per-cent interest is owned by the Japan group, composed of Mitsubishi Materials Corp., Dowa Mining Co. Ltd. and Furukawa Co.
We seek Safe Harbor.
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