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Press release from Marketwire

Imperial Metals Corporation: Red Chris Exploration Program Continues to Expand Deep Deposit

Thursday, August 05, 2010

Imperial Metals Corporation: Red Chris Exploration Program Continues to Expand Deep Deposit14:29 EDT Thursday, August 05, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2010) - Imperial Metals Corporation (TSX:III) reports assay results from ongoing exploration drilling at its Red Chris property. Results from drill hole RC10-393 include 317.5 metres grading 1.08% copper, 1.46 g/t gold and 4.28 g/t silver within a 1,112.5 metre mineralized section grading 0.54% copper, 0.61 g/t gold and 1.96 g/t silver. This is one of the longest mineralized intercepts obtained to date at Red Chris. RC10-388, one of the first holes in the deep Main zone since 2007, tested the western edge of the known Main zone and intersected five intervals of copper/gold mineralization including 380.0 metres grading 0.34% copper and 0.50 g/t gold. Final results from RC10-360(i) have extended the length of the previously reported high grade interval to 671.2 metres grading 1.03% copper and 1.65 g/t gold. This intercept strengthens confidence in high grade mineralization observed to the west in RC07-338 and to the east in RC09-350. More drilling will be required to fully define the geometry of the high gold to copper ratio mineralization in this area. ((i)partial results were released April 12, 2010)The East zone mineralization has been extended with RC10-375 intersecting 861.7 metres grading 0.41% copper and 0.38 g/t gold including a 302.5 metre section grading 0.56% copper and 0.54 g/t gold. This step out is the most easterly deep drill hole in the East zone. Mineralization at depth in this area is still open to the east. Also drilled in the East zone, RC10-391, located 125 metres northeast of RC10-393 returned 1,002.5 metres grading 0.50% copper and 0.38 g/t gold while nearby RC10-393 returned 1,107.5 metres grading 0.54% copper and 0.61 g/t gold., RC10-391 and 393 were drilled in an area to the east of RC07-335 where previous attempts to drill deep had been unsuccessful. At Red Chris Imperial has completed to date in 2010, 43 drill holes totaling 29,566 metres including 23 condemnation holes at the proposed tailings impoundment and plant site areas. The following table summarizes the current significant results. A complete assay summary will be available on the Company's website. --------------------------------------------------------------------------- Total Interval Interval Interval Drill Length from To Length Copper Gold Silver Hole # Zone (m) (m) (m) (m) % g/t g/t RC10-360 East 1267.5 473.8 1145.0 671.2 1.03 1.65 1.94 RC10-375 East 1474.5 297.5 1159.2 861.7 0.41 0.38 0.94 including 530.0 832.5 302.5 0.56 0.54 1.03 RC10-388 Main 1355.5 250.0 1297.3 1047.3 0.22 0.34 0.89 including 352.5 732.5 380.0 0.34 0.50 0.77 RC10-391 East 1325.0 162.5 1165.0 1002.5 0.50 0.38 0.99 including 512.5 680.0 167.5 0.75 0.58 0.97 RC10-392 Main 1026.8 247.5 480.0 232.5 0.39 0.48 1.63 RC10-393 East 1318.3 55.0 1167.5 1112.5 0.54 0.61 1.96 including 617.5 935.0 317.5 1.08 1.46 4.28 --------------------------------------------------------------------------- Hole RC10-369 tested an area near the southern rim of the proposed open pit and despite the lack of copper and gold mineralization, the results are considered prospective. This area was believed to be underlain by at least 700 metres of unproductive Bowser Group sedimentary rocks. Instead, only 66.9 metres of sedimentary rocks were intersected after which the drilling returned altered intrusive rocks down to 483.5 metres. Relatively competent volcano-sedimentary rocks were observed from this point to the end of the hole at 1,010.4 metres. The presence of the intrusive rocks in this area has a two-fold effect. They are a far more competent material in which to develop the south wall of the open pit, and they indicate the potential for hydrothermal copper/gold mineralization in the area. More drilling to follow up this recent development will be necessary. Two holes were collared near the western rim of the proposed open pit and add a significant dimension to the known extent of Main zone mineralization. RC10-392 returned 232.5 metres grading 0.39% copper and 0.48 g/t gold and RC10-388 returned 1,047.3 metres grading 0.22% copper and 0.34 g/t gold. There are five deep capacity diamond drill rigs operating on the site, which will continue to drill the Red Chris mineralized system to at least 1,000 metres below surface in the area of the proposed open pit. Mines Act permitting through the Northwest Mine Development Review Committee is underway. Steve Robertson, P.Geo., the designated Qualified Person as defined by National Instrument 43-101 for the exploration programs at Red Chris, has reviewed this news release. Samples for the diamond drilling reported at Red Chris were analyzed at Acme Analytical Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs. The deeper portion of the Red Chris porphyry mineralization is in the early stage of exploration and may be irregular in shape so true thicknesses have not been estimated. A drill plan, long section and cross section will be available on the Company's website.The Red Chris project is located in northwest British Columbia, and lies at an elevation of 1,500 metres above sea-level on a plateau with topography and climate favorable to mining operations. Access to the property from pavement at Highway 37 is six kilometres along the Ealue Lake Road, and 17 kilometres along the Red Chris access trail. Imperial is a mine development and operating company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris copper/gold property in northwest British Columbia, and the development stage Sterling gold property in southwest Nevada.FOR FURTHER INFORMATION PLEASE CONTACT: Imperial Metals Corporation Brian Kynoch President 604.669.8959 or Imperial Metals Corporation Patrick McAndless Vice President Exploration 604.488.2665 or Imperial Metals Corporation Sabine Goetz Investor Relations 604.488.2657 info@imperialmetals.com www.imperialmetals.com