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Press release from Marketwire

Imperial Metals Corporation: Deep Drilling at Red Chris Intersects Mineralization at Gully Zone

Wednesday, December 07, 2011

Imperial Metals Corporation: Deep Drilling at Red Chris Intersects Mineralization at Gully Zone18:00 EST Wednesday, December 07, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - Imperial Metals Corporation (TSX:III) reports Gully zone exploration drilling(1) results indicate the mineralized system extends at least one kilometre west of the current Red Chris project pit design. Results from three diamond drill holes, totalling 3,248 metres, represent the first significant deep drilling step out from the proposed open pit since Imperial acquired the property in 2007. Imperial President Brian Kynoch stated, "Recent results from the Gully zone support our belief that the exploration potential at Red Chris beyond the Main and East zones is very significant." The longest mineralized intercept came from drill hole RC11-477(2) which returned 807.5 metres grading 0.31% copper and 0.29 g/t gold, including 427.5 metres of 0.39% copper and 0.35 g/t gold. Imperial's geologists noted the presence of many strongly mineralized quartz fragments within the heavily brecciated and altered sequence intersected in RC11-477, possibly indicating a nearby fluid source such as the one discovered in the deep East zone. Drill hole RC11-539 intercepted similar mineralization returning 587.1 metres grading 0.41% copper and 0.41 g/t gold. The third drill hole, RC11-564, was collared east of RC11-477 and RC11-539 and was mineralized at the final depth of 501.4 metres. RC11-564 will be extended when the drill is available. GULLY ZONE – SELECTED RESULTS(3)Drill Hole #ZoneTotal Length (m)Interval from (m)Interval To (m)Interval Length (m)Copper %Gold g/tRC11-477Gully1482.9172.5980.0807.50.310.29including230.0657.5427.50.390.35RC11-539Gully1263.4275.4862.5587.10.410.41RC11-564Gully501.418.3422.5404.20.390.39Historic drilling in the Gully zone had penetrated to about 350 metres in the zone, with a maximum depth of 470 metres, and had encountered strong alteration and widely distributed copper/gold mineralization. Two diamond drill holes were also completed in the East Ridge area, which is up to 1.5 kilometres to the east of the eastern rim of the proposed open pit. Assay results are pending. 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 both at Acme Analytical Laboratories in Vancouver and at Imperial's Mount Polley minesite. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs. The Red Chris porphyry mineralization may be irregular in shape so true thicknesses have not been estimated. 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 favourable 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 two open pit mines: Mount Polley copper/gold mine and Huckleberry copper/molybdenum mine, both in British Columbia, as well as the development stage Red Chris copper/gold property in British Columbia and the Sterling gold property in Nevada. Documents available on www.imperialmetals.com.(1) deep drilling plan map; (2) Gully zone cross section; (3) updated 2010/2011 drill resultsCAUTIONARY NOTE REGARDING "FORWARD-LOOKING INFORMATION":THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF CANADIAN AND UNITED STATES SECURITIES LAWS. EXCEPT FOR STATEMENTS OF FACT RELATING TO THE COMPANY, CERTAIN INFORMATION CONTAINED HEREIN CONSTITUTES FORWARD-LOOKING STATEMENTS. WHEN WE DISCUSS CURRENT AND FUTURE EXPLORATION PROGRAMS, EXPLORATION RESULTS, AND EXPECTATIONS OR ASSUMPTIONS BASED ON THOSE RESULTS, WE ARE MAKING STATEMENTS CONSIDERED TO BE FORWARD-LOOKING INFORMATION OR FORWARD-LOOKING STATEMENTS UNDER CANADIAN AND UNITED STATES SECURITIES LAWS. WE REFER TO THEM IN THIS NEWS RELEASE AS FORWARD-LOOKING INFORMATION. THE FORWARD-LOOKING INFORMATION IN THIS NEWS RELEASE TYPICALLY INCLUDES WORDS AND PHRASES ABOUT THE FUTURE, SUCH AS: PLAN, EXPECT, FORECAST, INTEND, ANTICIPATE, ESTIMATE, BUDGET, SCHEDULED, BELIEVE, MAY, COULD, WOULD, MIGHT AND WILL. WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILL PROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONS MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO: THE CONTINUED OPERATION OF THE COMPANY'S MINING OPERATIONS, THAT THE MINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BE COMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATED PRODUCTION OUTCOMES, AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SET OUT HEREIN. IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS, INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALS BUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FOR MINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERAL RESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATE RISK; FINANCING RISKS; ENVIRONMENTAL RISKS; FOREIGN ACTIVITIES; LEGAL PROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUAL INFORMATION FORM AND MANAGEMENT'S DISCUSSION & ANALYSIS. IF OUR ASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUAL RESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECT AS SET OUT IN THIS NEWS RELEASE. WE RECOMMEND YOU REVIEW OUR ANNUAL INFORMATION FORM AND ANNUAL MANAGEMENT'S DISCUSSION AND ANALYSIS, WHICH INCLUDE A DISCUSSION OF MATERIAL RISKS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM OUR CURRENT EXPECTATIONS. FORWARD-LOOKING INFORMATION IS DESIGNED TO HELP YOU UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR NEAR AND LONGER TIME PROSPECTS, AND IT MAY NOT BE APPROPRIATE FOR OTHER PURPOSES. WE WILL NOT NECESSARILY UPDATE THIS INFORMATION UNLESS WE ARE REQUIRED TO BY SECURITIES LAWS.FOR FURTHER INFORMATION PLEASE CONTACT: Brian KynochImperial Metals CorporationPresident604.669.8959604.687.4030 (FAX)ORPatrick McAndlessImperial Metals CorporationVice President Exploration604.488.2665ORSabine GoetzImperial Metals CorporationInvestor Relations604.488.2657info@imperialmetals.comwww.imperialmetals.com