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Press release from Marketwire

Imperial Metals Corporation: Surface Diamond Drilling Continues to Expand the Ruddock Creek Zinc-Lead Deposit

Thursday, January 26, 2012

Imperial Metals Corporation: Surface Diamond Drilling Continues to Expand the Ruddock Creek Zinc-Lead Deposit11:08 EST Thursday, January 26, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2012) -Imperial Metals Corporation (TSX:III) reports results from the completed 2011 surface diamond drill program at its Ruddock Creek property located 155 kilometres northeast of Kamloops, British Columbia. In addition to the underground drill program on the Lower E zone, four surface diamond drills were employed to complete surface drilling of the Creek, V, and Q zones. Drill testing highlights(1) include V zone drill hole RD-11-V10 which intersected 16.52 metres grading 9.62% zinc and 1.61% lead, and Q zone drill hole RD-11-Q8 which intersected 6.88 metres grading 12.49% zinc and 2.12% lead.While the main E zone continues to be the focus, exploration continues on other known zones along the 5 kilometre strike length of the Ruddock Creek Sulphide Horizon. Drilling on the Q and V zones has confirmed zinc/lead mineralization over mineable widths over 4 kilometres west of the E zone confirming the potential to further expand the resource. To date on the E zone 27,496 metres of surface drilling and 19,579 metres of underground drilling have been completed, along with 1,291 metres of decline and 180 metres of incline driven for underground exploration purposes.The surface diamond drill program further defined the Creek zone, and tested the V and Q zones, which are located at the western end of the Ruddock Creek Sulphide horizon. The program consisted of 17 drill holes totalling 5,701 metres in the Creek zone, 8 drill holes totalling 3,147 metres in the V zone, and 5 drill holes totalling 1,893 metres in the Q zone. Following are selected significant intersections:Drill Hole #FromToInterval (m)Estimated True ThicknessZn %Pb %Zn+Pb %Creek ZoneRD-11-211316.02320.504.482.697.783.0410.82RD-11-212288.78292.543.762.448.351.7710.12RD-11-213233.92242.398.477.717.321.108.42including233.92237.663.743.4012.111.9314.04RD-11-214257.36260.583.221.906.111.227.33and269.43272.793.361.9810.252.3712.62RD-11-215424.33432.828.496.207.321.308.62RD-11-217355.91360.504.593.677.641.669.30V ZoneRD-11-V10255.78272.3016.5213.559.621.6111.23including255.78262.746.965.7114.162.4216.58and268.50272.303.803.1212.841.9314.77RD-11-V13250.99261.4110.429.275.951.057.00RD-11-V14458.26462.554.293.4713.651.9015.55479.00483.354.353.527.070.027.09RD-11-V15265.88282.3716.4913.524.840.925.76including277.57282.374.803.946.801.368.16Q ZoneRD-11-Q7384.87393.518.646.836.481.047.52RD-11-Q8415.87422.756.885.0912.492.1214.61The surface drill program commenced in July and was completed in mid-October 2011. The Creek zone is located 1.5 kilometres west of the E zone outcrop, and dips continuously and predictably at 25° northwest. The drilling to date has outlined the mineralization for 600 metres in an east-west direction and 400 metres in a north-south direction to a vertical depth of approximately 400 metres.The V zone, located 3.0 kilometres west of the E zone outcrop, is a rotated block one kilometre in strike length with mineralization striking east-west and dipping north at -65°. This zone had only been explored historically in 1963 with one packsack drill hole located at the extreme western end. The 2011 program was successful in intersecting the mineralization over a strike length of 120 metres and a vertical depth of 300 metres from surface.The Q zone, located 4.5 kilometres west of the E zone outcrop, is another rotated block one kilometre in strike length where the mineralization is dipping gently northeast at approximately -30°. The Q zone, the most westerly known mineralization, has only had sporadic reconnaissance style exploration and drilling completed to date.A comprehensive report will be completed in early 2012, including an update of the National Instrument 43-101 compliant report Mineral Resource Estimate, Ruddock Creek Deposit dated July 2009 (available on www.imperialmetals.com). The report will be used to determine the next phase of exploration and development on the Ruddock Creek property. Mitsui Mining and Smelting Co. Ltd. and Itochu Corporation have an option to earn a 50% interest in the Ruddock Creek property. Their commitment is to spend $14 million by March 31, 2012 to earn a 35% working interest, with the right to spend a further $6 million by March 31, 2013 to earn an additional 15% working interest, at which point Ruddock Creek will be held by Imperial 50%, Mitsui 30% and Itochu 20%. Imperial will continue to operate the project through its wholly owned subsidiary Selkirk Metals Corp. Jim Miller-Tait, P.Geo. is the designated Qualified Person as defined by National Instrument 43-101 for the exploration program at Ruddock Creek and he has reviewed this news release. Samples for the drilling reported at Ruddock Creek were analyzed at Acme Analytical Laboratories Ltd. in Vancouver BC. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs. 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 development stage Red Chris copper/gold property in British Columbia and Sterling gold property in Nevada. Document available on www.imperialmetals.com: (1) Ruddock Creek plan map cautionary 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