A correction from source is issued for the press release disseminated today at 12:55 PM ET. The text in the paragraph immediately following the Huckleberry Mine table has changed. The revised and updated release follows:
The wholly owned Mount Polley open pit copper/gold mine is located 56 kilometres northeast of Williams Lake, British Columbia.www.americanlocker.comImperial Metals Corporation (TSX:III) reports comparative financial results for the three and six months ended June 30, 2011 and June 30, 2010, which are summarized below and discussed in detail in the Management's Discussion and Analysis. The Company's financial results are prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts are in thousands of Canadian dollars, unless otherwise specified.The increase in revenue for the quarter and six month periods was driven by increased concession revenue as a result of the Disneyland contract. The revenue increase would have been greater but for temporary manufacturing disruptions caused by the relocation of the Company’s manufacturing facility in May and June of 2011.[Table Omitted]During the June 2011 quarter the Company did not purchase any common shares for cancellation.Capital expenditures increased to $28.7 million from $13.6 million in the comparative 2010 quarter and included the first equipment purchases for the Red Chris project. In addition, in June 2011 the Company purchased the minority interest in American Bullion Minerals Ltd. for $25.1 million to now hold 100% of the Red Chris project. All expenditures in the June 2011 quarter were financed from short term debt and cash flow from the Mount Polley and Huckleberry mines except for $0.7 million of mobile mining equipment financed by long term debt. At June 30, 2011 the Company had $47.0 million in cash, cash equivalents and short term investments.
The wholly owned Mount Polley open pit copper/gold mine is located 56 kilometres northeast of Williams Lake, British Columbia.
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