Imperial Metals to surrender Giant Copper for $24 million to Province of British Columbia
Imperial Metals Corp. [III-TSX; IPMLF-OTC] reached an agreement with the Province of British Columbia for the surrender of its Giant Copper mineral claims located 37 km east of Hope, southwestern British Columbia, Canada.
Imperial has held Giant Copper since April, 1988. The claim area hosts two mineral deposits containing copper, silver and gold, and a recently discovered gold showing. The claim area predates the creation of Manning Park and the Skagit Valley Provincial Park, which now surround the claim area.
In 1995, following a public review process, the province designated almost 30,000 hectares as the Skagit Valley Provincial Park while allowing mineral exploration in the 2,500-hectare claim area. Imperial at the time surrendered some of its claims along the Skagit River to enhance what would become the Skagit Valley Provincial Park in return for a commitment to allow mineral exploration and possibly mining in the remaining Giant Copper claims.
The decision to now surrender all remaining claims recognizes the challenges of obtaining mineral exploration and development permits in this area.
Brian Kynoch, president of Imperial Metals, said, “Our objective as a mining company would have been to proceed with exploration of our claims, but as a company that is responsive to the aspirations of indigenous communities, government and neighbours, we support this agreement.”
The consideration payable to Imperial for the surrender, covering all prior investment in the Giant Copper claim area, is $24-million.
Imperial is a Vancouver-based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%) and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.
In early trading January 20, shares of Imperial Metals gained $0.09 to $3.75.