Imperial Metals gets mining permit for British Columbia project

Mon May 7, 2012 9:11am EDT
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(Reuters) - Imperial Metals Corp (III.TO: Quote) said it had received a mining permit for its Red Chris copper-gold project in British Columbia.

Imperial Metals, which also has two open pit mines in British Columbia -- the Mount Polley copper-gold mine and the Huckleberry copper-molybdenum mine, said mine development at Red Chris will include a 30,000 ton per day milling operation.

Red Chris, owned by Imperial Metals, received provincial and federal environmental approvals in 2005 and 2006, respectively.

Red Chris' 2012 resource report shows a 103 percent jump in mineral resource. The project has a 28 year life, according to the company's website.

Shares of the Vancouver, British Columbia-based company, which has a market capitalization of C$1.12 billion, closed at C$15.06 on Friday on the Toronto Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)