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Mount Polley Mine

Mount Polley Mining Corporation

Mount Polley is an open pit copper/gold mine with a developing underground project located in south-central British Columbia. The Mount Polley property covers 18,794 hectares, which consists of seven mining leases totalling 2,007 hectares, and 43 mineral claims encompassing 16,787 hectares. 

On August 4, 2014 the tailings dam at the Mount Polley mine was breached. Since that time, the mill has been on care and maintenance. The tailings dam breach has resulted in the loss of production at the mine for an indeterminate period of time. 

Imperial is incurring costs for rehabilitation and restoration. While the precise costs of rehabilitation and restoration are presently unknown, the Company believes these costs can be managed over time, given the underlying value of the Company's assets, convertible debenture financing, current sources of liquidity, insurance proceeds and the expected cash flow from the Red Chris mine. Options for the resumption of Mount Polley operations are being studied.

Mount Polley mining crews and others have been engaged in response and recovery activities, including securing the remaining tailings within the impoundment, collecting contact water, reducing the water level in Polley Lake, and cleaning up woody debris deposited in Quesnel Lake. A program of rehabilitation and restoration in the areas affected by the breach is underway.

The Company recorded costs of $67.4 million ($43.8 million net of tax) in the September 2014 period related to the tailings dam breach. These costs include $20.3 million incurred for response and recovery as well as initial rehabilitation and restoration activities. The $67.4 million in costs also includes a $47.1 million provision for future costs related to the tailings dam breach, exclusive of estimated insurance recoveries. Insurance recoveries will be recorded when received.

Mount Polley Mining

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