Imperial Metals Corp. reached an agreement with British Columbia to surrender the Giant Copper mineral claims located 37 kilometers (km) east of Hope. Imperial has held Giant Copper since April 1988, which hosts two mineral deposits containing copper, silver and gold and a recently discovered gold showing.
The claim area predates two parks surrounding the area, Manning Park and the Skagit Valley Provincial Park. In 1995, the province designated almost 30,000 hectares as the Skagit Valley Provincial Park, while allowing mineral exploration in Imperial’s 2,500-hectare claim area. At that time, Imperial surrendered some of its claims along the Skagit River to enhance the Skagit Valley Provincial Park in return for a commitment to allow mineral exploration and possibly mining in the remaining Giant Copper claims.
The company decided to surrender the remaining claims after recognizing the challenges of obtaining mineral exploration and development permits in this area.
“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 neighbors, we support this agreement,” Imperial President Brian Kynoch said.
The consideration payable to Imperial for the surrender, covering all prior investment in the Giant Copper claim area, is C$24 million.
Imperial owns the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.
