VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2007) - Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today held the official opening ceremony for its high grade Minto copper-gold mine located in the Yukon, Canada. The Minto mine is Canada's newest base metal mine and is leading the way in revitalizing the Yukon's mining sector, long a cornerstone of the Yukon economy, but a region lacking any operating hard rock mines for several years. Less than two years from its acquisition by Sherwood Copper, the Minto mine produced its first copper-gold concentrates, a direct result of the collaborative effort by Sherwood Copper and its construction crews and employees, along with the support of Yukon Government, Selkirk First Nation and local communities.
Sherwood Copper acquired the Minto project in June 2005 and proceeded to re-drill the deposit to modern reserve standards, conduct a bankable feasibility study, fund and build a $100 million open pit copper-gold mine. Sherwood commenced waste stripping in April 2006, plant construction in June 2006, completed the feasibility in August 2006 and closed its bank financing for mine construction in October 2006. Phase 1 construction of the Minto mine was completed ahead of schedule, without a single lost time accident and within 2% of budget. First concentrates were produced at the end of May 2007, continuous operation commenced in early June 2007 and regular shipments of copper-gold concentrates to the Port of Skagway began in July 2007. On October 1, 2007, Sherwood declared commercial production, once all parameters exceeded 90% of design, and there have been extended periods of sustained throughput in excess of nameplate capacity of 1,563 tonnes per day.
Over 100 guests and dignitaries attended the opening ceremony at the Minto mine site, including The Hon. Archie Lang, Minister of Energy Mines & Resources of Yukon Territory and various other representatives of the Yukon Government, Chief Darin Isaac, Chief of Selkirk First Nation accompanied by a number of councillors and elders, and The Hon. Larry Bagnell, Member of Parliament for the Yukon. They joined guests representing Sherwood's bankers, shareholders, brokers and employees, as well as the construction managers, engineers, contractors and other contributors to the successful completion of the Minto Mine.
"The official mine opening represents a major milestone, both for Sherwood Copper and the Yukon Territory. The commencement of commercial operations at Canada's newest base metals mine, and the first in the Yukon in several years, is a testament to the outstanding team at Sherwood Copper, its contractors and the cooperation and support received from the Yukon Government and Selkirk First Nation," said Stephen P. Quin, President & CEO of Sherwood Copper. "Credit for this outstanding achievement belongs to the management and employees at the Minto Mine, construction managers, JDS Energy & Mining, general contractors, Clark Builders, mining contractors, Pelly Construction, and their numerous other subcontractors, trades and suppliers. We look forward to many years of profitable mining operations in the Yukon," he said.
The Minto Mine is a high-grade open pit copper-gold deposit located in the Yukon Territory of Canada that was purchased, a feasibility study completed, financed and built in less than two years. In parallel with development activities, Sherwood has been running an exceptionally successful exploration program that has resulted in multiple discoveries of high grade copper-gold mineralization across its Minto Mine property.
Sherwood's successful consolidation of the ownership of the Minto Project provides a unique investment opportunity - participation in a fully permitted, operating, high-grade, open pit copper-gold mine located in Canada with tremendous exploration potential on the 100% owned property.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Stephen P. Quin, P. Geo., President & CEO for Sherwood Copper Corporation. Technical information related to mine operations has been reviewed by Ian Berzins, P.Eng, General Manager, Minto Mine.
Additional information on Sherwood and its Minto Project can be obtained on Sherwood's website at http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.