Imperial Reports on Red Chris Project Financing Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2013) - Imperial Metals Corporation (TSX:III) - provides a financing update for the Red Chris copper/gold development project in northwest British Columbia.

To date, construction at Red Chris has been financed through cash flow from operations and an existing $150 million credit facility from the Company's bankers, which has a maturity date of September 30, 2013. Mr. N. Murray Edwards, a significant shareholder of the Company, has guaranteed 50% of the $150 million credit facility. In addition, as of June 5, 2013 the Company has entered into a new unsecured $75 million line of credit facility with Edco Capital Corporation, a company controlled by Mr. Edwards (the "LOC"). The LOC is available for drawdown until September 30, 2013. It bears interest at 7% per annum and is repayable the earlier of the completion of a debt financing or October 1, 2014. A commitment fee of $375,000 is payable in respect of the LOC. Payments pursuant to the LOC constitute a related party transaction within the meaning of Multilateral Instrument 61-101. Management considers the LOC to be advantageous as it provides additional timing and flexibility for arranging senior financing for the Red Chris project. Management also considers the LOC terms and conditions are reasonable, in the context of the market. The LOC was reviewed and approved by the independent members of the Company's Board of Directors. The LOC is exempt from the formal valuation and minority interest approval requirements of Multilateral Instrument 61-101 as it represents less than 25% of the Company's market capitalization. The material change report in relation to this transaction will be filed less than 21 days before closing.

Imperials's forecast cash flow, its existing bank credit facility, as well as the LOC, will support the Red Chris project construction until late into the third quarter of 2013. The Company continues to advance the construction and development of the Red Chris project, and is targeting to have a comprehensive financing package for the development of Red Chris by the third quarter of 2013.

The Company reports an error in the reporting results of the vote for election of directors held at the Company's Annual and Special Meeting of Shareholders on May 29, 2013, previously reported on June 3, 2013. The last two rows of the table should have read "Edward Yurkowski: votes for 48,229,463 / withheld 6,727,673 and Laurie Pare: votes for 50,596,860 / withheld 72,000".

About Imperial

Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company operates the Mount Polley copper/gold mine in British Columbia and the Sterling gold mine in Nevada. Imperial has 50% interest in the Huckleberry copper/molybdenum mine and has 50% interest in the Ruddock Creek lead/zinc property, both in British Columbia. The Company is in development of its wholly owned Red Chris copper/gold property in British Columbia.

Cautionary Note Regarding "Forward-Looking Information"

This press release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian and United States Securities Laws, which we will refer to as "forward-looking information". Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information.

When we discuss mine plans; costs and timing of current and proposed exploration; development; production and marketing; capital expenditures; construction of transmission lines; cash flow; working capital requirements and the requirement for additional capital; operations; revenue; margins and earnings; future prices of copper and gold; future foreign currency exchange rates; future accounting changes; future prices for marketable securities; future resolution of contingent liabilities; receipt of permits; or other matters that have not yet occurred, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States Securities Laws. We refer to them in this press release as forward-looking information.

The forward-looking information in this press release may include words and phrases about the future, such as: plan, expect, forecast, intend, anticipate, estimate, budget, scheduled, believe, may, could, would, might or will. We can give no assurance the forward-looking information will prove to be accurate. It is based on a number of assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities or exchange rates, that the mining operations will operate and the mining projects will be completed in accordance with their estimates and achieve stated production outcomes and such other assumptions and factors as set out herein.

It is also subject to risks associated with our business, including but not limited to: risks inherent in the mining and metals business; commodity price fluctuations and hedging; competition for mining properties; sale of products and future market access; mineral reserves and recovery estimates; currency fluctuations; interest rate risks; financing risks; regulatory and permitting risks; environmental risks; joint venture risks; foreign activity risks; legal proceedings; and other risks that are set out in the Company's Management's Discussion & Analysis in the 2012 Annual Report.

If our assumptions prove to be incorrect or risks materialize, our actual results and events may vary materially from what we currently expect as provided in this press release. We recommend you review the Company's Management's Discussion & Analysis in the 2012 Annual Report, which includes discussion of material risks that could cause actual results to differ materially from our current expectations. Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.