A NORTHAIR GROUP COMPANY
SUITE
860 -
625 HOWE STREET VANCOUVER, BC V6C 2T6 CANADA
TEL: (604)
687-7545 FAX: (604) 689-5041
PRESS RELEASE
FOR IMMEDIATE
RELEASE
October 11, 2007 #07-29
Sherwood Holds the
Official Opening Ceremony for the Minto
Mine, Yukon
- Commercial
Production Declared as of October 1, 2007 -
VANCOUVER, BRITISH COLUMBIA - Sherwood Copper Corporation (SWC: TSX-V) 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.
Minto Project
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
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.
Quality Assurance
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
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”
Stephen P. Quin
President & CEO
For further information please contact Stephen
Quin, President of Sherwood Copper Corp.
or Brad Kopp or Kristy Reynolds at (604) 687-7545 or (888) 338-2200
** INTERNET ADDRESS: www.sherwoodcopper.com
**
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this press release.
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.