SUITE
860
- 625
HOWE STREET
VANCOUVER, BC
V6C 2T6 CANADA TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS
RELEASE
FOR IMMEDIATE
RELEASE
December 18, 2007
#07-37
Sherwood Reports Phase 2 Mill Expansion at Minto
Copper-Gold Mine Completed Ahead of
Schedule
Commissioning Underway; Higher Copper and Gold Production
in 2008 & Beyond
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper Corporation (SWC: TSX-V)
today announced that it has completed the Phase 2 mill expansion, from 1,563
tonnes per day to 2,400 tonnes per day, at its high grade Minto copper-gold mine
(?Minto Mine?) ahead of schedule.
Commissioning of the mill expansion is in progress and will continue into January, resulting in
significant copper-gold production in
2008 and beyond.
?The completion of the Phase 2 mill
expansion at our Minto Mine, ahead of schedule, is a significant achievement in
the current construction environment,? said Stephen
Quin, President & CEO. ?This should push our production well over 50 million pounds of copper in
2008, while the recently announced pre-feasibility study illustrates how additional
production growth can be
achieved. The achievement of this
significant milestone is a credit to Sherwood?s operating personnel at the Minto
Mine, Construction Managers JDS Energy & Mining, General Contractors Clark
Builders, key contractors Gisbourne and Rees Electric and engineers Hatch
Ltd. Pelly Construction is the
mining contractor.?
Phase 2 Mill
Expansion
As announced
August 28, 2006, the detailed
feasibility study set out a phased expansion of the process plant at the Minto Mine, with Phase 1
commissioning at a throughput rate of 1,563 tonnes per day followed by an
expansion to accommodate increased throughput to 2,400 tpd approximately one year after operations commenced. On April 11, 2007, Sherwood announced its intent to
accelerate the expansion of the Phase 2 mill expansion, targeting completion by
the end of 2007. On May 31,
2007, Sherwood announced that Phase 1 was essentially complete, ahead of schedule. Commercial
production was declared effective
October 1, 2007. The Phase 2 mill
expansion was completed on December 15, 2007, more than two weeks ahead of the
accelerated schedule announced in April, and began processing ore that day. Commissioning of Phase 2 will continue
through January 2008, with the principal focus being on ensuring sufficient capacity
to handle the filtration of tailings and copper concentrates, since the current
crushing, grinding and flotation capacity was sized up during the Phase 2
expansion to accommodate up to the 3,500 tonne per day capacity targeted in a
Phase 3 expansion.
The
pre-feasibility study, the results of which were announced December 12, 2007,
lays out the basis for a Phase 3 mill expansion, to 3,500 tonnes per day of
throughput, and incorporates a significant portion of the Area 2 resources,
resulting in a more than 40% increase in copper and gold production versus the
detailed feasibility study.
Exploration subsequent to the resource estimates used in the
pre-feasibility study suggests additional potential beyond that laid out in the
pre-feasibility study.
Technical Report
Filed
A
NI43-101 compliant Technical Report on the Phase 3 mill expansion and mining of
the Area 2 deposit will be filed on SEDAR today and should be available for
access under Sherwood?s profile at
www.sedar.com within
two days.
Minto Project
The
Minto Mine is a high-grade open pit copper-gold deposit located in the Yukon
Territory of Canada. Sherwood acquired the Minto Project in June 2005 and, in just two
years from its acquisition, completed a bankable feasibility study, arranged
project financing, and built a $100
million open pit copper-gold mine. Commercial production commenced on October 1, 2007. In parallel with these 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 plans to continue this ?growth
from within? strategy along with further operational optimizations in its
relentless pursuit of value.
Sherwood
Sherwood?s successful consolidation of the ownership of
the Minto Project provides a unique investment opportunity ? participation in a
high-grade, open pit copper-gold mine located in Canada
with tremendous exploration potential on the
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 and
Ian Berzins, P.Eng., General Manager
of the 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.