VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) today
announced that the Government of Yukon, Department of Energy, Mines
and Resources, has approved an amendment to its Quartz Mining
License that permits an increase in the approved mining rate and
mill throughput for its high grade Minto copper-gold mine located
in the Yukon. This approval follows a designated office assessment
under the Yukon Environmental and Socio-economic Assessment Act.
The permit amendment permits Sherwood's wholly owned subsidiary,
Minto Explorations Ltd. ("MintoEx"), to mine and process ore from
the Minto Main deposit at an annualized average rate of 3,200
tonnes per day (tpd) of ore, an increase of 28% over the previous
limit of 2,500 tpd. No other approvals are required and Sherwood is
targeting the implementation of the higher throughput rate by
year-end 2008. Capital requirements are minimal.
MintoEx applied for a Phase 3 increase in mining and milling
rates to 3,200 tpd of ore on April 30, 2008 as an interim step to a
broader amendment application that would encompass the mining of
the Area 2 deposit (as set out in the Pre-feasibility Study, the
results of which were announced on December 12, 2007) and possibly
other deposits, such as Area 118 and Ridgetop, at the high grade
Minto copper-gold mine. Such an application will almost certainly
include a further increase in the rate of mining and processing of
ore. However, this interim step allows Sherwood to mine the fully
permitted Main deposit on an accelerated basis while it is
addressing the more comprehensive application for the mining and
processing of ore from new areas.
"Sherwood appreciates Yukon's regulators and Selkirk First
Nation's expeditious review of our application to increase our
mining and processing rate for the high grade main pit at the Minto
Mine," said Stephen Quin, President & CEO. "By grinding the ore
coarser (which testing shows should not negatively affect
recoveries) and spending less than $3 million in capital, we hope
to be processing at a rate 28% higher than previously forecast
throughout 2009, and beyond," he said. "We are now turning our
focus to the preparation and filing of a larger permit amendment
application to allow mining and processing of other high
grade-copper gold deposits discovered and defined at the Minto
Mine, which application will be filed as soon as all of the
required information required is available."
Capital expenditures to implement the Phase 3 mill expansion are
estimated to be less than $3 million and were included in the new
capital expenditures previously announced on July 22, 2008. The
increased plant throughput can largely be handled by the existing
process facilities as a result of better than forecast performance
of the existing plant, combined with coarser grinding that enhances
equipment performance. The principal plant modifications, aside
from minor piping and pumping changes to increase capacity, include
the addition of new concentrate thickener to handle the larger
volumes of concentrate and crusher modifications to increase
throughput and availability.
A new production schedule, including the previously announced
rescheduling of the open pit and processing at 3,200 tpd of
throughput, will be outlined in a technical report expected to be
filed on SEDAR before the end of July 2008.
About Sherwood Copper
Sherwood Copper's objective is the profitable production of base
and precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest-grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the resource and reserve base,
potentially leading to further production increases. To further
accelerate its production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in
May 2008, Sherwood acquired 100% ownership in Western Keltic Mines
(now Kutcho Copper Corp.), owner of the high-grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood intends to lever off its successful development of the
Minto Mine and advance the Kutcho project to a production
decision.
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 and Kevin Weston, Chief Operating Officer
for Sherwood Copper Corporation.
Additional Information
Additional information on Sherwood and its Minto & Kutcho
projects 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 document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation - Investor Contact Stephen
P. Quin (604) 687-7545 Sherwood Copper Corporation - Investor
Contact Chris Curran (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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