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Bauxite Ore Crusher

May 11, 2011 11:16 AM ET
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Seeking Alpha Analyst Since 2010

Imperial Metals Corporation, American Bullion Minerals Ltd. (“ABML”) and Red Chris Development Company Ltd. (“RCDC”) (collectively, the “Parties”) announced on February 4, 2011 that they had signed a definitive agreement (the “Agreement”) under which RCDC agreed to acquire all of the issued and outstanding common shares of ABML not presently owned by RCDC (the “Minority Shares”) pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). The Parties also announced that it was anticipated that ABML would hold a special meeting prior to April 21, 2011 to consider the Arrangement and that the Arrangement would be completed by May 23, 2011.Bauxite Beneficiation

On February 18, 2011, counsel for the holders of the Minority Shares in an outstanding class action brought by two ABML minority shareholders against RCDC, ABML and a former director of ABML (the “Oppression Action”) applied to the Supreme Court of British Columbia (the “Court”) for directions for the orderly settlement and disposition of the Oppression Action, in light of the Arrangement. The Oppression Action has been seeking an order that RCDC buy out the ABML minority shares. At the initial hearing, the Court ordered that any application to the Court in connection with the Arrangement be made in the Oppression Action, and that no communication to the Minority Shareholders be made without the approval of plaintiff’s counsel or the Court, pending a full hearing as to how the Arrangement is to proceed in conjunction with a settlement of the Oppression Action. The hearing is presently scheduled for April 13th, 2011. The parties to the Arrangement have delayed work on the Information Circular and other documents required to proceed with the Arrangement, pending the outcome of this hearing.Bauxite Ore Crusher

The diamond drilling program will commence not later than March 31, 2011 and will consist of a minimum of 15,000 metres and at least 120 holes. One drilling contract with Orbit Garant Drilling Services Inc. of Quebec, Canada has already been executed and their drill rig is on site. As the program ramps up, the Company expects a second, in this case man-portable diamond rig, to be mobilised to the site by early May 2011. Discussions with additional drilling companies are currently in progress.

The Company’s primary focus is currently the accelerated development of the advanced exploration stage Eagle Mountain Gold Project. In November 2010, the Company filed an NI 43-101 reporting an Inferred Mineral Resources of 18Mt @ 1.27 g/t gold, containing 733,500 ounces of gold (using a 0.5 g/t Au cut-off grade). More than 250,000 ounces of contained gold in this inferred mineral resource is hosted by oxide material (saprolite). The Project is on track to produce a preliminary economic assessment report or scoping study. Our primary focus at Eagle Mountain is to enhance this NI43-101 compliant mineral resource with advanced exploration drilling and mineral resource definition drilling.Copper Ball Mill

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