Inmet Mining Corporation
TSX : IMN

Inmet Mining Corporation

March 31, 2010 09:53 ET

CORRECTION FROM SOURCE: Inmet Mining Corporation

TORONTO, CANADA--(Marketwire - March 31, 2010) - Inmet Mining Corporation (TSX:IMN) ("Inmet") - A correction from source is issued with respect to the Inmet press release "Inmet Announces Positive Study Results for its Cobre Panama Project, Significant Progress on Financing and Milestones for Project Execution" issued March 31, 2010 at 8:32 am EST.

On page 4 of the press release in the table titled Costs per pound of copper (US$/pound), the Total costs should have read "1.23 for annual average: years 2-16" and "1.31 for annual average: life of mine". The corrected table is set out below:

Costs per pound of copper (US$/pound)
  annual average: years 2-16 annual average: life of mine
Cash costs 0.78 0.90
Breakeven cash costs 0.92 1.00
Financed breakeven cash costs 1.00 1.06
Total costs 1.23 1.31
     
  Cash costs are the sum of operating costs, concentrate freight, treatment and refining charges, NSR royalty, and non-income taxes, per pound of recovered copper, net of by-product credits.
     
  Breakeven cash costs are cash costs, plus sustaining capital, per pound of recovered copper.
     
  Financed breakeven cash costs are breakeven cash costs plus interest expense per pound of recovered copper, assuming US $2.16 billion in debt.
     
  Total costs are cash costs, plus interest expense, plus initial and sustaining capital expenditures, per pound of recovered copper.

About Inmet

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in five mining operations in locations around the world: Çayeli, Las Cruces, Pyhäsalmi, Troilus and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.

This press release is also available at www.inmetmining.com.

Contact Information

  • Inmet Mining Corporation
    Jochen Tilk
    President and Chief Executive Officer
    (416) 860-3972
    www.inmetmining.com