Inmet Mining Corporation

Inmet Mining Corporation

March 26, 2008 09:40 ET

Inmet Mining Announces Injunction Against Cerattepe Project

TORONTO, ONTARIO--(Marketwire - March 26, 2008) - Inmet Mining Corporation (TSX:IMN) announced today that its wholly-owned subsidiary, Artvin Bakir Maden Isletmeleri A.S. (ABMI), has received notice from the Rize Administrative Court of the Court's decision to grant an injunction against the Cerattepe project.

Subject to an appeal, the injunction prohibits ABMI from conducting further development work on the Cerattepe property until the Rize Administrative Court renders its decision on two applications filed with it by two non-governmental organizations (NGOs) to cancel the operating licences for the project. The two applications seek cancellation of the operating licences on the basis that the relevant government authorities incorrectly exempted the granting of the licences from environmental assessment regulations. We expect that the Rize Administrative Court will render its final decision on the applications to cancel by the end of 2008.

ABMI is a co-defendant in the legal proceedings concerning the Cerattepe project. The main defendant is the Turkish Ministry of Energy and Natural Resources. The Ministry is expected to appeal the injunction decision to the Trabzon District Administrative Court and ABMI is co-operating with the Ministry in connection with such appeal. We expect that the Trabzon District Administrative Court will rule on the Ministry's appeal by the end of April 2008.

If the Ministry's appeal succeeds, ABMI may resume work and continue with development activities until the Rize Administrative Court's final decision on the cancellation applications. However, the status of the operating licences would still remain subject to such decision.

If the Ministry's appeal does not succeed, then ABMI will not be able to carry out development activities until at least the date when the Rize Administrative Court renders its final decision on the cancellation applications.

Although we are disappointed with the decision to grant an injunction, we will continue with our efforts concerning the Cerattepe project. If the Ministry's appeal concerning the injunction is not successful or if the Rize Administrative court decides the licenses should be cancelled, the project's development schedule will be delayed.

Forward looking information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.

About Inmet - Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in four mining operations in locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also have interests in two development properties, Las Cruces and Cerattepe, and one pre-development property, Petaquilla.

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Contact Information

  • Inmet Mining Corporation
    Steve Astritis
    Vice-President, General Counsel and Secretary
    (416) 860-3977