Inmet Mining Corporation

Inmet Mining Corporation

April 29, 2008 12:04 ET

Inmet Mining Announces Rejection of Appeal of Cerattepe Project Injunction

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Inmet Mining Corporation (TSX:IMN) announced that its wholly-owned subsidiary, Artvin Bakir Maden Isletmeleri A.S. (ABMI), has received notice today from the Trabzon Regional Administrative Court of the Court's decision to reject an appeal by the Turkish Ministry of Energy and Natural Resources (MENR) concerning the injunction issued against the Cerattepe project.

With the rejection of the Ministry's appeal, the injunction will continue to prevent ABMI from carrying out further development work on the Cerattepe property until the end of this year when we expect the Rize Administrative Court will render its decision on applications filed with it to cancel the operating licences for the project. We are working with MENR to defend against these applications and continue to believe that they are without merit.

In light of the Trabzon Regional Administrative Court's decision, our ability to progress the Cerattepe project remains subject to legal uncertainty. We therefore no longer expect that Cerattepe will commence production in 2009.

ABMI is currently in the process of an orderly winding-down of development activities on the Cerattepe property and will keep the property on a care-and-maintenance basis pending resolution of the legal proceedings regarding the project.

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
    Jochen Tilk
    President and Chief Operating Officer
    (416) 860-3972