Inmet Mining Corporation

Inmet Mining Corporation

September 09, 2009 09:15 ET

Inmet Mining Responds to Press Reports of Equity Transaction with Korea Resources Corporation; Announces Alliance Agreement with Korea Resources

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2009) - Inmet Mining Corporation (Inmet) (TSX:IMN) confirmed today that contrary to certain press reports it has not agreed to enter into any transaction with Korea Resources Corporation under which Korea Resources would purchase Inmet common shares. While Inmet and Korea Resources have been in discussions concerning a potential transaction including for joint investments in projects, no agreements have been concluded in that regard nor have any intentions been finalized to enter into an agreement at a later date.

Inmet does intend to today enter into a strategic alliance agreement with Korea Resources Corporation under which they will establish a protocol to mutually pursue common shared interests within the global mining industry. The parties will endeavour to agree on criteria for the types of initiatives that would be the subject of cooperation under the alliance. The protocol for the operation of the alliance will also provide for the establishment of, and set forth the terms of reference for, a strategic alliance committee through which Inmet and Korea Resources will interact in connection with alliance related issues.

The precise forms of cooperation between Inmet and Korea Resources are expected to evolve over time as circumstances dictate and opportunities arise.

Each of them recognizes the other as a preferred partner for the cooperative development of opportunities, however, any arrangements between them will not necessarily be exclusive to the other.

The alliance agreement also provides for the secondment of employees from one party to the other, at times to be agreed between them.

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 five mining operations in locations around the world: Cayeli, Las Cruces, Pyhasalmi, Troilus and Ok Tedi. We also have a 100 percent interest in the Mina de Cobre Panama development property in Panama.

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Contact Information

  • Inmet Mining Corporation
    Jochen Tilk
    President and Chief Operating Officer
    (416) 860-3972