Ellington Investments Pte. Ltd. Announces Exchange of Subscription Receipts for Common Shares of Inmet Mining Corporation

TORONTO, ONTARIO--(Marketwire - May 17, 2011) - Ellington Investments Pte. Ltd. ("Ellington") announced that the 9,258,419 subscription receipts (the "Subscription Receipts") that were issued to it by Inmet Mining Corporation ("Inmet") on April 23, 2010 at a price of $54.0049 per Subscription Receipt for a total subscription price of approximately $500 million, were exchanged today for no additional consideration into 7,779,692 common shares ("Shares") of Inmet.

The Subscription Receipts were issued to Ellington, an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, pursuant to a subscription agreement dated March 31, 2010 and amended on December 23, 2010, between Ellington, Inmet and CIBC Mellon Trust Company, as subscription receipt agent (as amended, the "Subscription Agreement"). Pursuant to the Subscription Agreement, the Subscription Receipts were exchangeable for no additional consideration upon satisfaction of certain conditions, all of which have been satisfied, into 7,779,692 Shares.

Ellington acquired the Shares for investment purposes. Following the issuance of the Shares, Ellington beneficially owns 7,779,692 Shares, representing approximately 11.22% of Inmet's issued and outstanding Shares after giving effect to the issuance of the Shares to Ellington (based on 61,549,192 Shares outstanding as of May 1, 2011 prior to the issuance of the Shares to Ellington). Subject to certain conditions contained in the investor rights agreement Ellington entered into with Inmet on April 23, 2010, and depending on market conditions and other factors, Ellington may from time to time acquire additional securities of Inmet or dispose of securities of Inmet in the open market, by private agreement or otherwise.

In connection with this news release, an early warning report has been filed by Ellington in accordance with applicable securities laws.