Inmet Mining Corporation

Inmet Mining Corporation

November 12, 2010 16:31 ET

Inmet Mining Announces Sale of Non-Core Investment for $61.4 million

TORONTO, CANADA--(Marketwire - Nov. 12, 2010) - Inmet Mining Corporation (Inmet) (TSX:IMN) today announced the sale of its 9,450,000 common shares of Premier Gold Mines Limited for cash proceeds of $61.4 million. In the fourth quarter of 2010, Inmet will recognize a net gain in earnings of $45.3 million (net of non-cash income tax expense of $5.2 million). This non-core investment was sold to crystallize value afforded by the current favourable market conditions. 

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 statements about our future financial condition, results of operations and business.

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, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

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: Çayeli, Las Cruces, Pyhäsalmi and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.

Contact Information

  • Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations