Inmet Mining Corporation

Inmet Mining Corporation

February 19, 2013 08:53 ET

Inmet to Waive Shareholder Rights Plan

TORONTO, CANADA--(Marketwire - Feb. 19, 2013) - Inmet Mining Corporation ("Inmet" or the "Company") (TSX:IMN) announced today that its Board of Directors has decided to waive the application of its Shareholder Rights Plan (the "Rights Plan"), effective as of 3:00 pm ET on February 27, 2013. As such, the Ontario Securities Commission (the "OSC") hearing scheduled for February 25, 2013 to address the application by First Quantum Minerals Ltd. ("First Quantum") to cease trade the Rights Plan will no longer be required, and such notice will be provided to the OSC. Inmet has taken this action because the February 27, 2013 expiry date of the First Quantum unsolicited offer provides sufficient time for the full review and potential execution of all strategic alternatives being evaluated by the Inmet Board and its Special Committee. Inmet will provide shareholders with further information regarding its strategic alternatives as appropriate and prior to the expiry of the First Quantum offer.

The Inmet Board continues to recommend that Inmet shareholders REJECT the First Quantum offer and do not tender their shares. Shareholders who have already tendered their shares and wish to withdraw shares should contact their broker to withdraw their shares as soon as possible. Shareholders who have questions or require any assistance are asked to contact Inmet's information agent, Laurel Hill Advisory Group, at +1 877 452 7184.

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. These statements involve known and unknown risks and uncertainties, including those associated with current global economic and financial conditions, metal prices, Inmet's share price, the cost and availability of key development and production inputs, labour shortages or disruptions, environmental and health and safety risks, reserve and production estimates, exploration and development of new and existing mines, political and country risks, additional funding requirements, financial leverage, the outcome of the First Quantum Offer and the strategic alternatives process that Inmet is currently undertaking, and other factors which may cause the actual results, performance or achievements of Inmet to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. 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 and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.

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Contact Information

  • Inmet Shareholder Contact:
    Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations
    +1 416 361 4808

    Laurel Hill Advisory Group
    North American Toll Free: +1 877 452 7184
    Banks and Brokers and collect calls outside
    North America: +1 416 304 0211

    Inmet Media Contact:
    Longview Communications Inc.
    David Ryan
    +1 416 649 8007