Inmet Announces Mineral Reserves and Resources as at December 31, 2012

Inmet Announces Mineral Reserves and Resources as at December 31, 2012 
TORONTO, CANADA -- (Marketwire) -- 02/11/13 --  
All dollar references in US $ 
Inmet Mining Corporation (Inmet) (TSX:IMN) announces updated mineral
reserves and resources as at December 31, 2012 as reported in the
table below. Inmet's share of consolidated contained metal in
reserves and resources, net of 2012 mining, and on a pro forma basis
reflecting a current 80% ownership of Cobre Panama, has changed from
the reported Mineral Reserves and Resources as at December 31, 2011
as follows:  


 
--  Proven and probable copper reserves have increased by 22% to 10.5
    million tonnes contained copper from 8.5 million tonnes in 2011. 
    
--  Proven and probable gold reserves have increased by 1.7 million
    contained gold ounces. 
    
--  Measured and indicated copper resources have increased by 133,000
    tonnes. 
    
--  Inferred copper resources have increased by 155,000 tonnes. 

 
The main changes by individual mine or development property, net of
2012 mining, are as follows (on a 100% ownership basis) and quoted on
a contained metal basis: 
Cobre Panama  


 
--  Reserves increased by 2.5 million tonnes of copper, 2.2 million ounces
    of gold, 27 million ounces of silver and 24,000 tonnes of molybdenum.
    These increases to reserves reflect the addition of the Balboa, Brazo
    and Botija-Abajo deposits, resulting in an increase of 27% to total
    estimated copper, and 43% to total estimated gold. 
    
--  The Cobre Panama mineral reserves have been estimated using a
    conservative $2.25/lb copper price, unchanged from the 2011 copper price
    assumption. The reserves will be re-estimated in 2013 using a $3.00/lb
    copper price. 
    
--  The mine life has been extended from 31 years to 40 years with continued
    potential for further extension, and drilling underway at the next
    target area. 

 
Las Cruces 


 
--  Reserves increased by 43,000 tonnes of copper based on the results of a
    2012 infill drilling program. 
    
--  Inferred resources increased by 15,000 tonnes of copper, based on the
    same reason as above. 
    
--  Addition of 38 million tonnes of primary sulphide inferred resources
    grading 1.1% copper, 2.6% z
inc, 1.3% lead, and 27 g/t silver, for
    contained metal estimated to be 400,000 tonnes of copper, 1 million
    tonnes of zinc, 500,000 tonnes of lead, and 33.4 million ounces of
    silver, with no recovery estimates applied. The cut-off grade is 1.0%
    copper equivalent (CuEq) assuming a potential underground extraction
    method with a total site operating cost of approximately $50 per tonne. 
    
--  No significant change to the gossan mineral resources first estimated in
    2012. 
    
--  Expected mine life to end in 2022, based on current secondary copper
    reserves. Our primary sulphide studies to be undertaken this year will
    target a throughput range of 2.5 to 4 million tonnes per year. If these
    studies demonstrate economic viability, this would translate into an
    expected additional 10 to 15 years of mine life.  

 
Cayeli 


 
--  Reserves increased by 6,000 tonnes of copper and 24,000 tonnes of zinc,
    mainly as a result of using a copper price assumption of $2.75/lb
    instead of the $2.25/lb copper price used for the estimate as at
    December 31, 2011. 
    
--  Measured and indicated resources increased by 51,000 tonnes of copper to
    205,000 tonnes of copper and by 36,000 tonnes of zinc to 156,000 tonnes
    of zinc, mainly as a result of using a copper price assumption of
    $2.75/lb instead of the $2.25/lb copper price used for the estimate as
    at December 31, 2011. 
    
--  Expected mine life based on current reserves unchanged at 2019, with
    potential at current production rates, for further extension by up to 3
    years as work continues to convert resources to reserves. 

 
Pyhasalmi 


 
--  Reserves increased by 5,000 tonnes of copper and 2,000 tonnes of zinc,
    mainly as a result of using a copper price assumption of $2.75/lb
    instead of the $2.25/lb copper price used for the estimate as at
    December 31, 2011. 
    
--  Measured resources increased by 6,000 tonnes of copper and 4,000 tonnes
    of zinc, mainly as a result of using a copper price assumption of
    $2.75/lb instead of the $2.25/lb copper price used for the estimate as
    at December 31, 2011.  
    
--  Expected mine life to end in 2019. 

 
The year end 2012 mineral reserves and resources table is as follows: 
TABLE 1  


 
Mineral reserves                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
            Category       Tonnes    Cu    Zn    Pb    Au    Ag     S     Mo
                                                                            
                         (x 1000)     %     %     %   g/t   g/t     %      %
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Proven        258,000  0.57     -     -  0.14  1.60     -  0.010
            Probable    2,800,000  0.37     -     -  0.07  1.30     -  0.006
            ----------------------------------------------------------------
            Total       3,058,000  0.38     -     -  0.07  1.33     -  0.006
----------------------------------------------------------------------------
                                                         Inmet's share (80%)
----------------------------------------------------------------------------
Las                                                                         
Cruces      Proven          2,644  6.72     -     -     -     -     -      -
            Probable       11,488  5.14     -     -     -     -     -      -
            ----------------------------------------------------------------
            Total          14,132  5.44     -     -     -     -     -      -
            ----------------------------------------------------------------
Cayeli      Proven          4,490  3.02  3.19     -  0.36  27.0     -      -
            Probable        2,585  3.12  4.42     -  0.43  36.0     -      -
            ----------------------------------------------------------------
            Total           7,075  3.06  3.64     -  0.39  30.3     -      -
----------------------------------------------------------------------------
Pyhasalmi   Proven          8,482  1.07  1.85     -  0.40  14.0    42      -
            Probable            -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Total           8,482  1.07  1.85     -  0.40  14.0    42      -
----------------------------------------------------------------------------
                                                        Inmet's share (100%)
----------------------------------------------------------------------------
                                                   Grand Total Inmet's share
----------------------------------------------------------------------------
                                                                            
Mineral resources (inclusive of mineral reserves)                           
-----------------------------------
-----------------------------------------
                                                                            
                                                                            
            Category       Tonnes    Cu    Zn    Pb    Au    Ag     S     Mo
                                                                            
                         (x 1000)     %     %     %   g/t   g/t     %      %
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Measured      262,000  0.56     -     -  0.13   1.5     -  0.009
            Indicated   3,941,000  0.34     -     -  0.06   1.2     -  0.005
            ----------------------------------------------------------------
            Total       4,203,000  0.35     -     -  0.07   1.3     -  0.006
----------------------------------------------------------------------------
                                                         Inmet's share (80%)
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Inferred    3,686,000  0.23     -     -  0.04   1.0     -  0.004
            ----------------------------------------------------------------
                                                         Inmet's share (80%)
----------------------------------------------------------------------------
                                                                            
Mineral resources (exclusive of mineral reserves)                           
----------------------------------------------------------------------------
                                                                            
                                                                            
            Category       Tonnes    Cu    Zn    Pb    Au    Ag     S     Mo
                                                                            
                         (x 1000)     %     %     %   g/t   g/t     %      %
----------------------------------------------------------------------------
Las Cruces  Measured            -     -     -     -     -     -     -      -
(Secondary) Indicated           -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Total               -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Inferred          453  5.14     -     -     -     -     -      -
----------------------------------------------------------------------------
Las Cruces  Measured            -     -     -     -     -     -     -      -
(Gossan)    Indicated         958     -     -  5.81  3.85 109.0     -      -
            ----------------------------------------------------------------
            Total             958              5.81  3.85 109.0     -      -
            ----------------------------------------------------------------
            Inferred        1,834     -     -  1.88  2.32  40.0     -      -
----------------------------------------------------------------------------
Las Cruces  Measured            -     -     -     -     -     -     -      -
(Primary)   Indicated           -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Total               -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Inferred       38,231  1.05  2.61  1.29     -  27.2     -      -
----------------------------------------------------------------------------
Cayeli      Measured        4,460  2.67  1.74     -  0.34  10.0     -      -
            Indicated       3,230  2.67  2.42     -  0.56  18.0     -      -
            ----------------------------------------------------------------
            Total           7,690  2.67  2.03     -  0.43  13.4     -      -
            ----------------------------------------------------------------
            Inferred          760  2.67  6.83     -     -     -     -      -
----------------------------------------------------------------------------
Pyhasalmi   Measured        8,036  0.63  0.51     -     -     -    43      -
            Indicated           -     -     -     -     -     -     -      -
            ----------------------------------------------------------------
            Total           8,036  0.63  0.51     -     -     -    43      -
            ----------------------------------------------------------------
            Inferred            -     -     -     -     -     -     -      -
----------------------------------------------------------------------------
                                                        Inmet's share (100%)
                                          (not including inferred resources)
----------------------------------------------------------------------------
 
Mineral reserves                                                            
----------------------------------------------------------------------------
                                 Contained Metal (x 1000)                   
                      ---------------------------------------------         
                           Cu                                               
            Category   tonnes     Zn     Pb      Au       Ag     Mo  Inmet's
                                                                            
                              tonnes tonnes  ounces   ounces tonnes Interest
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Proven      1,453      -      -   1,118   13,000     24      80%
            Probable   10,360      -      -   6,170  118,000    168      80%
            ----------------------------------------------------------------
            Total      11,813      -      -   7,300  131,000    192      80%
----------------------------------------------------------------------------
                        9,450      -      -   5,840  104,800    154         
----------------------------------------------------------------------------
Las                                                                         
Cruces      Proven        178      -      -       -        -      -     100%
            Probable      590      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Total         768      -      -       -        -      -     100%
            ----------------------------------------------------------------
Cayeli      Proven        136    143      -      52    3,898      -     100%
            Probable       81    114      -      36    2,992      -     100%
            ----------------------------------------------------------------
            Total         216    258      -      89    6,824      -     100%
----------------------------------------------------------------------------
Pyhasalmi   Proven         91    157      -     109    3,818      -     100%
            Probable        -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Total          91    157      -     109    3,818      -     100%
----------------------------------------------------------------------------
                        1,075    415            198   10,642                
----------------------------------------------------------------------------
                       10,526    415          6,038  115,442    154         
----------------------------------------------------------------------------
                                                                            
Mineral resources (inclusive of mineral reserves)                           
----------------------------------------------------------------------------
                                 Contained Metal (x 1000)                   
                      ---------------------------------------------         
                           Cu                                              
 
            Category   tonnes     Zn     Pb      Au       Ag     Mo  Inmet's
                                                                            
                              tonnes tonnes  ounces   ounces tonnes Interest
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Measured    1,476      -      -   1,118   13,000     24      80%
            Indicated  13,342      -      -   7,888  157,000    214      80%
            ----------------------------------------------------------------
            Total      14,820      -      -   9,006  170,000    239      80%
----------------------------------------------------------------------------
                       11,856      -      -   7,205  136,000    191         
----------------------------------------------------------------------------
Cobre                                                                       
Panama      Inferred    8,318      -      -   4,396  115,000    156      80%
            ----------------------------------------------------------------
                        6,654      -      -   3,517   92,000    125         
----------------------------------------------------------------------------
                                                                            
Mineral resources (exclusive of mineral reserves)                           
----------------------------------------------------------------------------
                                 Contained Metal (x 1000)                   
                      ---------------------------------------------         
                           Cu                                               
            Category   tonnes     Zn     Pb      Au       Ag     Mo  Inmet's
                                                                            
                              tonnes tonnes  ounces   ounces tonnes Interest
----------------------------------------------------------------------------
Las Cruces  Measured        -      -      -       -        -      -     100%
(Secondary) Indicated       -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Total           -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Inferred       23      -      -       -        -      -     100%
----------------------------------------------------------------------------
Las Cruces  Measured        -      -      -       -        -      -     100%
(Gossan)    Indicated       -      -     56     119    3,356      -     100%
            ----------------------------------------------------------------
            Total           -      -     56     119    3,356      -     100%
            ----------------------------------------------------------------
            Inferred        -      -     35     137    2,383      -     100%
----------------------------------------------------------------------------
Las Cruces  Measured        -      -      -       -        -      -     100%
(Primary)   Indicated       -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Total           -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Inferred      401    999    495       -   33,396      -     100%
----------------------------------------------------------------------------
Cayeli      Measured      119     78      -      48    1,362      -     100%
            Indicated      86     78      -      58    1,869      -     100%
            ----------------------------------------------------------------
            Total         205    156      -     106    3,231      -     100%
            ----------------------------------------------------------------
            Inferred       20     52      -       -        -      -     100%
----------------------------------------------------------------------------
Pyhasalmi   Measured       51     41      -       -        -      -     100%
            Indicated       -      -      -       -        -      -     100%
            ----------------------------------------------------------------
            Total          51     41      -       -        -      -     100%
            ----------------------------------------------------------------
            Inferred        -      -      -       -        -      -     100%
----------------------------------------------------------------------------
                          256    197     56     225    6,587      -     100%
                                                                            
----------------------------------------------------------------------------

 
Notes to mineral reserves and resources table 
Mineral reserves and resources are shown on a 100% basis for each
property. Mineral resources are exclusive of mineral reserves, except
for Cobre Panama. 
Rounding as required by reporting guidelines may result in apparent
summation differences between tonnes, grade and contained metal
content. 
The mineral reserve and resource estimates are prepared in accordance
with the CIM Definition Standards On Mineral Resources and Mineral
Reserves, adopted by CIM Council on November 14, 2004, and updated
November 27, 2010 and the CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines, adopted by CIM Council on
November 23, 2003, using geostatistical and/or classical methods,
plus economic and mining parameters appropriate to each project. You
will find the definitions and guidelines at www.cim.org.  
Estimates for all operations are prepared by or under the supervision
of a qualified person as defined in National Instrument 43-101
(usually an engineer or geologist). 
There are no known environmental, permitting, legal, taxation,
political or other relevant issues that would materially affect the
estimates of the mineral reserves.  
Mineral resources which do not form part of the mineral reserves do
not have demonstrated economic viability. 
The Qualified Persons identified below have reviewed the technical
content of this release. 
Cobre Panama  
Mineral resources as at August, 2012, were estimated by Robert Sim,
P. Geo., of SIM Geological Inc. Mineral reserves as at December 13,
2012 were estimated by William Rose, P.E., of WLR Consulting, Inc., a
qualified person under National Instrument 43-101. Both mineral
reserves and mineral resources remained unchanged at December 31,
2012.  
Reserve estimates are based on the following assumptions: 


 
--  copper price: US $2.25 per pound 
    
--  gold price: US $1,000 per ounce 
    
--  silver price: US $16 per ounce 
    
--  molybdenum price: US $13.50 per pound 
    
--  Mining costs: US $1.66 per tonne of ore mined, US $1.96 per tonne of
    waste mined and 
    
--  Milling and general and administration cost: US $5.27 - $5.52 per tonne
    of ore milled (depending on the deposit), average life of mine
    metallurgical recoveries: 89 percent for copper, 55 percent for gold, 44
    percent for silver and 53 percent for molybdenum. 

 
Mineral resources include mineral reserves.  
Resource grades are estimated using ordinary kriging with a nominal
block size of 25 metres by 25 metres by 15 metres. Resources are
limited inside a pit shell defined by a copper price of US $2.60 per
pound, $1.75 per tonne mining cost, $7.02 per tonne total site
operating cost, and are tabulated at a cut-off grade of 0.15 percent
copper. 
Las Cruces 
Mineral resources as at December 31, 2012, were estimated by Robert
Sim, P. Geo., of SIM Geological Inc. Mineral reserve estimates as at
December 31, 2012 were prepared under the supervision of Joseph
Boaro, P. Eng. (Director, Mining, Inmet Mining). 
Reserve estimates are based on the following assumptions: 


 
--  copper price: US $2.75 per pound 
    
--  exchange rate: EUR1.00 = US $1.30 
    
--  open pit cut-off: 1 percent copper 

 
Resource estimates for the gossan material are based on a cut-off
grade of 1 gram per tonne gold. 
Resource estimates for the primary sulphide material are based on a
cut-off grade of 1% copper equivalent (CuEq) based upon the following
formula:  
CuEq = (Cu% + (Zn% x 0.360) + (Pb% x 0.360) + (Ag gpt x 0.0106)) 
Cayeli 
Mineral resources as at December 31, 2012, were estimated by Robert
Sim, P. Geo., of SIM Geological Inc. Mineral reserve estimates as at
December 31, 2012 were prepared under the supervision of Joseph
Boaro, P. Eng. (Director, Mining, Inmet Mining). 
Reserve estimates are based on the following assumptions: 


 
--  copper price: US $2.75 per pound 
    
--  zinc price: US $1.00 per pound 
    
--  net smelter return cut-off: US $65 per tonne. 

 
Resource estimates include only material in addition to those used to
generate reserves and are based on the same metal prices and a lower
net smelter return cut-off: US $59 per tonne.  
Pyhasalmi  
Mineral reserve and resource estimates as at December 31, 2012
prepared under the supervision of Timo Maki, EurGeol., European
Federation of Geologists (Chief Geologist, Pyhasalmi).  
Mineral reserve estimates are based on the following assumptions:  


 
--  copper price: US $2.75 per pound 
    
--  zinc price: US $1.00 per pound 
    
--  exchange rate: EUR1.00 = US $1.30 
    
--  net smelter return cut-off: EUR31.81 per tonne. 

 
Resource estimates are based on the geological limits of the massive
sulphides. 
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
and zinc. We have three mining operations: Cayeli (Turkey), Las
Cruces (Spain) and Pyhasalmi (Finland), and own 80% of the Cobre
Panama development project, currently in construction.  
This press release is also available at www.inmetmining.com.
Contacts:
Inmet Shareholder Contact:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 416 361 4808 
Inmet Mining Corporation
Scott Herr
Vice President, Mining
+1 416 860 3983
www.inmetmining.com 
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
assistance@laurelhill.com 
Inmet Media Contact:
Longview Communications Inc.
David Ryan
+1 416 649 8007
dryan@longviewcomms.ca
 
 
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