Talvivaaran Kaivososakeyhtiö Oyj : Talvivaara Mining Company publishes technical review report prepared by SRK Consulting

    Talvivaaran Kaivososakeyhtiö Oyj : Talvivaara Mining Company publishes
              technical review report prepared by SRK Consulting

Stock Exchange Release
Talvivaara Mining Company Plc
21 February 2013

NOT FOR RELEASE, PUBLICATION  OR DISTRIBUTION, DIRECTLY  OR INDIRECTLY, IN  OR 
INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, SOUTH AFRICA OR JAPAN OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT  IS AN  ADVERTISEMENT  AND NOT  A PROSPECTUS  AND  INVESTORS 
SHOULD NOT SUBSCRIBE FOR OR PURCHASE  ANY SHARES OR SECURITIES REFERRED TO  IN 
THIS ANNOUNCEMENT  EXCEPT  ON  THE  BASIS OF  INFORMATION  IN  THE  APPLICABLE 
PROSPECTUS WHICH, SUBJECT TO APPROVAL  FROM THE FINNISH FINANCIAL  SUPERVISORY 
AUTHORITY, IS EXPECTED TO  BE PUBLISHED BY TALVIVAARA  IN CONNECTION WITH  THE 
RIGHTS ISSUE.  COPIES  OF  THE  PROSPECTUS  WILL,  FOLLOWING  PUBLICATION  AND 
DISTRIBUTION, BE AVAILABLE FROM TALVIVAARA'S REGISTERED OFFICE.

   Talvivaara publishes technical review report prepared by SRK Consulting

   Ramp-up to 50,000tpa nickel production seen technically feasible by SRK
     subject to successful mitigation of remaining production bottlenecks
                 and continued improvement in metals leaching

Talvivaara Mining  Company Plc  ("Talvivaara" or  the "Company")  announced  a 
proposed rights  issue on  14 February  2013 to  raise approximately  EUR  260 
million in  gross  proceeds ("Proposed  Rights  Issue"). Proceeding  with  and 
completion of  the  Proposed  Rights Issue  remains  subject  to  shareholders 
authorizing the Board Of Directors to  decide on the Proposed Rights Issue  at 
an Extraordinary General  Meeting to be  held on 8  March 2013. In  connection 
with  the  Proposed  Rights  Issue  preparations,  Talvivaara  commissioned  a 
technical review report by SRK Consulting (UK) Limited ("SRK"). The report  is 
anticipated to  be  included  in  the prospectus  containing  details  of  the 
Proposed Rights  Issue, which  is  expected to  be published  on  Talvivaara's 
website on or around  13 March 2013. Talvivaara  has today, 21 February  2013, 
published the report in its current form on its website at  www.talvivaara.com 
as a separate document. The report remains subject to change due to any change
in circumstances,  additional findings  or  other factors  until the  date  of 
publication of the prospectus when the final report is anticipated to be  made 
public as part of the prospectus.

SRK's technical review  covered, among other  areas, Talvivaara's geology  and 
mineral  resources,  ore  production,  bioheapleaching  and  metals   recovery 
operations, expected production ramp-up  and associated capital and  operating 
cost assumptions. In particular, SRK reviewed the conditions and  requirements 
for production  ramp-up to  Talvivaara's currently  planned full  capacity  of 
50,000 tonnes of nickel per annum.

Talvivaara considers the key findings of SRK's review to be as follows:

Geology and mining

  oSRK has reviewed Talvivaara's Mineral Resource Estimate and reported an
    audited version of this, as defined by the JORC Code, of some 1.91Bt with
    a mean grade of 0.23% nickel and containing some 4.3Mt of nickel; this
    comprises a Measured Mineral Resource of 0.50Bt with a mean grade of 0.23%
    nickel, an Indicated Mineral Resource of 0.78Bt with a mean grade of 0.23%
    nickel and an Inferred Mineral Resource of 0.62Bt with a mean grade of
    0.21% nickel
  oSRK has estimated, based on certain assumptions, that some 992Mt of the
    above Mineral Resource with a mean grade of 0.24% nickel could be mined
    over the next approximately 40 years at the currently planned mining rate
  oSRK has recommended that Talvivaara reviews its mine planning for instance
    with respect to cut-off grades, pit design and waste dump construction,
    which are steps the Company is undertaking
  oThe planned mining fleet is expected by SRK to be sufficient to support
    Talvivaara's planned ore and waste mining tonnages

Materials handling

  oThe primary crushing circuit should be capable of achieving tonnages
    required for contemplated production levels, provided sufficient
    utilization rates are maintained
  oSome new fine crushing and agglomeration capacity is required to achieve
    production at full capacity, and the Company has taken this into account
    in its capital expenditure plans
  oSRK considers the primary heap stacking system to be capable of delivering
    required tonnages for production at full capacity
  oSRK considers primary heap reclaiming to be an area of concern for future
    production ramp-up due to hardness of the leached material and poor
    availability of the existing reclaiming system; Talvivaara has already
    acquired a jaw crusher and additional capital expenditure has been
    included in future plans to improve reclaiming capacity

Bioheapleaching

  oHeap aeration has been identified by SRK as a material contributor to weak
    leaching performance, and Talvivaara is taking several steps to improve
    aeration
  oAccording to SRK, fundamental leaching results have demonstrated
    significant improvement since initial heap sections, and latest results
    indicate primary leaching has achieved 60-70% nickel recoveries
  oAccording to SRK, while current metal grades in solution are impacted by
    excess water in the circuit, concentrations have been gradually increasing
    since start-up and SRK expects metal grades to continue to improve as
    excess water is removed, further understanding of heap dynamics is
    acquired and the primary-secondary leaching cycle reaches an equilibrium
  oAs the leaching process has not yet operated through the full leaching
    cycle, SRK considers additional time to be required for a full assessment
    of leaching results

Metals recovery

  oWhile SRK considers that an annual production rate of 30,000 tonnes of
    nickel is readily achievable at the metals plant, higher metal loadings
    are required to demonstrate ability to deliver 50,000 tonnes of nickel per
    annum
  oSRK concurs that an additional hydrogen sulphide plant will be required
    for the full capacity metal production, and additional capital expenditure
    has been included in Talvivaara's future plans

Production ramp-up and associated cost base

  oSRK has reviewed and adjusted Talvivaara's production ramp-up schedule,
    and the adjusted profile implies approximately 30,000 tonnes of nickel per
    annum in 2014-2015 and approximately 50,000 tonnes of nickel per annum
    around 2018
  oSRK has reviewed and adjusted Talvivaara's operating cost assumptions, and
    the adjusted profile implies a total annual operating cost base for all
    metals (i.e. by-product credits not netted off) of approximately EUR
    350-400 million corresponding to production at full capacity of 50,000
    tonnes of nickel per annum
  oA total annual operating cost base for all metals of approximately EUR
    350-400 million at full capacity would imply a cash cost of approximately
    USD 6,000-8,000/t of refined nickel based on certain by-product metals
    price and EUR/USD assumptions
  oSRK has reviewed and adjusted Talvivaara's capital cost estimates, and
    total capital expenditure in 2013-2020 is estimated at EUR 300-350 million
    which would correspond to an average annual capital expenditure of
    approximately EUR 40 million

Achieving the production levels  within the timeframe and  at the cost  levels 
indicated in the SRK review report are  based on a number of assumptions  made 
in reliance on the information made  available to SRK by Talvivaara and  SRK's 
judgments based on such  information. The assumptions  used in estimating  the 
production levels  and  the  timeframe and  associated  costs  are  inherently 
uncertain and  are  subject to  a  wide variety  of  significant  operational, 
regulatory, industry and other risks and uncertainties that could cause actual
outcomes to differ materially from  those contained in SRK report,  including, 
but not limited to:

  odelayed recommencement of ore production in 2013;
  ofailure to obtain, and maintain, permits required for the anticipated
    production capacity on satisfactory terms;
  ofailure to undertake required steps to discharge excess water from the
    mine site;
  ohigher than anticipated capital expenditure;
  ohigher than anticipated operating expenditure;
  olower than expected availabilities or utilization rates of equipment and
    processes;
  ofailure to acquire, build or finance additional equipment or production
    capacity required to support higher production levels;
  ofailure to implement a primary heap reclaiming system capable of achieving
    targeted reclaiming rates;
  ofailure to develop and optimize bioheapleaching or metals recovery plant
    operations such that targeted production levels and metal grades in
    solution can be achieved;
  ofailure to achieve expected metal leaching rates;
  oproduction not proceeding in accordance with ramp-up plan; and
  ounscheduled production stoppages.

Enquiries
Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO

Talvivaara Mining Company Plc
Talvivaara Mining  Company  is  an  internationally  significant  base  metals 
producer with its primary focus on nickel and zinc using a technology known as
bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction
of metals  from low  grade ore  economically viable.  The Talvivaara  deposits 
comprise one of the largest known sulphide nickel resources in Europe. The ore
body is  estimated  to support  anticipated  production for  several  decades. 
Talvivaara has secured a  10-year off-take agreement for  100 per cent of  its 
main output  of  nickel  and cobalt  to  Norilsk  Nickel and  entered  into  a 
long-term zinc streaming agreement  with Nyrstar NV.  Talvivaara is listed  on 
the London  Stock  Exchange  Main  Market and  NASDAQ  OMX  Helsinki.  Further 
information can be found at www.talvivaara.com.

DISCLAIMER

This announcement  is an  advertisement  and not  a prospectus  and  investors 
should not subscribe for or purchase  any shares or securities referred to  in 
this announcement  except  on  the  basis of  information  in  the  applicable 
prospectus which, subject to approval  from the Finnish Financial  Supervisory 
Authority, which are expected to be published by Talvivaara in connection with
the  proposed  rights  issue.  Copies   of  the  prospectus  will,   following 
publication  and  distribution,  be  available  from  Talvivaara's  registered 
office. Nothing  in this  announcement  should be  interpreted  as a  term  or 
condition of the proposed rights issue.

The information  contained  herein is  not  for publication  or  distribution, 
directly or indirectly, in or into the United States, Canada, Australia,  Hong 
Kong, South Africa  or Japan.  These written  materials do  not constitute  an 
offer of securities for sale in the  United States, nor may the securities  be 
offered or sold in the United States absent registration or an exemption  from 
registration as provided in the U.S.  Securities Act of 1933, as amended,  and 
the rules and regulations  thereunder. There is no  intention to register  any 
portion of the offering in the United  States or to conduct a public  offering 
of securities in the United States.

The issue, exercise or sale of securities in the offering are subject to
specific legal or regulatory restrictions in certain jurisdictions. Talvivaara
assumes no responsibility in the event there is a violation by any person of
such restrictions.

The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any such jurisdiction. Investors
must neither accept any offer for, nor acquire, any securities to which this
announcement refers, unless they do so on the basis of the information
contained in the applicable prospectus published or distributed by
Talvivaara.

Talvivaara has not authorised any offer to the public of securities in any
Member State of the European Economic Area other than Finland and the United
Kingdom. With respect to each Member State of the European Economic Area other
than Finland and the United Kingdom and which has implemented the Prospectus
Directive (each, a "Relevant Member State"), no action has been undertaken or
will be undertaken to make an offer to the public of securities requiring
publication of a prospectus in any Relevant Member State. As a result, the
securities may only be offered in Relevant Member States (a) to any legal
entity which is a qualified investor as defined in the Prospectus Directive;
or (b) in any other circumstances falling within Article 3(2) of the
Prospectus Directive. For the purposes of this paragraph, the expression an
"offer of securities to the public" means the communication in any form and by
any means of sufficient information on the terms of the offer and the
securities to be offered so as to enable an investor to decide to exercise,
purchase or subscribe the securities, as the same may be varied in that Member
State by any measure implementing the Prospectus Directive in that Member
State and the expression "Prospectus Directive" means Directive 2003/71/EC
(and amendments thereto, including the 2010 PD Amending Directive, to the
extent implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.

This communication includes forward-looking  statements within the meaning  of 
the securities laws of certain applicable jurisdictions. These forward-looking
statements include,  but  are  not  limited  to,  all  statements  other  than 
statements of  historical facts  contained in  this communication,  including, 
without limitation,  those  regarding  estimates  of  Talvivaara's  production 
levels and  the  timeframe and  associated  costs. By  their  nature,  forward 
looking statements involve  known and unknown  risks, uncertainties and  other 
factors because they relate to events and depend on circumstances that may  or 
may not  occur in  the future.  Talvivaara cautions  you that  forward-looking 
statements are not guarantees of future performance and are based on  numerous 
assumptions and that its actual results of operations, including its financial
condition and liquidity, as  well as production  levels may differ  materially 
from (and be significantly more negative than) those made in, or suggested by,
the  forward-looking  statements  contained   in  this  communication.   These 
assumptions are  inherently  uncertain  and  subject  to  a  wide  variety  of 
significant operational  and regulatory  risks  and uncertainties  that  could 
cause the actual  outcome of  Talvivaara's actions to  materially differ  from 
those anticipated.

No statement in this announcement is intended as a profit forecast or a profit
estimate and no statement in this  announcement should be interpreted to  mean 
that earnings  per share  for  the current  or  future financial  years  would 
necessarily match  or  exceed the  historical  published earnings  per  share. 
Prices and values of, and income from, shares may go down as well as up and an
investor may not get back  the amount invested. It  should be noted that  past 
performance is no guide to  future performance. Persons needing advice  should 
consult an independent financial adviser.

J.P. Morgan Securities plc,  which is authorised and  regulated in the  United 
Kingdom by the  Financial Services Authority,  is acting as  sole sponsor  for 
Talvivaara and no one  else in connection with  the proposed rights issue  and 
will not  regard  any  other  person  (whether or  not  a  recipient  of  this 
announcement) as a client  in relation to the  proposed rights issue and  will 
not  be  responsible  to  anyone  other  than  Talvivaara  for  providing  the 
protections afforded to its  clients or for giving  advice in connection  with 
the  proposed  rights  issue,  the  contents  of  this  announcement  and  the 
accompanying  documents  or  any  other  transaction,  arrangement  or  matter 
referred to herein or therein.

Each of Nordea Bank Finland Plc, Merrill Lynch International, BNP PARIBAS  and 
Danske Bank A/S Helsinki Branch is  acting exclusively for Talvivaara and  for 
no one else in connection with the  proposed rights issue and will not  regard 
any other person (whether or not a recipient of this announcement) as a client
in relation to the proposed rights issue and will not be responsible to anyone
other  than  Talvivaara  for  providing  the  protections  afforded  to  their 
respective clients or  for providing  advice in connection  with the  proposed 
rights issue  or any  other  transaction, arrangement  or matter  referred  to 
herein.

This announcement should  not be considered  a recommendation by  any of  J.P. 
Morgan Securities plc, Nordea Bank  Finland Plc, Merrill Lynch  International, 
BNP PARIBAS or  Danske Bank  A/S Helsinki Branch  or any  of their  respective 
directors, officers, employees, advisers or any of their respective affiliates
in relation to any purchase of or subscription for securities.

No representation or warranty, express or implied, is given by or on behalf of
any of J.P.  Morgan Securities  plc, Nordea  Bank Finland  Plc, Merrill  Lynch 
International, BNP PARIBAS or Danske Bank A/S Helsinki Branch or any of  their 
respective directors, officers, employees, advisers or any of their respective
affiliates or any other  person as to the  accuracy, fairness, sufficiency  or 
completeness of the information  or the opinions or  the beliefs contained  in 
this announcement (or any part hereof).

None of the information contained in this announcement has been  independently 
verified or approved by any of J.P. Morgan Securities plc, Nordea Bank Finland
Plc, Merrill  Lynch International,  BNP PARIBAS  or Danske  Bank A/S  Helsinki 
Branch or any of their respective directors, officers, employees, advisers  or 
any of their respective affiliates. Save in the case of fraud, no liability is
accepted by  any of  J.P.  Morgan Securities  plc,  Nordea Bank  Finland  Plc, 
Merrill Lynch International, BNP PARIBAS or Danske Bank A/S Helsinki Branch or
any of their  respective directors,  officers, employees, advisers  or any  of 
their respective affiliates for any errors, omissions or inaccuracies in  such 
information or opinions or for any  loss, cost or damage suffered or  incurred 
howsoever arising, directly or indirectly,  from any use of this  announcement 
or its contents or otherwise in connection with this announcement.

No person  has  been  authorised  to  give any  information  or  to  make  any 
representations other than those contained in this announcement and, if  given 
or made, such information or representations  must not be relied on as  having 
been authorised by Talvivaara, any of J.P. Morgan Securities plc, Nordea  Bank 
Finland Plc,  Merrill Lynch  International,  BNP PARIBAS  or Danske  Bank  A/S 
Helsinki  Branch  or  any  other  person.  Subject  to  applicable  rules  and 
regulations, the issue of this  announcement shall not, in any  circumstances, 
create any  implication  that there  has  been no  change  in the  affairs  of 
Talvivaara and  its group  since the  date of  this announcement  or that  the 
information in it is correct as at any subsequent date.

This communication is directed only at (i) persons who are outside the  United 
Kingdom or (ii) persons who  have professional experience in matters  relating 
to investments  falling within  Article 19(5)  of the  Financial Services  and 
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high
net worth entities, and other persons to whom it may lawfully be communicated,
falling within Article  49(2) of the  Order (all such  persons together  being 
referred to  as "relevant  persons"). Any  investment activity  to which  this 
communication relates will only be available to and will only be engaged with,
relevant persons. Any person who  is not a relevant  person should not act  or 
rely on this announcement or any of its contents.

Neither the content  of Talvivaara's website  (or any other  website) nor  the 
content of any website accessible from hyperlinks on Talvivaara's website  (or 
any other website) is incorporated into, or forms part of, this announcement.

Talvivaara publishes technical review report by SRK Consulting

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