Inmet Recommends Shareholders Tender to First Quantum's Offer

Fri Mar 22, 2013 3:28pm EDT

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Marketwire

First Quantum Minerals Ltd.

March 22, 2013 - 03:27:59 PM

Inmet Recommends Shareholders Tender to First Quantum's Offer

TORONTO, CANADA--(Marketwire - March 22, 2013) - Inmet Mining Corporation
("Inmet" or the "Company") (TSX:IMN) today announces that its Board of
Directors recommends that all Inmet shareholders tender their shares to the
extended offer on or before the deadline of 5:00 p.m. (Eastern Daylight Time)
on April 1, 2013 in order to facilitate prompt receipt of the offer
consideration. This decision follows the announcement by First Quantum
Minerals Ltd. ("First Quantum")(TSX:FM)(LSE:FQM) that 85.5% of the outstanding
Inmet shares (on a fully diluted basis) have been tendered to and taken up
under the First Quantum offer. 

Shareholders who wish to exercise their rights of dissent under any Compulsory
Acquisition or Subsequent Acquisition transaction should follow the procedures
described in First Quantum's offer circular and not tender their shares.
Shareholders with questions on tendering are asked to contact Inmet's
information agent, Laurel Hill Advisory Group, at +1 877 452 7184 or Georgeson
Shareholder Communications Canada, Inc. at 1-866-656-4120 (North America) or
1-781-575-2421 (outside North America). 

Inmet also announces the resignation of the following Directors, effective
immediately:



David R. Beatty, O.B.E.                                                     
Yilmaz Arguden                                                              
John Clappison                                                              
John C. Eby                                                                 
Paul E. Gagne                                                               
Gerald W. Grandey                                                           
Oyvind Hushovd                                                              
Thomas A. Mara                                                              
Jochen Tilk                                                                 
Douglas Whitehead                                                           



The following nominees of First Quantum have been appointed to serve on the
new Board:



Philip Pascall, Chair                                                       
Martin Rowley                                                               
Clive Newall                                                                
Andrew Adams                                                                



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, 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: Cayeli (Turkey), Las Cruces
(Spain) and Pyhasalmi (Finland). We have an 80 percent interest in Cobre
Panama, a development property in Panama, currently in construction.

This press release is also available at www.inmetmining.com.

About First Quantum 

First Quantum is a leading international mining company with a global
portfolio of copper and nickel assets located in Africa, Australia, South
America and Europe. For the twelve months ended December 31, 2012, First
Quantum generated revenue and adjusted EBITDA of US$2,950 million and US$1,143
million respectively and produced 307 kt of copper, 38 kt of nickel and 202
koz of gold. A diverse portfolio of profitable operating assets and quality
growth projects makes First Quantum one of the fastest-growing mining
companies in the world. First Quantum is listed on the Toronto, London and
Lusaka Stock Exchanges, with a market capitalization of approximately US$10
billion.

First Quantum has earned a strong reputation as an industry leading developer
of high-quality base metals projects globally. Although a significant copper
producer currently, First Quantum is itself in a phase of transformational
growth, with an anticipated tripling of copper production by the end of 2018.
To achieve this growth, the First Quantum team is building on its significant
experience in project development, with a proven record of successfully
developing resource assets. The capital intensity of our Kansanshi and
Sentinel developments, for example, at approximately US$5,000 / tonne and
US$6,000 / tonne, respectively, are among the lowest in the industry.
Importantly, First Quantum has consistently delivered superior shareholder
returns, averaging 32 percent per annum over the period 2000 to 2011.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Inmet Contacts:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 (416) 361-4808
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


First Quantum Contacts:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung, Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
sharon.loung@fqml.com


First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com


Jefferies International
Peter Bacchus
Managing Director
+44 778 994 3482


Media: Harmony Communications
Brian Cattell
Senior Partner
+44 20 7016 9155


Georgeson Shareholder Communications Canada, Inc.
+1-866-656-4120 (North America)
+1-781-575-2421 (outside North America)
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