Inmet Recommends Shareholders Tender to First Quantum's Offer

Fri Mar 22, 2013 3:28pm EDT

* Reuters is not responsible for the content in this press release.

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

    This press release is also available at

    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.

Inmet Contacts:
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

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)

First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
+44 140 327 3484
+44 140 327 3494 (FAX)

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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