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Download the PDF version. TORONTO, CANADA--(Marketwire - March 30, 2012) - Inmet Mining Corporation (Inmet) (TSX:IMN) announced that it has disclosed updated mineral reserves and resources in its 2011 Annual Information Form (AIF) filed today on the System for Electronic Distribution and Retrieval (SEDAR). The AIF is also posted on the Inmet website. As reported in the table below, Inmet's share of consolidated copper reserves and resources net of 2011 mining have increased as follows (reported on a 100% ownership basis):
The main changes to individual properties net of 2011 mining are as follows: ÇAYELI
PYHÄSALMI
LAS CRUCES
COBRE PANAMA
The 2011 mineral reserve and resource table included in the AIF is as follows: Operating properties Contained Metal (x 1000) TonnesCuZnPbAuAgSMoCuZnPbAuAgMoInmet's Category(x 1000)%%%g/tg/t%%tonnestonnestonnesouncesouncestonnesInterestMineral reserves Las Cruces Proven9,7775.8------564-----100% Probable4,8814.9------238-----100% Total14,6585.5------802-----100%Çayeli Proven5,0073.03.4-0.328--152170-554,507-100% Probable2,9463.34.3-0.440--98126-423,789-100% Total7,9533.13.7-0.432--250296-968,296-100%Pyhäsalmi Proven9,1371.12.0-0.41441-99183-1184,113-100% Probable--------------100% Total9,1371.12.0-0.41441-99183-1184,113-100% Inmet's share1,151478 21412,409
For additional information regarding Inmet's reserves and resources please refer to Inmet's 2011 Annual Information Form dated March 28, 2012. Notes to mineral reserves and resources table Mineral reserves and resources are shown on a 100 percent basis for each property. Except for Cobre Panama, mineral resources are exclusive of mineral reserves. 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 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. LAS CRUCES Reserve and resource estimates as at December 31, 2011 prepared by independent consultant Alan C. Noble, P.E., Ore Reserves Engineering. Reserve estimates are based on the following assumptions:
Resource estimates for the gossan material are based on a cut-off grade of 1 gram per tonne gold. ÇAYELI Mineral resources as at December 31, 2011, were estimated by Robert Sim, P. Geo., of SIM Geological Inc. Reserve estimates as at December 31, 2011 were prepared under the supervision of Joseph Boaro, P. Eng. (Director, Mining, Inmet Mining). Reserve estimates are based on the following assumptions:
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. PYHÄSALMI Reserve and resource estimates as at December 31, 2011 prepared under the supervision of Timo Maki, EurGeol., European Federation of Geologists (Chief Geologist, Pyhäsalmi). Reserve estimates are based on the following assumptions:
Resource estimates are based on the geological limits of the massive sulphides. COBRE PANAMA Mineral resources as at March 5, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc. Mineral reserves as at December 31, 2011 were estimated by William Rose, P.E., of WLR Consulting, Inc., a qualified person under National Instrument 43-101. Reserve estimates are based on the following assumptions:
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 and $7.02 per tonne total site operating cost, and are tabulated at a cut-off grade of 0.15 percent copper. 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: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland), and own 100% of the Cobre Panama development project.
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distributed by | This press release was issued by Inmet Mining Corporation and was initially posted at http://ir.inmetmining.com/press-releases/inmet-files-annual-information-form-incorporating--tsx-imn- 201203300778321001 . It was distributed, unedited and unaltered, by noodls on 2012-03-31 16:55:54 PM. The issuer is solely responsible for the accuracy of the information contained therein. |