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:
-- 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.
-- 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% zinc, 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.
-- 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.