The Special Committee and the Board would be prepared to meet with First Quantum to discuss a supported transaction if First Quantum is prepared to make a fair offer to Inmet's shareholders. The Special Committee and the Board believe that, absent a fair offer, executing on the current plan will create higher value for shareholders. Inmet has an outstanding track record of increasing shareholder value and we have all the pieces in place to continue that trend.
That's why, on behalf of the Inmet Board of Directors, I continue to urge you to reject the inadequate First Quantum offer and not tender your shares.
David R. Beatty, O.B.E.
Chairman of the Board of Directors
Inmet Mining Corporation
How to Withdraw Inmet Shares from the Inadequate First Quantum Offer
Shareholders with questions about the Directors' Circular or who may have already tendered their shares to the First Quantum Offer and wish to withdraw them are asked to immediately contact Inmet's information agent, Laurel Hill Advisory Group, at +1 877 452 7184.
About Inmet Mining Corporation
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.
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, the outcome of the First Quantum Offer and the strategic alternatives process that Inmet is currently undertaking, 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.
(1) The implied value of $67.70 assumes consideration of 50% cash and 50% First Quantum stock, which reflects the application of proration.(2) Based on analyst consensus estimates for Inmet excluding Cobre Panama. Cobre Panama NAV is based on the Basic Engineering Summary Report adjusted for Inmet's 80% interest (Table 6-6: $2.75/lb Cu and 8% discount rate scenario)(3) January 29, 2013 First Quantum Minerals Ltd. investor presentation, slide 3
Inmet Shareholder Contact:
Inmet Mining Corporation
Director, Investor Relations
+1 416 361 4808
Inmet Media Contact:
Longview Communications Inc.
+1 416 649 8007
Laurel Hill Advisory Group
North American Toll Free: +1 877 452 7184
Banks and Brokers and collect calls outside
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