TORONTO, March 26 /CNW/ - Inmet Mining Corporation IMN-TSX) announced
today that its wholly-owned subsidiary, Artvin Bakir Maden Isletmeleri A.S.
(ABMI), has received notice from the Rize Administrative Court of the Court's
decision to grant an injunction against the Cerattepe project.
Subject to an appeal, the injunction prohibits ABMI from conducting
further development work on the Cerattepe property until the Rize
Administrative Court renders its decision on two applications filed with it by
two non-governmental organizations (NGOs) to cancel the operating licences for
the project. The two applications seek cancellation of the operating licences
on the basis that the relevant government authorities incorrectly exempted the
granting of the licences from environmental assessment regulations. We expect
that the Rize Administrative Court will render its final decision on the
applications to cancel by the end of 2008.
ABMI is a co-defendant in the legal proceedings concerning the Cerattepe
project. The main defendant is the Turkish Ministry of Energy and Natural
Resources. The Ministry is expected to appeal the injunction decision to the
Trabzon District Administrative Court and ABMI is co-operating with the
Ministry in connection with such appeal. We expect that the Trabzon District
Administrative Court will rule on the Ministry's appeal by the end of April
If the Ministry's appeal succeeds, ABMI may resume work and continue with
development activities until the Rize Administrative Court's final decision on
the cancellation applications. However, the status of the operating licences
would still remain subject to such decision.
If the Ministry's appeal does not succeed, then ABMI will not be able to
carry out development activities until at least the date when the Rize
Administrative Court renders its final decision on the cancellation
Although we are disappointed with the decision to grant an injunction, we
will continue with our efforts concerning the Cerattepe project. If the
Ministry's appeal concerning the injunction is not successful or if the Rize
Administrative court decides the licenses should be cancelled, the project's
development schedule will be delayed.
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
About Inmet - Inmet is a Canadian-based global mining company that
produces copper, zinc and gold. We have interests in four mining operations in
locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also
have interests in two development properties, Las Cruces and Cerattepe, and
one pre-development property, Petaquilla.
This press release is also available at www.inmetmining.com.
For further information:
For further information: Steve Astritis, Vice-President, General Counsel
and Secretary, (416) 860-3977