Inmet Mining, Petaquilla Copper and Teck Cominco Announce Results of Interim Report on the Petaquilla Front End Engineering and Design (FEED) Study

    TORONTO and VANCOUVER, Feb. 8 /CNW/ - Inmet Mining Corporation (IMN-TSX),
Petaquilla Copper Ltd. (PTC-TSX) and Teck Cominco Limited (TCK-TSX) announce
the results of an interim report on the Front End Engineering and Design
(FEED) Study being conducted by AMEC Americas Limited (AMEC) on the Petaquilla
copper project in Panama.
    The Interim Report estimates that the capital cost required to develop
the Petaquilla project would be US $3.5 billion (including a contingency of
$515 million but not including working capital and escalation). The capital
cost estimate includes approximately $500 million for the construction of an
oil-fired power plant and approximately $280 million for port facilities. Cash
costs, including operating and realization costs and net of by-product
credits, in years 1 to 10 of the project are estimated to average US $0.85 per
pound of copper produced. The study is based on the mine plan developed in
1998, which contemplates a 23-year mine life. The project includes a
concentrator capable of processing 120,000 tpd of ore. Construction is
expected to take approximately 44 months from issuance of construction
permits. Permitting would follow the submission of a social and environmental
impact assessment, expected to be completed in the fourth quarter of 2008.
    Capital costs for the project have increased substantially over
previously published estimates both as a result of scope changes, including
enhancements in erosion control, water management and other environmental
protection measures, as well as increases in equipment and construction costs
that have been affecting projects worldwide. Despite the increase in capital
costs required to develop Petaquilla, the shareholders believe that the
project still has the potential to be a world-class mining operation.
    Work is continuing on the FEED Study. A project review team is currently
studying opportunities to reduce the capital costs from the Interim FEED study
estimate. Several possible opportunities have already been identified in the
area of the grinding circuit, power supply and port infrastructure. The
project review team will evaluate these opportunities over the next six weeks
and, where appropriate, incorporate these changes into the capital cost
    The parties have agreed that Petaquilla Copper will have the right to
present proposals for the construction of the power plant and port facilities
for the project, and associated infrastructure, including the road from the
concession to the Caribbean coast. To the extent that Petaquilla Copper's
proposals are technically, economically and commercially equivalent to or more
attractive than the base case contemplated by the FEED program, Petaquilla
Copper's proposals will be incorporated in the development of the project, and
Petaquilla Copper will receive a management fee for preparing the proposals.
    Inmet holds a 48 percent equity interest in Minera Petaquilla, S.A., the
Panamanian company that holds the Petaquilla concession, while Petaquilla
Copper currently holds a 52 percent equity interest. Teck Cominco has the
right to acquire a 26 percent equity interest in Minera Petaquilla by
committing, prior to March 31, 2008, to participate in work plans and budgets
leading to commercial production, and by committing to fund 52 percent of
development costs for the project. If Teck Cominco funds those development
costs, it will recoup 26 percent of the development costs, plus interest at US
prime plus two percent per annum, prior to any distributions to Petaquilla
Copper. In lieu of receiving funding from Teck Cominco, Petaquilla Copper may
elect, within 30 days of Teck Cominco's production commitment, to finance all
or part of the development costs for its 26 percent equity interest in the
project. Teck Cominco is the operator of the project.

    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.
    This press release is also available at, and

    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, Pyhdsalmi, Troilus and Ok Tedi. We also
have interests in two development properties, Las Cruces and Cerattepe, and
one pre-development property, Petaquilla.

    About Teck Cominco - Teck Cominco is a diversified mining company,
headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock
Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange
under the symbol TCK. The company is a world leader in the production of zinc
and metallurgical coal and is also a significant producer of copper, gold,
indium and other specialty metals. Further information can be found at

    About Petaquilla Copper - Petaquilla Copper Ltd. is a mineral exploration
company headquartered in Vancouver, Canada. Its shares are listed on the
Toronto Stock Exchange under the symbol PTC. The Company holds 52% of Minera
Petaquilla, S.A., a joint venture company developing its world-class copper
deposit in the Republic of Panama. Petaquilla Copper also owns 49% of the
issued shares of Petaquilla Infrastructure Ltd., a company incorporated to
manage and expedite the development of the power, port and related
infrastructure in support of the Molejon Gold Mine of Petaquilla Minerals Ltd.

For further information:

For further information: Inmet: Jochen Tilk, President and Chief
Operating Officer, (416) 860-3972; Teck Cominco: Greg Waller, Vice President,
Investor Relations and Strategic Analysis, (604) 687-1117; Petaquilla Copper:
(604) 694-0021, toll-free 1-877-694-0021

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