Inmet Mining Responds to Press Reports of Equity Transaction with Korea Resources Corporation; Announces Alliance Agreement with Korea Resources

    TORONTO, Sept. 9 /CNW/ - Inmet Mining Corporation (Inmet) (TSX:IMN)
confirmed today that contrary to certain press reports it has not agreed to
enter into any transaction with Korea Resources Corporation under which Korea
Resources would purchase Inmet common shares. While Inmet and Korea Resources
have been in discussions concerning a potential transaction including for
joint investments in projects, no agreements have been concluded in that
regard nor have any intentions been finalized to enter into an agreement at a
later date.
    Inmet does intend to today enter into a strategic alliance agreement with
Korea Resources Corporation under which they will establish a protocol to
mutually pursue common shared interests within the global mining industry. The
parties will endeavour to agree on criteria for the types of initiatives that
would be the subject of cooperation under the alliance. The protocol for the
operation of the alliance will also provide for the establishment of, and set
forth the terms of reference for, a strategic alliance committee through which
Inmet and Korea Resources will interact in connection with alliance related
    The precise forms of cooperation between Inmet and Korea Resources are
expected to evolve over time as circumstances dictate and opportunities arise.
Each of them recognizes the other as a preferred partner for the cooperative
development of opportunities, however, any arrangements between them will not
necessarily be exclusive to the other.
    The alliance agreement also provides for the secondment of employees from
one party to the other, at times to be agreed between them.

    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,
zinc and gold. We have interests in five mining operations in locations around
the world: Cayeli, Las Cruces, Pyhasalmi, Troilus and Ok Tedi. We also have a
100 percent interest in the Mina de Cobre Panama development property in

    This press release is also available at

For further information:

For further information: Jochen Tilk, President and Chief Operating
Officer, (416) 860-3972

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