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Press release from Marketwire

Cobre Panama Receives Approval of the Environmental & Social Impact Assessment From the Government of Panama

Tuesday, January 03, 2012

Cobre Panama Receives Approval of the Environmental & Social Impact Assessment From the Government of Panama08:20 EST Tuesday, January 03, 2012TORONTO, CANADA--(Marketwire - Jan. 3, 2012) - Inmet Mining Corporation (Inmet) (TSX:IMN) is pleased to report that the Government of Panama, through the Autoridad Nacional del Ambiente (ANAM), approved on December 28, 2011 the Environmental and Social Impact Assessment (ESIA) required for development of the Cobre Panama copper project, including the mining operations and related infrastructure, a port facility, and a coal-fired power plant. With the announcement of the approval by ANAM of the project ESIA, Korea Panama Mining Corp. (KPMC), a joint venture between Korea Resources Corporation and LS-Nikko Copper Inc., has until January 10, 2012 to notify Inmet as to its election to acquire a 20% interest in the project. If KPMC exercises its option, we would anticipate closing to occur no later than 30 business days after the date of KPMC's exercise of the option, and at closing, KPMC would be required to invest approximately $155 million in MPSA in accordance with the option.About Inmet Inmet is a Canadian-based global mining company that produces copper, zinc and pyrite. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have a 100 percent interest in Cobre Panama, a development property in Panama. This press release is also available at www.inmetmining.comFOR FURTHER INFORMATION PLEASE CONTACT: Flora WoodInmet Mining CorporationDirector, Investor Relations+1 416 361 4808www.inmetmining.com