TORONTO, CANADA--(Marketwire - Dec. 13, 2012) - Inmet Mining Corporation (Inmet) (TSX:IMN) is pleased to announce an increase to proven and probable mineral reserves at its 80 percent owned Cobre Panama project. The additional mineral reserves from the Balboa, Brazo and Botija Abajo deposits increase Cobre Panama's total estimated contained copper by 27 percent to approximately 26 billion pounds. Estimated contained gold increases by 41 percent to approximately 7.3 million ounces. The additional mineral reserves have been integrated into a revised mine plan that extends the estimated mine life from 31 to 40 years. A summary of the revised mine plan is attached as Table 3.

Table 1: Summary of changes to mineral reserves (100% basis)
	Cu (Blb)		Au (Moz)
Cobre Panama Project at December 2011
Proven	3.3		1.1
Probable	17.2		4.0
Proven + Probable	20.4		5.2
Addition of Balboa, Brazo and Botija Abajo
To Probable	5.5		2.1
Updated Project Total at December 2012
Proven	3.3		1.1
Probable	22.7		6.2
Proven + Probable	25.9		7.3
	+27	%	+41	%

Table 2: Mineral reserve estimates by classification
						Contained Metal
	kt	Cu %	Mo %	Au g/t	Ag g/t	Cu Blb	Mo Mlb	Au koz	Ag Moz
Cobre Panama at December 2011
Proven	258,000	0.57	0.010	0.14	1.6	3.3	55	1,130	13
Probable	2,061,000	0.38	0.007	0.06	1.4	17.2	320	4,040	91
Total	2,319,000	0.40	0.007	0.07	1.4	20.4	373	5,170	104
Balboa, Brazo, Botija Abajo Additions
Probable	740,000	0.34	0.003	0.09	1.1	5.5	43	2,130	27
Total	740,000	0.34	0.003	0.09	1.1	5.5	43	2,130	27
Total Cobre Panama at December 2012
Proven	258,000	0.57	0.010	0.14	1.6	3.3	55	1,130	13
Probable	2,800,000	0.37	0.006	0.07	1.3	22.7	361	6,170	118
Total	3,058,000	0.38	0.006	0.07	1.3	25.9	416	7,300	131
Inmet's share 1						20.7	333	5,840	105
1 Inmet's attributable 80% share before consideration of delivery obligations under the precious metals stream agreement with a subsidiary of Franco-Nevada Corporation.

Table 3: Mine Plan (basis 100%)

			Pre-Prod	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10	Y11-15	Y16-20	Y21-25	Y26-30	Y31-35	Y35-40	Total
Mining
	Ore	kt		52,241	58,062	58,400	58,654	58,400	57,950	58,400	58,400	57,360	85,407	437,152	438,000	426,946	391,841	399,947	361,336	3,058,495
	Stkpl + Waste	kt	119,037	66,477	57,767	45,431	44,986	45,437	47,479	48,442	51,992	71,612	51,284	249,193	300,540	320,866	350,400	294,150	51,117	2,216,210
	Total	kt	119,037	118,718	115,829	103,831	103,640	103,837	105,429	106,842	110,392	128,973	136,691	686,345	738,540	747,812	742,241	694,097	412,453	5,274,705
Milling
	Ore	kt		52,241	58,062	58,400	58,654	58,400	57,950	58,400	58,400	57,360	85,407	437,152	438,000	426,946	391,841	399,947	361,336	3,058,495
Grade
	Cu	%		0.43	0.52	0.54	0.55	0.54	0.56	0.57	0.54	0.47	0.45	0.39	0.38	0.35	0.33	0.33	0.33	0.38
	Mo	%		0.008	0.009	0.011	0.009	0.010	0.010	0.009	0.009	0.008	0.008	0.007	0.008	0.005	0.005	0.005	0.004	0.006
	Au	g/t		0.09	0.11	0.11	0.11	0.10	0.11	0.13	0.11	0.08	0.08	0.06	0.08	0.07	0.06	0.06	0.08	0.07
	Ag	g/t		1.3	1.3	1.4	1.4	1.6	1.5	1.8	1.7	1.6	1.5	1.4	1.3	1.2	1.3	1.2	1.4	1.3
Contained Metal
	Cu	kt		225	303	313	320	316	326	333	314	267	383	1,692	1,678	1,476	1,289	1,331	1,191	11,756
	Mo	kt		4	5	6	5	6	6	5	5	5	7	29	33	21	18	19	14	189
	Au	koz		159	201	207	209	186	197	244	200	154	220	810	1,059	950	760	765	973	7,294
	Ag	koz		2,120	2,500	2,590	2,680	2,940	2,800	3,330	3,220	2,880	4,070	19,250	17,700	15,890	17,000	15,690	16,230	130,970
Recoverable Metal
	Cu	kt		205	280	290	296	292	302	308	289	242	349	1,516	1,518	1,295	1,125	1,163	964	10,434
	Mo	kt		2	3	3	3	3	3	3	3	2	4	16	18	11	10	10	6	101
	Au	koz		92	119	124	126	108	116	154	121	87	123	403	572	487	410	443	501	3,984
	Ag	koz		1,040	1,180	1,230	1,270	1,390	1,320	1,580	1,530	1,360	1,920	9,100	8,310	6,740	7,500	6,720	5,470	57,660

Qualified Persons and Quality Assurance

Mineral reserves and resources are shown on a 100 percent basis.

The mineral reserve and resource estimates are prepared in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on November 27, 2010, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003. You will find the definitions and guidelines at www.cim.org.

Mineral resources as at August, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc., a qualified person under National Instrument 43-101. Mineral reserves as at December, 2012 were estimated by William Rose, P.E., of WLR Consulting, Inc., a qualified person under National Instrument 43-101.

Reserve estimates are based on the following assumptions:

• copper price: US $2.25 per pound
• gold price: US $1,000 per ounce
• silver price: US $16 per ounce
• molybdenum price: US $13.50 per pound
• Mining costs: US $ 1.66 per tonne of ore mined, US $ 1.96 per tonne of waste mined and
• Milling and general and administration cost: US $ 5.27 per tonne of ore milled, average life of mine metallurgical recoveries: 89 percent for copper, 55 percent for gold, 44 percent for silver and 53 percent for molybdenum.

Mineral resources include mineral reserves.

Resource grades are estimated using ordinary kriging with a nominal block size of 25 metres by 25 metres by 15 metres. Resources are limited inside a pit shell defined by a copper price of US $2.60 per pound, $1.75 per tonne mining cost and $7.02 per tonne total site operating cost, and are tabulated at a cut-off grade of 0.15 percent copper.

Table 4: Mineral resource estimates by classification
						Contained Metal
	Mt	Cu %	Mo %	Au g/t	Ag g/t	Cu Blb	Mo Mlb	Au koz	Ag Moz
Measured	262	0.56	0.009	0.13	1.5	3.3	54	1,118	13.0
Indicated	3,941	0.34	0.005	0.06	1.2	29.4	472	7,888	157.2
Total	4,203	0.35	0.006	0.07	1.3	32.7	526	9,006	170.3
Inferred	3,686	0.23	0.004	0.04	1.0	18.3	345	4,396	115.4

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 and zinc. We have three mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland), and own 80% of the Cobre Panama project, currently in construction. This press release is also available at www.inmetmining.com.