Inmet Mining Announces 2011 Production and 2012 Objectives for Operating Mines

TORONTO, CANADA -- (Marketwire) -- 01/16/12 -- Inmet Mining Corporation (TSX: IMN) is pleased to announce its production by operating mine for 2011, and production and cash cost objectives for 2012.

The following table provides a summary of our copper and zinc production by operating mine in 2011:

                                       Copper production     Zinc production
                                                (tonnes)            (tonnes)
Cayeli                                            28,700              48,100
Las Cruces                                        42,100                   -
Pyhasalmi                                         14,000              32,300
Consolidated                                      84,800              80,400

The following table summarizes our copper and zinc production objectives for 2012, along with our cash cost objectives for 2012:

                                                              Cash cost per
                      Copper production   Zinc production   pound of copper
                               (tonnes)          (tonnes)         (US $)(1)
Cayeli                  27,000 - 30,000     36,000-39,800       0.93 - 1.08
Las Cruces              61,700 - 68,600                 -       1.08 - 1.26
Pyhasalmi               11,300 - 12,600   22,800 - 25,200    (0.51) - (0.33)
CONSOLIDATED          100,000 - 111,200   58,800 - 65,000       0.86 - 1.03

(1)  Estimated cash costs were calculated using the following metals price
     and foreign exchange rate assumptions for 2012:
          Copper (per pound)       US $3.80
          Zinc (per pound)         US $0.95
          Euro to US$              1.30

Production results and 2012 Outlook

In 2011, we produced 84,800 tonnes copper and 80,400 tonnes zinc. Las Cruces production in 2011 was more than double its 2010 production, increasing to 42,100 tonnes from 20,600 tonnes. In the three months ended December 31, 2011, Las Cruces produced 14,100 tonnes, and finished the year with monthly production above 5,000 tonnes. In the last two weeks of 2011, we sustained recoveries above 88% at throughput levels and cathode production approaching design capacity. For 2012, we have set our production objective as a range of 61,700 to 68,600 tonnes copper cathode, or approximately 90% of design capacity.

Zinc production from Cayeli and Pyhasalmi in 2011 benefited from grades well above the average reserve grade of 4.3% at Cayeli and 2.1% at Pyhasalmi. In 2012, lower zinc grades expected at both operations account for the anticipated decline in zinc production.

Release of fourth quarter and year end financials and conference call information

We will include more outlook discussion when we announce our fourth quarter and year end results on Thursday, February 9, 2012 after the close of trading. We will conduct a live audio webcast and conference call discussing the results on Friday, February 10, 2012 at 8:30 a.m. Eastern Time. The call will be hosted by Jochen Tilk, President and Chief Executive Officer.

You are cordially invited to listen to the conference call via audio webcast through either http://events.digitalmedia.telus.com/inmet/021012/index.php or www.inmetmining.com. After the broadcast, an archive of the audio webcast will be available on both websites.

Interested persons who are unable to connect to the audio webcast can listen to the fourth quarter results conference call by dialing +1 416 695-6616 (local/international) or toll free +1 800 952-6845 (North America only). No passcode is required for the live conference call.

A conference call replay will be available beginning February 10, 2012 at 10:30 a.m. and will run until Friday, February 24th at midnight. The dial-in numbers for the replay are as follows: +1 905 694-9451 (local/international) or toll-free +1 800 408-3053 (North America only) with each number to be followed by passcode 7433427.

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 pyrite. We have three wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (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.com.

Contacts:

Inmet Mining Corporation

Flora Wood

Director, Investor Relations

+1 416 361 4808
www.inmetmining.com