Inmet Announces Award of Cobre Panama Mine Pre-Stripping Contract, Bringing Total Commitments to US $4.1 Billion

TORONTO, CANADA -- (Marketwire) -- 12/28/12 -- Inmet Mining Corporation ("Inmet") (TSX: IMN) is pleased to announce that its subsidiary, Minera Panama S.A. (MPSA) has awarded the Cobre Panama mine pre-stripping contract to a joint venture of Salini S.p.A. and Impregilo S.p.A. The scope of work includes the pre-stripping of the Botija pit including the development of a rock quarry within the pit, development and maintenance of waste dumps, sediment control structures, haul routes and pads and platforms for ancillary facilities. With this award, commitments for the development of Cobre Panama now amount to US $4.1 billion of the total estimated capital cost of US $6.2 billion, consistent with our project execution plan.

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 wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.

This press release is also available at www.inmetmining.com.

Contacts:

Inmet Mining Corporation

Jochen Tilk

President and Chief Executive Officer

(416) 860-3972


Inmet Mining Corporation

Flora Wood

Director, Investor Relations

(416) 361-4808
www.inmetmining.com