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Inmet Mining Announces Rejection of Appeal of Cerattepe Project Injunction |
04/29/2008 |
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Download this Press Release
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TORONTO, April 29 /CNW/ - Inmet Mining Corporation (IMN-TSX) announced
that its wholly-owned subsidiary, Artvin Bakir Maden Isletmeleri A.S. (ABMI),
has received notice today from the Trabzon Regional Administrative Court of
the Court's decision to reject an appeal by the Turkish Ministry of Energy and
Natural Resources (MENR) concerning the injunction issued against the
Cerattepe project.
With the rejection of the Ministry's appeal, the injunction will continue
to prevent ABMI from carrying out further development work on the Cerattepe
property until the end of this year when we expect the Rize Administrative
Court will render its decision on applications filed with it to cancel the
operating licences for the project. We are working with MENR to defend against
these applications and continue to believe that they are without merit.
In light of the Trabzon Regional Administrative Court's decision, our
ability to progress the Cerattepe project remains subject to legal
uncertainty. We therefore no longer expect that Cerattepe will commence
production in 2009.
ABMI is currently in the process of an orderly winding-down of
development activities on the Cerattepe property and will keep the property on
a care-and-maintenance basis pending resolution of the legal proceedings
regarding the project.
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 four mining operations in
locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also
have interests in two development properties, Las Cruces and Cerattepe, and
one pre-development property, Petaquilla.
This press release is also available at www.inmetmining.com.
For further information: Jochen Tilk, President and Chief Operating
Officer, (416) 860-3972
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