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Gold/Mining/Energy : Inmet Mining.$$$$$$$$$$$

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To: tyc:> who wrote (36)	7/16/2003 1:34:34 PM
From: Stephen O	Read Replies (1) of 42

Inmet Mng Cp: Inmet Announces Sale of Antamina Net Proceeds 2003-07-16 12:11 (New York) INMET MINING CORP ("IMN-T") NORANDA INC ("NRD-TDNPX3") - Inmet Announces Sale of Antamina Net Proceeds Interest to Noranda Inmet Mining Corporation announced that it has sold its 3.3 per cent net proceeds interest ("NPI") relating to the Antamina zinc and copper mine in Peru to Noranda Inc. for proceeds of U.S.$22.5 million. The sale was completed under a previously announced put- call agreement entered into between the two companies in February 2002. The full amount of these proceeds will be recognized as income in the third quarter. Inmet has sufficient tax losses to offset any taxes that would otherwise be payable. Inmet will use the funds received to pay down the remaining U.S.$19.5 million balance outstanding under its U.S.$40 million revolving credit facility. Richard Ross, Inmet's President and Chief Executive Officer said, "We are pleased to report that the value of the Antamina NPI has now been fully realized. The sale enhances our continued ability to finance our growth strategy". Inmet is a Canadian based international mining company. Inmet's mining operations and investments produce copper, zinc and gold, and Inmet's growth strategy is focused on finding quality base metal reserves. Inmet's operating base consists of four competitive mining operations: Cayeli, Pyhasalmi, Troilus and Ok Tedi. This press release is also available at www.inmetmining.com. TEL: +1 (416) 860-3974 Richard Ross, President and CEO ______________________________ ______________________________________________________________

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