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Gold/Mining/Energy : Inmet Mining.$$$$$$$$$$$ -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (27)	3/19/2002 12:36:52 PM
From: Al Collard	Read Replies (1) \| Respond to of 42

Inmet Mining Completes Pyhasalmi Purchase TORONTO, March 19 /CNW/ - Inmet Mining Corporation (IMN-TSE) announced today that it has completed its previously announced acquisition of the Pyhasalmi copper and zinc mine, located in central Finland, from Outokumpu Oyj ("Outokumpu"). As part of the transaction, Inmet has also acquired over 3,000 hectares of other exploration claims in Finland. In addition, Inmet and Outokumpu have entered into agreements that create an alliance to cooperate in the area of mining and mineral processing, technology, smelting, refining and the development of future mining projects. The purchase price paid by Inmet included EUR 45 million in cash, a EUR 14 million 10-year 6% promissory note and the issuance to Outokumpu of 4 million common shares of Inmet at a price of $4.50 per share. The EUR 45 million cash payment was funded through a U.S.$40 million 5-year revolving credit facility. As a result of the share issuance, Inmet now has 39,275,600 issued and outstanding common shares, of which Outokumpu owns approximately 10.2%. Inmet will consolidate the results of Pyhasalmi effective March 19, 2002. Inmet is a Canadian based international mining company. Inmet's operating base now consists of four competitive mining operations: Cayeli, Pyhasalmi, Troilus and Ok Tedi. Inmet's mining operations produce copper, zinc and gold. Inmet's growth strategy is focused on finding quality base metal reserves. This press release is also available at www.inmetmining.com. All dollar amounts are in Canadian dollars unless otherwise noted.