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TORONTO, CANADA--(Marketwire - March 29, 2011) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining") and Inmet Mining Corporation (TSX:IMN) ("Inmet") jointly announced today that they have terminated the arrangement agreement dated January 12, 2011 between them in accordance with its terms.
As a result, the formerly announced Special Meetings of Shareholders of both Inmet and Lundin Mining, scheduled for April 4, 2011, are cancelled. The parties have agreed that Inmet's right to a break fee of $120 million, in accordance with the arrangement agreement, will be preserved in connection with the unsolicited offer of Equinox Minerals Limited to acquire Lundin Mining.
In a joint statement, Mr. Phil Wright, President and CEO of Lundin Mining, and Mr. Jochen Tilk, President and CEO of Inmet, said "Inmet and Lundin believe that this merger would have created a leading copper producer with benefits for both companies' shareholders.
"We have however agreed to mutually terminate the agreement on the grounds that we could not reach a position that we thought would be supported by both companies' shareholders.
"We continue to think very highly of each other's assets and wish each other well."
ABOUT INMET
Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in three mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We also have a 100 percent interest in Cobre Panama, a development project in Panama.
This press release is also available at >www.inmetmining.com
ORBruce Drysdale
Media Relations: Drysdale Forstner Hamilton Public Affairs
+1 (416) 206-0118 x.220
ORSophia Shane, Investor Relations
Investor Relations: Lundin Mining Corporation
North America
+1 (604) 689-7842
ORJohn Miniotis
Lundin Mining Corporation
Senior Business Analyst
+1-416-342-5560
ORRobert Eriksson, Investor Relations
Lundin Mining Corporation
Sweden
+011 (46) 8 545 015 50
