Mining Stocks; Inmet (TSX:IMN) Announces First Quarter Earnings of $1.42 Per Share Compared With Earnings of $1.06 Per Share in the First Quarter of 2009.

. With ore haulage from the pit now resumed, we will proceed with our commissioning plan. Although we are encouraged by the improvements in the plant and confident that we are on the right track, we require a period of continuous operation with representative ore from the pit to accurately predict the timing of achieving our performance targets.– Significantly increased mineral reserves and resources at Cobre Panama On March 31, 2010, we announced the results of the front end engineering and design (FEED) study for Cobre Panama. The study showed a significant increase in mineral reserves and resources making Cobre Panama one of the largest undeveloped copper porphyry deposits in the world. Design parameters of the project have also improved considerably due to extensive environmental, social and engineering work and, the project’s output and size have been expanded by 25 percent. Substantial progress has also been made in advancing our financing strategy. LS-Nikko confirmed it would retain its 20 percent equity option interest and we continue meeting with other potential partners for the project.– We issued 9.3 million subscription receipts for gross proceeds of $500 million

On March 31, 2010, we entered into a subscription agreement with a subsidiary of Temasek Holdings (Private) Limited (Temasek), under which Temasek has agreed to buy 9.26 million subscription receipts, exchangeable on a one-for-one basis for Inmet common shares, for total proceeds of $500 million. We issued the subscription receipts on April 23, 2010 and the proceeds are being held in escrow until certain conditions relating to the share exchange are met.
 
Full news at http://www.inmetmining.com/Theme/Inmet/files/pdf/2010_Q1%20Press%20Release.pdf
 
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