TORONTO and VANCOUVER, Sep. 19, 2008 (Canada NewsWire via COMTEX News Network) --
InmetMining Corporation (IMN-TSX) and Petaquilla Copper Ltd. (PTC-TSX)announced today that 163,116,924 common shares have been validlydeposited to the offer (the "Offer") made by Inmet's wholly-ownedsubsidiary, 6910360 Canada Inc., to acquire all the outstanding commonshares of Petaquilla Copper. Inmet has also announced that theconditions to the Offer have all been satisfied or waived. Inmet hastaken up and accepted for payment all Petaquilla Copper common sharesdeposited to the Offer. Such payment will be made on or beforeSeptember 24, 2008.
163,116,924 common shares of PetaquillaCopper, representing 94.9% of the issued and outstanding common shares(82.2% on a fully diluted basis), have been taken up under the Offer.
Uponpayment for the 163,116,924 common shares taken up, Inmet will own,directly and indirectly, 163,914,024 common shares, representing 95.4%of the issued and outstanding common shares of Petaquilla Copper (82.6%on a fully diluted basis).
The Offer will not be extended.Inmet intends to pursue a compulsory acquisition or other means ofacquiring, directly or indirectly, all of the remaining common sharesof Petaquilla Copper, including by means of an arrangement or othersubsequent acquisition transaction, as described in its take-over bidcircular. Upon completion of any such compulsory acquisition orsubsequent acquisition transaction, Inmet intends to de-list the commonshares of Petaquilla Copper from the Toronto Stock Exchange.
Inmetfirst announced its intention to make the Offer on July 6, 2008 and itmailed its take-over bid circular to Petaquilla Copper shareholders onJuly 28, 2008. Pursuant to the Offer (as amended and varied), Inmetoffered to purchase for cash all of the outstanding common shares ofPetaquilla Copper, at the price of $2.20 per share.
Forward looking information
Securitiesregulators encourage companies to disclose forward-looking informationto help investors understand a company's future prospects. This pressrelease contains forward-looking information. These are"forward-looking" because we have used what we know and expect today tomake a statement about the future. Forward-looking statements usuallyinclude words such as may, expect, anticipate, and believe or othersimilar words. Capital and operating cost estimates are forward-lookingstatements, and are based on assumptions that we believe to bereasonable. However, actual events and results could be substantiallydifferent because of the risks and uncertainties associated with ourrespective business or events that happen after the date of this pressrelease. You should not place undue reliance on forward-lookingstatements.
About Inmet Mining Corporation
Inmet is aCanadian-based global mining company that produces copper, zinc andgold. We have interests in four mining operations in locations aroundthe world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also haveinterests in three development properties, Las Cruces, Cerattepe andPetaquilla.
About Petaquilla Copper Ltd.
PetaquillaCopper Ltd. is a resource development company headquartered inVancouver, Canada. Its shares are listed on the Toronto Stock Exchangeunder the symbol PTC.
This press release is also available at www.inmetmining.com and www.petaquillacopper.com.
SOURCE: Inmet Mining Corporation
JochenTilk, President and Chief Operating Officer, Inmet Mining Corporation,(416) 860-3972; Joao Manuel, Chief Financial Officer, Petaquilla CopperLtd., (604) 694-0021
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