Balboa Copper Gold Discovery in Panama - June 2011

1. Inmet’s Balboa Copper Gold Discovery
June 1st, 2011 Webcast
“Balboa grades and copper gold ratios are
getting significantly better at depth”

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3. Colina
Cobre Panama Resources 2010 Botija
Measured and Indicated
Resources*
Inferred
Resources*
* from 2010 FEED report
Valle Grande
million Cu Au Ag Mo Cu Eq Cu Au Cu Eq
tonnes (%) (g/t) (g/t) (%) (%)(a) (b lbs) (m ozs) (b lbs)(a)
Proven 245 0.59 0.14 1.61 0.010 0.70 3.2 1.1 3.8
Probable 1,897 0.39 0.06 1.41 0.007 0.46 16.3 3.7 19.1
Proven and probable* 2,143 0.41 0.07 1.43 0.008 0.49 19.5 4.8 23.1
million Cu Au Ag Mo Cu Eq Cu Au Cu Eq
tonnes (%) (g/t) (g/t) (%) (%) (b lbs) (m ozs) (b lbs)
Measured 261 0.56 0.13 1.5 0.009 0.67 3.2 1.1 3.8
Indicated 3,010 0.34 0.06 1.2 0.006 0.40 22.6 5.8 26.6
Measured and indicated 3,271 0.36 0.06 1.3 0.007 0.43 25.8 6.9 30.7
Inferred 3,194 0.24 0.04 1.0 0.005 0.29 16.9 4.1 20.2

4. Cu P+P Reserves Cu Eq P+P Reserves
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6. Measured &
BALBOA
DISCOVERY
Second Crusher Site Plant Site
Botija Crusher Site
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7. Holes previously reported
New holes
0.95 % Cu and 0.43 g/t Au (1.3 % CuEq)(b)
over 200 m
2.32 % Cu and 2.28 g/t Au (3.9 % CuEq)(b)
over 124 m
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8. W 0.39% Cu
0.11 g/t Au
0.26% Cu
0.07 g/t Au
-------------
E
221 m
-------------
317 m
0.55% Cu
0.19 g/t Au
0.41% Cu 0.49% Cu ------------- 0.63% Cu
0.06 g/t Au 0.14 g/t Au 277 m 0.24g/t Au
------------- ------------- 0.85% Cu 37 m
317 m 313 m 0.26 g/t Au
36 m
0.92% Cu
1.41% Cu 0.40 g/t Au
1.29 g/t Au 113 m
-------------
222 m
0.61% Cu
0.67% Cu
0.11 g/t Au
0.21 g/t Au
108 m
196m
2.32% Cu
2.28 g/t Au
124 m > 0.50% Cu
0 200 400 > 0.15% Cu
metres
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9. S N
0.45% Cu
0.04 g/t Au
-------------
0.41% Cu 455 m
0.06 g/t Au 0.65% Cu
------------- 0.26 g/t Au
317 m -------------
364 m
0.30% Cu
0.04 g/t Au
-------------
320 m
0.58% Cu
0.05 g/t Au
0.61% Cu 239 m
0.11 g/t Au
108 m
0.95% Cu
0.43 g/t Au
200 m
0.54% Cu
0.09 g/t Au
32 m
0 200 400 > 0.50% Cu
metres > 0.15% Cu
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10. Intense stockworks
Classic A veins in porphyry Bornite
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11. Contained Contained Contained
Tonnes (1)
Cu % Cutoff Cu % Au g/t Cu Eq % Cu Au CuEq
(millions)
(billions lbs) (millions ozs) (billions lbs)
greater than
500 to 600 0.40 to 0.50 0.15 to 0.19 0.50 to 0.60 4.4 to 6.6 2.4 to 3.6 5.5 to 8.2
0.15
greater than
300 to 360 0.55 to 0.65 0.20 to 0.30 0.70 to 0.85 3.6 to 5.4 2.1 to 3.2 4.5 to 6.7
0.30
greater than
130 to 170 0.80 to 1.00 0.40 to 0.50 1.00 to 1.30 2.4 to 3.6 1.8 to 2.7 3.0 to 5.0
0.50
(1) Copper
Equivalent calculated using US $2.25/lb Cu, US $1000/oz Au, US $13.50/lb Mo and US
$15.00/oz Ag and is not adjusted for metallurgical recoveries as these remain uncertain. The
formula used is as follows Cu Eq = Cu %+ (Au g/t x 0.65) + (Mo ppm / 1667) + (Ag g/t x 0.01)
(2) UnderNational Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-
101), these potential tonnage and grade estimates are conceptual in nature, as there has
been insufficient exploration to define a mineral resource, and it is uncertain if further
exploration will result in the targeted deposit being delineated as a mineral resource.
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12. Balboa Contour Plan Map
0.15% Cu cut-off
CuEq grade X thickness metres
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13. Oyu Tolgoi 1.5
100 B lbs CuEq(c) km
Cobre Panama
50+ B lbs
CuEq(d) 1.5
Not including km
11 km
Balboa
Hole CC11-10
Pebble
160 B lbs CuEq(e) 1.5
km
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15. Cu Au
% g/t
First 10 year Feed in Current Mine Plan 0.55 0.11
0.30% Cu Cutoff Potential Mineralization Grade 0.60 0.25
Difference 1.1 X 2.3 X
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