Inmet’s Balboa Copper Gold Discovery June 1st, 2011 Webcast

“Balboa grades and copper gold ratios are

getting significantly better at depth”

2

million

tonnes

Cu

(%)

Au

(g/t)

Ag

(g/t)

Mo

(%)

Cu Eq

(%)(a)

Cu

(b lbs)

Au

(m ozs)

Cu Eq

(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

tonnes

Cu

(%)

Au

(g/t)

Ag

(g/t)

Mo

(%)

Cu Eq

(%)

Cu

(b lbs)

Au

(m ozs)

Cu Eq

(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

Measured and Indicated

Resources*

Inferred

Resources*

* from 2010 FEED report

Botija Colina

Valle Grande

Cobre Panama Resources 2010

Cu P+P Reserves Cu Eq P+P Reserves

4

5

Measured &

6

BALBOA DISCOVERY

Plant Site

Botija Crusher Site

Second Crusher Site

Holes previously reported

New holes

2.32 % Cu and 2.28 g/t Au (3.9 % CuEq)(b) over 124 m

0.95 % Cu and 0.43 g/t Au (1.3 % CuEq)(b)

over 200 m

7

> 0.50% Cu

0.85% Cu

0.26 g/t Au

36 m

0.92% Cu

0.40 g/t Au

113 m

0.61% Cu

0.11 g/t Au

108 m

0.67% Cu

0.21 g/t Au

196m

2.32% Cu

2.28 g/t Au

124 m

> 0.15% Cu

0.63% Cu

0.24g/t Au

37 m

1.41% Cu

1.29 g/t Au

-------------

222 m

0.41% Cu

0.06 g/t Au

-------------

317 m

0.49% Cu

0.14 g/t Au

-------------

313 m

0.55% Cu

0.19 g/t Au

-------------

277 m

0.39% Cu

0.11 g/t Au

-------------

317 m

0.26% Cu

0.07 g/t Au

-------------

221 m

0 200 400

metres

8

W E

> 0.50% Cu

> 0.15% Cu

0.41% Cu

0.06 g/t Au

-------------

317 m

0.30% Cu

0.04 g/t Au

-------------

320 m

0.65% Cu

0.26 g/t Au

-------------

364 m

0.61% Cu

0.11 g/t Au

108 m

0.58% Cu

0.05 g/t Au

239 m

0.54% Cu

0.09 g/t Au

32 m

0.95% Cu

0.43 g/t Au

200 m

0.45% Cu

0.04 g/t Au

-------------

455 m

0 200 400

metres

9

S N

Classic A veins in porphyry Bornite

Intense stockworks

10

(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) Under National 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.

Cu % Cutoff Tonnes

(millions)Cu % Au g/t Cu Eq %

(1)

Contained

Cu

(billions lbs)

Contained

Au

(millions ozs)

Contained

CuEq

(billions lbs)

greater than

0.15500 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

greater than

0.30300 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

greater than

0.50130 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

11

Balboa Contour Plan Map 0.15% Cu cut-off CuEq grade X thickness metres

12

11 km

1.5

km

Oyu Tolgoi

100 B lbs CuEq(c)

Cobre Panama

50+ B lbs

CuEq(d)

Not including

Balboa

Pebble

160 B lbs CuEq(e)

1.5

km

1.5

km

Hole CC11-10

13

14

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

15

16

17

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