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Katanga Mining announces ore reserves and mineral resources

February 10, 2014

ZUG, Switzerland, Feb. 10, 2014 /CNW/ – Katanga Mining Limited (TSX: KAT) (“Katanga” or the “Company“) is pleased to announce its ore reserve and mineral resource estimates
as at December 31, 2013.

Key Updates: Mineral Resources

        --  Overall, the measured and indicated mineral resource for Kamoto
            Copper Company ("KCC") (in which the Company has a 75%
            interest) decreased by 5.2 million tonnes.
      o Changes in the measured mineral resource for KTO, KOV Open Pit and
        T17 Open Pit is a decrease of 1.7 million tonnes at KTO, 2.2
        million tonnes at KOV Open Pit and 0.2 million tonnes at T17 Open
        Pit based on the depletion of the mineral resource due to mining in
        2013.
      o Changes in the indicated mineral resource for KOV Open Pit is a
        decrease of 1.1 million tonnes based on the depletion of the
        mineral resource due to mining in 2013.
      o Changes in the inferred mineral resource for KOV Open Pit is a
        decrease of 0.3 million tonnes based on the depletion of the
        mineral resource due to mining in 2013.
        --  There are no changes in the mineral resources reported for
            Mashamba East Open Pit, Kananga Mine and Tilwezembe Open Pit,
            as mining was not undertaken in these areas in 2013 and no
            geological work was done on these areas in 2013.
        --  A reconciliation table comparing the 2012 and 2013 mineral
            resource estimates is set out in Annexure A.

Key Updates: Ore Reserves

        --  The outcome of the December 31, 2013 ore reserve estimate is a
            net increase of 3.9 million tonnes of ore reserves, the net
            increase in reserve is based on completion of T17 underground
            Pre-feasibility study, 4.7 million tonnes being mined in 2013
            and minor, short-term ore definition changes and pit design
            adjustments undertaken in 2013.
        --  A reconciliation table comparing the 2012 and 2013 ore reserves
            is set out in Annexure Bandthe key mining parameters which
            inform the ore reserve estimates are set outin Annexure C

KATANGA MINING LIMITED

CONSOLIDATED ORE RESERVES AND MINERAL RESOURCES (1, 2, 3, 4, 5, 6, 7, 8, 9)

as at December 31, 2013

     ____________________________________
    |Ore Reserves        |  Mt |%TCu|%Tco|
    |____________________|_____|____|____|
    |Proved              |11.5 |3.40|0.72|
    |____________________|_____|____|____|
    |Probable            |83.4 |4.05|0.45|
    |____________________|_____|____|____|
    |Proved & Probable   |94.8 |3.97|0.48|
    |____________________|_____|____|____|
    |                    |     |    |    |
    |____________________|_____|____|____|
    |Mineral Resources   |     |    |    |
    |____________________|_____|____|____|
    |Measured            |33.0 |4.18|0.57|
    |____________________|_____|____|____|
    |Indicated           |244.4|3.98|0.45|
    |____________________|_____|____|____|
    |Measured & Indicated|277.4|4.00|0.47|
    |____________________|_____|____|____|
    |Inferred            |168.7|2.41|0.31|
    |____________________|_____|____|____|

More detailed ore reserve and mineral resource estimates are as follows:

KATANGA MINING LIMITED

PROVED AND PROBABLE ORE RESERVES (1, 2, 5, 6, 7, 9)

as at December 31, 2013

     _____________________________________
    |Ore Reserves          | Mt |%TCu|%TCo|
    |______________________|____|____|____|
    |KTO                   |28.9|3.48|0.56|
    |______________________|____|____|____|
    |T-17 Open Pit         |0.2 |2.93|0.44|
    |______________________|____|____|____|
    |T-17 Underground      |10.9|3.50|0.61|
    |______________________|____|____|____|
    |Mashamba East Open Pit|5.9 |3.00|0.36|
    |______________________|____|____|____|
    |KOV Open Pit          |48.9|4.49|0.42|
    |______________________|____|____|____|
    |TOTAL                 |94.8|3.97|0.48|
    |______________________|____|____|____|

KATANGA MINING LIMITED

MEASURED AND INDICATED MINERAL RESOURCES (1, 2, 3, 4, 5, 6, 8, 9)

as at December 31, 2013

     ____________________________________________________________
    |Measured and Indicated Mineral Resources    |  Mt |%TCu|%TCo|
    |____________________________________________|_____|____|____|
    |KTO                                         |61.6 |4.61|0.58|
    |____________________________________________|_____|____|____|
    |T-17 Open Pit/T-17 Underground              |13.7 |3.89|0.61|
    |____________________________________________|_____|____|____|
    |Mashamba East Open Pit                      |75.0 |1.80|0.38|
    |____________________________________________|_____|____|____|
    |KOV Open Pit/KOV Underground/KTE Underground|113.5|5.41|0.42|
    |____________________________________________|_____|____|____|
    |Kananga Mine                                | 4.1 |1.61|0.79|
    |____________________________________________|_____|____|____|
    |Tilwezembe Open Pit                         | 9.5 |1.89|0.60|
    |____________________________________________|_____|____|____|
    |TOTAL                                       |277.4|4.00|0.47|
    |____________________________________________|_____|____|____|

KATANGA MINING LIMITED

INFERRED MINERAL RESOURCES (1, 2, 3, 4, 5, 6, 8, 9)

as at December 31, 2013

     ____________________________________________________________
    |Inferred Mineral Resources                  |  Mt |%TCu|%TCo|
    |____________________________________________|_____|____|____|
    |KTO                                         |11.0 |5.00|0.59|
    |____________________________________________|_____|____|____|
    |T-17 Open Pit/T-17 Underground              | 5.2 |4.21|0.98|
    |____________________________________________|_____|____|____|
    |Mashamba East Open Pit                      |65.3 |0.76|0.10|
    |____________________________________________|_____|____|____|
    |KOV Open Pit/KOV Underground/KTE Underground|69.4 |3.58|0.32|
    |____________________________________________|_____|____|____|
    |Kananga Mine                                | 4.0 |2.00|0.98|
    |____________________________________________|_____|____|____|
    |Tilwezembe Open Pit                         |13.8 |1.75|0.60|
    |____________________________________________|_____|____|____|
    |TOTAL                                       |168.7|2.41|0.31|
    |____________________________________________|_____|____|____|

Notes:

      1. The ore reserve and mineral resource estimates have been prepared
         in accordance with the classification criteria of the Australasian
         Code for Reporting of Exploration Results, Mineral Resources and
         Ore Reserves prepared by the Joint Ore Reserves Committee of the
         Australasian Institute of Mining and Metallurgy, Australian
         Institute of Geoscientists and Minerals Council of Australia, as
         amended ("JORC Code").  If the definitions and classification
         standards adopted by the Canadian Securities Administrators'
         National Instrument 43-101 Standards of Disclosure for Mineral
         Projects ("NI 43-101") had been used instead of those of the JORC
         Code, the estimates of mineral reserves and mineral resources
         would be substantially similar to the estimates of ore reserves
         and mineral resources presented here.
      2. The mineral resource estimates have been prepared by, or under the
         supervision of, Christiano Santos Goncalves, (MAusIMM CP (Geo) 306
         079) and the ore reserve estimates have been prepared by, or under
         the supervision of, Jacobus Lotheringen, PrEng each of Golder
         Associates Africa Pty Ltd, who are each a qualified person under
         NI 43-101.
      3. Mineral resources are inclusive of ore reserves.
      4. Mineral resources which are not ore reserves do not have
         demonstrated economic viability.
      5. For KTO, the ore reserve and mineral resource estimates are for
         KCC's entire interest in such ore reserves and mineral resources,
         whereas the Company owns 75% of KCC.  La Generale des Carrieres et
         des Mines and La Société Immobilière du Congo, state-owned mining
         companies in the Democratic Republic of Congo, own the remaining
         25% of KCC.
      6. Numbers may not add due to rounding.
      7. Unless otherwise noted, the Company's ore reserves are estimated
         using appropriate cut-off grades based on an assumed long term
         price of $6 178 per tonne of copper and long term price of $25 062
         per tonne of cobalt. Ore reserves are estimated using appropriate
         process recoveries, operating costs and mine plans that are unique
         to each property and include estimated allowances for dilution and
         mining recovery.
      8. Unless otherwise noted, the Company's mineral resources are
         estimated using appropriate lithological interpretations, grade
         compositing and grade estimation techniques for copper and cobalt.
      9. The Company's normal data verification procedures have been used
         in collecting, compiling, interpreting and processing the data
         used to estimate ore reserves and mineral resources. Independent
         data verification has not been performed. However the data has
         been independently validated.

Qualified Person and Technical Report

This press release was prepared under the supervision of Tim Henderson,
Technical Consultant, Katanga and a ‘qualified person’ as such term is
defined in NI 43-101. Mr. Henderson has reviewed and approved the
contents of this press release.

The Company’s technical report entitled “An Independent Technical Report
on the Material Assets of Katanga Mining Limited, Katanga Province,
Democratic Republic of Congo” dated March 30, 2012 prepared by Golder
Associates Africa (Pty) Ltd under the supervision of Mr. Willem van der
Schyff as the “qualified person” is in compliance with NI 43-101 is
filed under the Company’s profile on SEDAR at www.sedar.com.

Cautionary Note to US Investors concerning estimates of Measured,
Indicated and Inferred Mineral Resources


The above tables uses the terms “Measured, Indicated and Inferred
Mineral Resources” using the ore reserves and mineral resource
categories of the JORC Code. We advise US investors that while these
terms are recognized and required by Canadian regulations, the US
Securities and Exchange Commission does not recognize them. “Inferred
mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of inferred
mineral resources will ever be upgraded to a higher category. In
accordance with Canadian rules, estimates of inferred mineral resources
cannot form the basis of feasibility or other economic studies. US investors are cautioned not to assume that any part or all of the
inferred mineral resource exists, or is economically or legally
mineable.

About Katanga Mining Limited

Katanga Mining Limited operates a major mine complex in the Democratic
Republic of Congo producing refined copper and cobalt. The Company has
the potential to become Africa’s largest copper producer and the
world’s largest cobalt producer. Katanga is listed on the Toronto Stock
Exchange under the symbol KAT.

Forward Looking Statements

This press release may contain forward-looking statements, including,
but not limited to, the increase in mined volumes and grades of copper
and cobalt , the potential for an underground mine at T17 Open Pit and
the completion of the Phase 5 project. Often, but not always,
forward-looking statements can be identified by the use of words such
as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or describes a “goal”, or
variation of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved.

All forward-looking statements reflect the Company’s beliefs and
assumptions based on information available at the time the statements
were made. Actual results or events may differ from those predicted in
these forward-looking statements. All of the Company’s forward-looking
statements are qualified by the assumptions that are stated or inherent
in such forward-looking statements, including the assumptions listed
below. Although the Company believes that these assumptions are
reasonable, this list is not exhaustive of factors that may affect any
of the forward-looking statements. The key assumptions that have been
made in connection with the forward-looking statements include: there
being no significant disruptions affecting the operations of the
Company whether due to labour disruptions, supply disruptions, power
disruptions, damage to equipment or otherwise; permitting and
development, being consistent with the Company’s current expectations;
continued recognition of the Company’s mining concessions and other
assets, rights, titles and interests in the Democratic Republic of
Congo (“DRC”); political and legal developments in the DRC being
consistent with its current expectations; the continued provision or
procurement of additional funding from Glencore Xstrata for the
completion of the Phase 5 Project; prices for diesel, natural gas, fuel
oil, electricity and other key supplies being approximately consistent
with current levels; labour and material costs increasing on a basis
consistent with the Company’s current expectations; the increased
backfill tonnes and the acceleration of primary and secondary
development will provide access to higher grade zones at KTO
Underground Mine, the successful resolution of the near-term
underground chamber availability issues and all necessary equipment and
parts will be delivered and installed on schedule for Phase 5.

Forward-looking statements involve known and unknown risks, future
events, conditions, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially different
from any future results, prediction, projection, forecast, performance
or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, the actual results of current
exploration activities; actual results and interpretation of current
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
copper and cobalt; possible variations in ore grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing or in the
completion of exploration, development or construction activities,
delays due to strikes or other work stoppage, both internal and
external to the Company, as well as those factors disclosed in the
Company’s current annual information form and other publicly filed
documents. Although Katanga has attempted to identify important factors
that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.

The Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information,
future events, or otherwise, except in accordance with applicable
securities laws.

Annexure A

     _______________________________________________________________________
    |Katanga Mining Limited Mineral Resource Reconciliation at December 31, |
    |                                 2013                                  |
    |_______________________________________________________________________|
    |              |               |        2013   |        2012   |Variance|
    |Classification|  Project Area |_______________|_______________|________|
    |              |               |  Mt |%TCu|%TCo|  Mt |%TCu|%TCo|    Mt  |
    |______________|_______________|_____|____|____|_____|____|____|________|
    |              |KTO            |28.7 |4.41|0.58|30.4 |4.36|0.58|  (1.7) |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Mashamba East  | 0.0 |0.00|0.00| 0.0 |0.00|0.00|   0.0  |
    |              |Open Pit       |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |T-17 Open      | 4.3 |2.68|0.52| 4.5 |2.71|0.54|  (0.2) |
    |              |Pit/T-17       |     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |    Measured  |KOV Open       | 0.0 |0.00|0.00| 2.2 |4.07|0.22|  (2.2) |
    |              |Pit/KOV        |     |    |    |     |    |    |        |
    |              |Underground/KTE|     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Kananga Mine   | 0.0 |0.00|0.00| 0.0 |0.00|0.00|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Tilwezembe Open| 0.0 |0.00|0.00| 0.0 |0.00|0.00|   0.0  |
    |              |Pit            |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Subtotal       |33.0 |4.18|0.57|37.1 |4.14|0.55|  (4.1) |
    |______________|_______________|_____|____|____|_____|____|____|________|
    |              |KTO            |32.9 |4.78|0.58|32.9 |4.78|0.58|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Mashamba East  |75.0 |1.80|0.38|75.0 |1.80|0.38|   0.0  |
    |              |Open Pit       |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |T-17 Open      | 9.4 |4.44|0.65| 9.4 |4.44|0.65|   0.0  |
    |              |Pit/T-17       |     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |   Indicated  |KOV Open       |113.5|5.41|0.42|114.6|5.42|0.42|  (1.1) |
    |              |Pit/KOV        |     |    |    |     |    |    |        |
    |              |Underground/KTE|     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Kananga Mine   | 4.1 |1.61|0.79| 4.1 |1.61|0.79|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Tilwezembe Open| 9.5 |1.89|0.60| 9.5 |1.89|0.60|   0.0  |
    |              |Pit            |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Subtotal       |244.4|3.98|0.45|245.5|3.99|0.45|  (1.1) |
    |______________|_______________|_____|____|____|_____|____|____|________|
    |              |KTO            |61.6 |4.61|0.58|63.3 |4.58|0.58|  (1.7) |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Mashamba East  |75.0 |1.80|0.38|75.0 |1.80|0.38|   0.0  |
    |              |Open Pit       |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |T-17 Open      |13.7 |3.89|0.61|13.9 |3.88|0.61|  (0.2) |
    |              |Pit/T-17       |     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    | Measured and |KOV Open       |113.5|5.41|0.42|116.8|5.39|0.42|  (3.3) |
    |  Indicated   |Pit/KOV        |     |    |    |     |    |    |        |
    |              |Underground/KTE|     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Kananga Mine   | 4.1 |1.61|0.79| 4.1 |1.61|0.79|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Tilwezembe Open| 9.5 |1.89|0.60| 9.5 |1.89|0.60|   0.0  |
    |              |Pit            |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |TOTAL          |277.4|4.00|0.47|282.6|4.01|0.46|  (5.2) |
    |______________|_______________|_____|____|____|_____|____|____|________|
    |              |KTO            |11.0 |5.00|0.59|11.0 |5.00|0.59|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Mashamba East  |65.3 |0.76|0.10|65.3 |0.76|0.10|   0.0  |
    |              |Open Pit       |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |T-17 Open      | 5.2 |4.21|0.98| 5.2 |4.21|0.98|   0.0  |
    |              |Pit/T-17       |     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |    Inferred  |KOV Open       |69.4 |3.58|0.32|69.7 |3.58|0.32|  (0.3) |
    |              |Pit/KOV        |     |    |    |     |    |    |        |
    |              |Underground/KTE|     |    |    |     |    |    |        |
    |              |Underground    |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Kananga Mine   | 4.0 |2.00|0.98| 4.0 |2.00|0.98|   0.0  |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |Tilwezembe Open|13.8 |1.75|0.60|13.8 |1.75|0.60|   0.0  |
    |              |Pit            |     |    |    |     |    |    |        |
    |              |_______________|_____|____|____|_____|____|____|________|
    |              |TOTAL          |168.7|2.41|0.31|169.0|2.42|0.31|  (0.3) |
    |______________|_______________|_____|____|____|_____|____|____|________|

Annexure B

Katanga Mining Limited Ore Reserve Reconciliation as at December 31,
2013

     __________________________________________________________________
    |Mining operation      |2013 Reserve Estimate|2012 Reserve Estimate|
    |                      |_____________________|_____________________|
    |                      | Mt |%TCu|     %TCo  | Mt |%TCu|     %TCo  |
    |______________________|____|____|___________|____|____|___________|
    |KTO                   |28.9|3.48|     0.56  |30.6|3.59|     0.52  |
    |______________________|____|____|___________|____|____|___________|
    |T-17 Underground      |10.9|3.50|     0.61  |0.9 |3.51|     0.57  |
    |______________________|____|____|___________|____|____|___________|
    |T-17 Open Pit         |0.2 |2.93|     0.44  |1.6 |3.52|     0.56  |
    |______________________|____|____|___________|____|____|___________|
    |Mashamba East Open pit|5.9 |3.00|     0.36  |5.9 |3.00|     0.36  |
    |______________________|____|____|___________|____|____|___________|
    |KOV Open Pit          |48.9|4.49|     0.42  |51.9|4.76|     0.42  |
    |______________________|____|____|___________|____|____|___________|
    |Total                 |94.8|3.97|     0.48  |90.9|4.18|     0.45  |
    |______________________|____|____|___________|____|____|___________|

Notes: See notes 1, 2, 5 to 7 and 9 on page 3 of this press release
relating to ore reserve estimates.

Annexure C

     ____________________________________________________
    |     Ore Reserve Estimation: Key Mining Parameters  |
    |____________________________________________________|
    |Reference Mining Costs (USD $/t)             | 3.15 |
    |_____________________________________________|______|
    |Reference Mining Processing (USD $/t)        |47.58 |
    |_____________________________________________|______|
    |Reference Mining Metal Price for Cu (USD $/t)|6,178 |
    |_____________________________________________|______|
    |Reference Mining Metal Price for Co (USD $/t)|25,062|
    |_____________________________________________|______|
     _____________________________________________________________________
    |Operation  | Mining  |Mining|Geological|Cut-off|Processing|Processing|
    |           |Dilutions| and  |  Losses  | Grade |Recoveries|Recoveries|
    |           |         |Pillar|          | (Cu)  |   (Cu)   |   (Co)   |
    |           |         |Losses|          |       |          |          |
    |___________|_________|______|__________|_______|__________|__________|
    |KTO        |5% to 10%|18% to|      5%  | 1.50% |   90.5%  |   76.6%  |
    |           |         | 35%  |          |       |          |          |
    |___________|_________|______|__________|_______|__________|__________|
    |KOV        |     9%  |   1% |      0%  | 0.60% |     85%  |     65%  |
    |___________|_________|______|__________|_______|__________|__________|
    |T17        |     7%  |5% to |      8%  | 1.40% |     85%  |     65%  |
    |Underground|         | 35%  |          |       |          |          |
    |___________|_________|______|__________|_______|__________|__________|
    |T17 Open   |    10%  |  20% |      5%  | 0.60% |     85%  |     65%  |
    |Pit        |         |      |          |       |          |          |
    |___________|_________|______|__________|_______|__________|__________|
    |Mashamba   |     9%  |  39% |      5%  | 0.60% |     85%  |     65%  |
    |East       |         |      |          |       |          |          |
    |___________|_________|______|__________|_______|__________|__________|

SOURCE Katanga Mining Limited


Source: PR Newswire



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