Katanga Mining Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss before income taxes of CAD 12.2 million and net loss of CAD 12.6 million or CAD 0.01 basic and diluted loss per share on the sales revenue of CAD 76.3 million compared to loss before income taxes of CAD 39.4 million and net loss of CAD 38.82 million or CAD 0.19 basic and diluted loss per share on the sales revenue of CAD 57.65 million for the same period last year. The company reported net cash used in operating activities of CAD 48.8 million and additions to property, plant and equipment of CAD 20.8 million compared to net cash used in operating activities of CAD 59.5 million and additions to property, plant and equipment of CAD 106.5 million for the same period last year. For the nine months, the company reported loss before income taxes of CAD 120.4 million and net loss of CAD 90.4 million or CAD 0.14 basic and diluted loss per share on the sales revenue of CAD 185.5 million compared to loss before income taxes of CAD 80.4 million and net loss of CAD 66.14 million or CAD 0.34 basic and diluted loss per share on the sales revenue of CAD 196.6 million for the same period last year. The company reported net cash used in operating activities of CAD 159.6 million and additions to property, plant and equipment of CAD 69.9 million compared to net cash used in operating activities of CAD 44.65 million and additions to property, plant and equipment of CAD 289.9 million for the same period last year.

Katanga Mining Ltd. announced that its Board of Directors has appointed Cornelis Erasmus as a new director of the Company. Mr. Erasmus is the seventh member of Katanga's Board of Directors and was appointed for a term expiring at the next annual general meeting of shareholders of the Company in 2010. Mr. Erasmus has been an executive with Glencore International AG. He also serves as a director of Mopani Copper Mines PLC and Philippine Associated Smelting and Refining Corporation.

Katanga Mining Ltd. announced its intention to accelerate the ramp-up of its project in the Katanga Province in the Democratic Republic of Congo to 150,000 tons of copper and 8,000 tons of cobalt per annum through the earlier completion of the construction of Phases 3 and 4, as disclosed in the technical report of the company dated March 31, 2009. The Accelerated Development Plan has rescheduled approximately $140.6 million of capital expenditures related to modules 1 and 2 of Phase 5 to beyond the Accelerated Development Plan. It is expected that the Accelerated Development Plan will be substantially funded by existing cash balances and cash generated by operations. Phases 3 and 4 as described in the Technical Report have now been combined into one new Phase 3 which will take installed copper and cobalt capacity up to 150,000 and 8,000 tons per annum respectively through the refurbishment of existing facilities and infrastructure at the Kamoto Concentrator and the Luilu Refinery by the end of second quarter of 2011. This compares with an original completion date of first quarter of 2013 from the Technical Report. The Accelerated Development Plan for new Phase 3 is scheduled to ramp-up installed copper capacity from the current 70,000 tons per annum by 20,000 tons per annum increments every 6 months with the first increment being completed during first quarter of 2010.