• Talvivaara Mining Company Plc's Board of Directors has selected VTT Technical Research Centre of Finland to conduct an independent study of the reasons and circumstances leading to the gypsum pond leakage
• A group of experts is currently being compiled to produce the study
• The investigation into the root causes of the accident will involve a broad review of technical problem areas in dam and pond structures as well as other reasons in the Company's operating environment, internal processes and operations which may have contributed to the realization of the risk
• The study also covers preparedness for external factors, such as unusual weather conditions
• Initial results are targeted for as early as late January 2013, and the aim is to receive the completed report and recommendations by the end of February 2013

Talvivaara Mining Company Plc's ("Talvivaara" or the "Company") Board of Directors decided on 9 November 2012 to set a committee and an independent study group to examine the circumstances leading to and causing the gypsum pond leakage on 4 November 2012. The Committee is led by the Chairman of Talvivaara's Board of Directors, Mr. Tapani Järvinen, and includes the Company's independent Board Member Ms. Kirsi Sormunen. The investigation will involve industry-leading experts independent of Talvivaara from Finland and abroad.

As a first step in its work, the Committee has selected VTT Technical Research Centre of Finland to conduct an independent study of the reasons and circumstances leading to the leakage. VTT has accepted the mandate and a group of experts to carry out the investigation is currently being compiled. VTT will utilize leading domestic and foreign industry experts as and when required.

The investigation into the root causes of the accident will involve a broad review of technical problem areas in dam and pond structures as well as other reasons in the Company's operating environment, internal processes and operations which may have contributed to the realization of the risk.

The Finnish Accident Investigation Board is able to utilize the results of VTT's study in its safety investigation regarding the leakage.

Timetable and goals

Initial results are targeted for as early as late January 2013, and the aim is to receive the completed report and recommendations by the end of February 2013.

The investigation initiated by the Committee will thoroughly investigate the reasons which led to the gypsum pond leakage. On the basis of the independent study, a set of guidelines will be prepared for the Company in order to alter risk management practices and operating procedures to meet the standards for sustainable production. This process will enable Talvivaara to better manage risk and ensure that there are no similar incidents in the future.

Talvivaara Mining Company Plc

Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is estimated to support anticipated production for several decades. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE- 250 index. Further information can be found at www.talvivaara.com.