Katanga Announces Third Quarter Results

Katanga Mining Limited (TSX:KAT) ("Katanga" or the "Company") today announces
its financial results for the calendar quarter and the nine months ended
September 30, 2009.


Highlights during and subsequent to the three months ended September 30, 2009
(expressed in US dollars)




--  Total sales for the quarter were $76.2 million, comprising $58.4 million
    for copper cathode (9,623 tonnes), $17.8 million for cobalt metal (620
    tonnes) and cobalt concentrate.
--  A gross profit of $2.1 million and a net loss of $12.6 million have been
    recognized in the quarter.
--  There was a net increase in cash and cash equivalents in the quarter of
    $3.1 million leaving the Company with available funds of $152.8 million
    at the quarter end.
--  As stated in the Company's press release dated September 8, 2009, the
    Company announced its intention to accelerate the ramp-up of its project
    to 150,000 tonnes of copper and 8,000 tonnes of cobalt per annum (the
    "Accelerated Development Plan") through the earlier completion of the
    construction of Phases III and IV, as disclosed in the Company's
    technical report dated March 31, 2009 (refer to the Company's press
    release dated March 31, 2009). It is expected that the Accelerated
    Development Plan will be substantially funded by existing cash balances
    and cash generated by operations.
--  As stated in the Company's press release dated July 27, 2009, the
    Company signed an amended Kamoto Copper Company ("KCC") Joint Venture
    Agreement (the "AJVA") with La Generale des Carrieres et des Mines
    ("Gecamines"). The key areas of the new AJVA are: to release the
    Dikuluwe and Mashamba West Deposits; to merge the DRC Copper and Cobalt
    Project and KCC joint ventures; and address requirements of the
    Government of the Democratic Republic of Congo resulting from the review
    of mining partnerships with Gecamines.



Operations and Project Summary for the quarter ended September 30, 2009

Underground (KTO)

During the quarter ended September 30, 2009, 315,879 tonnes of ore were mined
with an average copper grade of 3.78% and cobalt grade of 0.46%. This represents
a 24% increase over the previous quarter.


Open Pit (T17)

398,302 tonnes of ore were produced (a 6% decrease from the previous quarter)
with a copper grade of 1.17% and a cobalt grade of 0.75%. The decrease in the
amount of ore produced is consistent with the expected production in the mine
plan in the Accelerated Development Plan.


Kamoto Concentrator

539,107 tonnes of ore were processed from both the underground and the open pit
mines from which 50,908 tonnes of concentrate were produced, a 10% increase from
the second quarter due to the increase in underground extraction and the
commissioning of the CM1 mill.


Luilu Processing Plant

In the three months ended September 30, 2009 the Company achieved production of
10,351 tonnes of copper cathode and 628 tonnes of cobalt metal (a 9% and 6%
increase on the previous quarter production respectively). Production of both
finished copper and cobalt in the quarter has been constrained by process
inefficiencies in the metallurgical plant and refinery which have now been
corrected.


Project Review

During the quarter, phase II of the expansion plan was substantially completed
with the only significant outstanding item being the hot commissioning of the
new roaster. The hot commissioning process has already started and will be
completed in the fourth quarter. The phase III tendering process has commenced
for engineering and procurement services.


Katanga's Financial Statements and Management's Discussion and Analysis for the
quarter will be filed on SEDAR, www.sedar.com.


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 Information

This press release contains "forward-looking information" within the meaning of
Canadian securities legislation, concerning the business, operations and
financial performance and condition of Katanga. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled
estimates", "forecasts", "intends", "anticipates", "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may, "could", "would", "might", "will" or "will be
taken", "occur", or "be achieved". Forward-looking statements are based on the
opinions and estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Katanga to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to: risks
relating to the refurbishment of existing facilities; unexpected events during
construction, expansion and start-up; variations in ore grade, tonnes mined;
future prices of copper and cobalt; possible variations in ore reserves, grade
or recovery rates; failure of plant, equipment or processes to operate as
anticipated; political unrest and insurrection; acts of terrorism; accidents,
labor disputes and other risks of the mining industry; delays in the completion
of development or construction activities, as well as those factors discussed
herein or referred to in the current annual information form of the Company
filed with the securities regulatory authorities in Canada and available at
www.sedar.com. Although management of Katanga has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no
assurance that such 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. Katanga does not undertake to update any forward-looking statements
that are incorporated herein, except in accordance with applicable securities
laws.