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Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.

  Nov 11, 2004 - 09:30 ET
Lundin Mining Corporation: Interim Report, Nine Months Period Ended September 30, 2004

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

NOVEMBER 11, 2004 - 09:30 ET

Lundin Mining Corporation: Interim Report, Nine Months 
Period Ended September 30, 2004

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 11, 2004) - Lundin 
Mining Corporation (TSX:LUN)

/T/

Operating and Financial Highlights
(Amounts in Canadian Dollars unless otherwise indicated)

July - September 2004 (2003)
- Sales were $21.5 million (none)
- Income before income taxes was $5.8 million ($1.2 million)
- Net income was $3.6 million corresponding to $0.12 per share ($1.0
  million corresponding to $0.13 per share)
- Cash flow from operating activities was $3.1 million ($0.4 million)

January - September 2004 (2003)
- Sales were $24.5 million (none)
- Income before income taxes was $5.3 million ($1.8 million)
- Net income was $3.6 million corresponding to $0.19 per share ($1.3
  million corresponding to $0.17 per share)
- Cash flow from operating activities was $5.3 million (-$0.5 million)
- Cash as at September 30, 2004 was $32.4 million (December 31,
  2003 - $9.1 million)
- The Company has no long term debt, other than capital leases, as at
  September 30, 2004.

Zinkgruvan Production

- Three months production from Zinkgruvan mine totaled 9,000 tonnes
  of zinc metal, 7,000 tonnes of lead and 0.4 million ounces of
  silver, in concentrates.
- Nine months production from Zinkgruvan mine totaled 43,000 tonnes
  of zinc metal, 20,000 tonnes of lead and 1.2 million ounces of
  silver, in concentrates.
- Ore treated for the nine months period was 503,000 tonnes, average
  grade 9.3% zinc, 4.6% lead and 97 grams per ton silver.
- To optimize the life of mine plans, a full review of the Zinkgruvan
  mine has been initiated. This also includes the timing and
  possibility in developing the copper mineralization.

Selected Financial Information

--------------------------------------------------------------------
                                                           Pro-forma
                      Three     Three      Nine      Nine       Nine
                     Months    Months    Months    Months     months
                      ended     ended     ended     ended      ended
                  September September September September  September
ITEM               30, 2004  30, 2003  30, 2004  30, 2003 30, 2004(i)
--------------------------------------------------------------------
Sales ($'000)        21,525         -    24,493         -     62,834
--------------------------------------------------------------------
Cost of Sales,
 excluding
 depreciation and
 amortization
 ($'000)             (9,613)        -   (12,602)        -    (32,594)
--------------------------------------------------------------------
Depreciation and
 amortization
 ($'000)             (4,315)        -    (6,008)        -    (14,794)
--------------------------------------------------------------------
Gross margin
 ($'000)              7,597         -     5,883         -     15,446
--------------------------------------------------------------------
General
 exploration and
 project
 investigation
 ($'000)             (1,424)      (41)   (2,891)     (613)    (3,818)
--------------------------------------------------------------------
Net income (loss)
 for the period
 ($'000)              3,583     1,040     3,645     1,327      7,059
--------------------------------------------------------------------
Operating Cash
 Flow ($'000)         3,146       425     5,332      (521)    23,793
--------------------------------------------------------------------
The acquisition of Zinkgruvan mine was completed on June 2, 2004 and
the Company's income statement includes Zinkgruvan operations from
this date.

(i) Pro-forma information including the Zinkgruvan mine, assumes that
    the mine was acquired on January 1, 2004.


Key Financial Data

----------------------------------------------------------
                                  January 1 - September 30
                                         2004         2003
----------------------------------------------------------
Shareholders' equity per
 share (1)                        $      5.71  $      0.77
Basic income per share            $      0.19  $      0.17
Diluted income per share          $      0.11  $      0.18
Dividends                                 NIL          NIL
Basic weighted average number of
 shares outstanding                18,928,694    7,709,957
Diluted weighted average number
 of shares outstanding             19,869,527    7,709,957
Number of shares outstanding at
 period end                        30,539,971    7,709,957
----------------------------------------------------------
(1) Shareholders' equity per share is defined as the
    Company's shareholders' equity divided by the number
    of shares outstanding at period end.

/T/

Zinkgruvan Mine

The acquisition of the Zinkgruvan mine, located in South Central Sweden, 
was completed on June 2, 2004 and the Company's income statement 
reflects Zinkgruvan mine operations from this date. The Company's third 
quarter report is the first to include the mine's operations for a full 
quarter.

The Company acquired a 100% interest in the Zinkgruvan mine from Rio 
Tinto Plc ("Rio Tinto"). The purchase price was US$100 million in cash 
plus payments of Swedish Kronor ("SEK") 39,699,129 for working capital 
and a US$1 million non-refundable deposit. The acquisition was financed 
through a public equity offering in Canada and Sweden. The Company 
issued 20 million common shares at a price of $8 per common share for 
net proceeds of approximately $152 million.

Currently, around 750,000 tonnes of ore is mined per year from 
Zinkgruvan with grades averaging 8.9% zinc, 4.6% lead and 115 grams per 
tonne ("g/t") silver. The current production plan for 2004 is 
approximately 63,000 tonnes zinc metal in concentrate and 31,000 tonnes 
lead metal in concentrate which contains approximately 1.9 million oz. 
of silver.

In addition to zinc, lead and silver reserves and resources, there is a 
copper resource of approximately 3.5 million tonnes ("mt") at 3.1% 
copper adjacent to the existing main zinc ore body from the 650 metre 
level to the 950 metre level.

The Company is in the process of introducing new investment plans, short 
term operational improvements and a new life of mine development 
strategy for Zinkgruvan.

In July 2004 the Company's exploration permits in Zinkgruvan area were 
increased by 7,400 hectares and now comprise a total area of 8,500 
hectares. Furthermore, the Company has identified a number of highly 
prospective exploration zones which will be pursued during the remainder 
of 2004 and early 2005 with the objective to start further drilling 
activities before end of this year.

Since the new share issue in June 2004, Zinkgruvan Mining's external 
environmental consultants have presented a report on the closure costs 
based on the present EU regulations. This report indicates a final 
closure cost which is substantially lower than the SEK 65 million 
estimated previously. This should reasonably result in a lower demand 
for the surety to be provided by Zinkgruvan Mining. The report is to be 
presented to the Swedish Environmental Supreme Court on December 1, 2004.

The Norrbotten Gold-Copper Project

By an agreement formally executed on March 31, 2004, the Company 
acquired an option on certain gold-copper properties located in the 
Kiruna mining district of northern Sweden from Anglo American 
Exploration BV ("Anglo") and Rio Tinto Mining and Exploration Limited 
("Rio"). The properties cover approximately 22,000 hectares and include 
the copper-gold mineralization found by Anglo-Rio in the Discovery Zone 
at Rakkurijarvi.

During the first half of the year the Company focused exploration 
drilling on the Rakkurijarvi Discovery Zone. A total of 26 drill holes 
were completed totalling 3,920 meters which expanded the known 
Rakkurijarvi copper/gold zone. Mineralized intercepts include 40.5 
meters grading 1.4% copper and 0.3 g/t gold and 19.8 meters grading 1.6% 
copper and 0.4 g/t gold. A second drill program is scheduled to commence 
later this year to further delineate the deposit. This program will 
begin in the fourth quarter as soon as frozen ground permits access for 
a drill machine.

In addition to the Rakkurijarvi deposit, the Company has several other 
targets in the district which are being examined by an ongoing mapping 
and surveying program designed to define targets for drilling.

On November 4, 2004, the Company announced a drilling program has been 
completed on the Ailatis copper-gold target, located within the area of 
the Anglo-Rio agreement.

The Ailatis target area is located 8 kilometers west of the Rakkurijarvi 
target. Drilling commenced in early September 2004 and was terminated in 
late October 2004 of this year. Twenty-three drill holes totaling 2,317 
meters were drilled to test a number of chargeability anomalies within 
an area of four square kilometers where basal till samples of bedrock 
indicate anomalous values in gold and copper. Underlying bedrock 
consists of highly altered mafic volcanics, gabbro and conglomerate. 
Numerous drill holes have been completed previously in the area by the 
Swedish Geological Survey in 1990, the best of which intersected 17.3 
meters grading 0.88% copper. These are historical drill results reported 
before the implementation of National Instrument 43-101.

All drill core was split, sampled and shipped to the preparation lab of 
North Atlantic Natural Resources AB in Uppsala, Sweden. Samples were 
subsequently shipped to ALS Chemex Labs in Vancouver, Canada for gold 
and multi-element analysis. Results of analysis are expected in late 
November 2004.

Storliden Zinc/Copper Mine

The Company owns 37% of North Atlantic Natural Resources AB ("NAN"), a 
publicly traded Swedish company, which holds a 100% interest in the 
producing Storliden zinc-copper mine located in northern Sweden

Production from the Storliden Mine during the first nine months of the 
year totaled 5,858 tonnes of copper and 15,402 tonnes of zinc. NAN's 
revenue for the nine months period was $31.6 million (SEK 183.8 million) 
and operating cash flow was $8.6 million (SEK 49.7 million). Net income 
to NAN was $4 million (SEK 20.4 million) or $0.11 per share (SEK 0.66 
per share).

In addition, NAN holds exploration permits covering several areas in and 
around the Skellefte district. During the fall of 2004, NAN initiated an 
exploration program focusing on several targets. Drilling in the 
immediate area surrounding the Storliden mine is aimed at extending the 
life of the mine. Immediately south of the Skellefte district is the 
Lappvattnet copper-nickel prospect within an area known as the "Nickel 
Belt". The third high priority area to be further explored during the 
coming months is the Copperstone copper project in the northern part of 
the Skellefte district.

Metal Prices

Compared to the third quarter last year, lead and silver prices have 
been considerably higher. The zinc price is still lagging behind the 
other base metals because of the relatively high inventory levels on 
LME. However, we have seen a reduction in inventory during the third 
quarter of 2004.

/T/

----------------------------------------
                 Third     Nine    Third
               Quarter   Months  Quarter
PRICES            2004     2004     2003
----------------------------------------
Zinc US$/lb       0.44     0.47     0.37
----------------------------------------
Lead US$/lb       0.42     0.39     0.23
----------------------------------------
Silver US$/oz     6.45     6.46     4.99
----------------------------------------

Hedging

The Company currently has no hedging in place for either metal
production or currency variations.


LUNDIN MINING CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(Amounts in Canadian Dollars unless otherwise indicated)
NINE MONTHS ENDED SEPTEMBER 30, 2004

/T/

The following discussion and analysis of the results of operations and 
financial condition ("MD&A") for Lundin Mining Corporation (which, 
together with its subsidiaries, is collectively referred to as the 
"Company") should be read in conjunction with the unaudited interim 
consolidated financial statements for the nine months ended September 
30, 2004 and related notes thereto.

The financial information in this MD&A is derived from the Company's 
consolidated financial statements prepared in accordance with Canadian 
generally accepted accounting principles. The effective date of this 
MD&A is November 9, 2004.

The acquisition of Zinkgruvan mine was completed on June 2, 2004 and the 
Company's income statement includes Zinkgruvan operations from this date.

Additional information about the Company and its business activities is 
available on SEDAR at www.sedar.com.

Name Change and Listing on the Toronto Stock Exchange ("TSX")

Effective August 12, 2004, the name of the Company was changed from 
South Atlantic Ventures Ltd. to Lundin Mining Corporation and the 
Company's shares were listed on the TSX.

Overview

The Company has interests in gold, silver and base metals properties 
located in Sweden. Some of these properties are held by North Atlantic 
Natural Resources AB ("NAN"), a publicly traded company on the O-list at 
Stockholmsborsen, in which the Company currently has a 37 percent 
interest or 11,580,000 shares.

The Zinkgruvan Mine

On June 2, 2004, the Company acquired the Zinkgruvan mining operation by 
purchasing a 100 percent interest in North Mining Svenska AB ("NMS") and 
a 100 percent indirect interest in Zinkgruvan Mining AB ("ZM") from Rio 
Tinto Plc ("Rio Tinto"). This 100% interest comprises all of the 
outstanding shares of NMS and a loan payable by NMS to Rio Tinto, which 
now is fully repaid. ZM owns the Zinkgruvan mine ("Zinkgruvan") located 
in Southern Sweden. The purchase price for NMS and ZM was US$100 million 
in cash plus payments of approximately Swedish Kronor ("SEK") 39.7 
million for working capital and a US$1 million non-refundable deposit. 
In addition, the Company will pay Rio Tinto a maximum of US$5 million in 
price participation payments based on the performance of zinc, lead and 
silver prices for a period up to two years. The performance of lead and 
silver prices in the third quarter 2004 resulted in an additional 
payment of US$ 0.1 million.

The acquisition of Zinkgruvan was financed through a public equity 
offering in Canada and Sweden. The Company issued 20 million common 
shares at a price of $8 per common share for net proceeds of 
approximately $152 million.

Since the new share issue in June 2004, Zinkgruvan Mining's external 
environmental consultants have presented a report on the closure costs 
based on the present EU regulations. This report indicates a final 
closure cost which is substantially lower than the SEK 65 million 
estimated previously. This should reasonably result in a lower demand 
for the surety to be provided by Zinkgruvan Mining. The report is to be 
presented to the Swedish Environmental Supreme Court on December 1, 2004.

Pro-forma results of operations and cash flow

The following is a summary of selected condensed unaudited pro-forma 
information which assumes that the acquisition of Zinkgruvan had been 
made on January 1, 2004.

/T/

                                             Nine months
                                                   ended
                                            September 30,
                                                    2004
                                            ------------

Sales                                       $ 62,834,381
Cost of sales, excluding depreciation
 and amortization                            (32,594,398)
Depreciation and amortization                (14,794,389)
                                            ------------
Gross margin                                $ 15,445,594
                                            ------------
                                            ------------

General exploration and project
 investigation                              $  3,818,412
                                            ------------
                                            ------------

Net income for the period                   $  7,059,034
                                            ------------
                                            ------------

Cash flow from operating activities         $ 23,792,995
                                            ------------
                                            ------------

/T/

The Norrbotten Gold-Copper Project

By agreement dated March 31, 2004, the Company acquired a copper-gold 
property known as the Norrbotten Project located in the Kiruna mining 
district in northern Sweden from Anglo American Exploration BV ("Anglo") 
and Rio Tinto Mining and Exploration Limited ("Rio") (collectively, 
"Anglo-Rio"). The Company can earn a 100 percent interest in the 
property by expending a minimum of US$1 million in the first year and a 
total of US$6 million over a period of three years, and issuing 187,214 
shares in the Company with a fair value of US$500,000 to Anglo-Rio. The 
shares have been issued. The Company has granted a four-year buy back 
right to Anglo-Rio for the purchase of 60 percent of any proven 
copper-gold deposit which meets a threshold equivalent to three million 
tonnes of contained copper (for example, 300 million tonnes at 1 percent 
Cu). The buy-back right will be at a price equal to three times the 
expenditures incurred by the Company. Any deposit developed that does 
not meet this threshold will carry a 2.25 percent NSR royalty to be paid 
to Anglo-Rio by the Company.

Results of operations

The Company's net income for the third quarter and the nine months ended 
September 30, 2004 was $3.6 million and $3.6 million respectively, as 
compared to $1.0 million and $1.3 million for the same periods of 2003. 
Results for the three months and nine months ended September 30, 2004 
were primarily affected by the acquisition of Zinkgruvan. The Company's 
consolidated results of operations included revenues and expenses from 
Zinkgruvan from June 2, the date of acquisition, to September 30, 2004.

Revenues from Zinkgruvan for the three months and nine months ended 
September 30, 2004 were $21.5 million and $24.5 million, respectively. 
Operating expenses were $11.6 million and $15.3, respectively. 
Depreciation and amortization expenses were $4.3 million and $6.0 
respectively. The operations at Zinkgruvan for the three months ended 
September 30, 2004 were impacted by lower production than normal but 
compensated for by higher grades of ore produced and higher metal prices.

/T/

----------------------------------------------------------
                Three months    Nine months  Twelve months
                       ended          ended          ended
Metal           September 30,  September 30,   December 31,
Production              2004           2004           2003
----------------------------------------------------------
Zinc (tonnes)          9,000         43,000         66,000
Lead (tonnes)          7,000         20,000         32,000
Silver (oz.)         424,000      1,173,000      1,800,000
----------------------------------------------------------

/T/

The Company's equity in the net income of NAN for the third quarter and 
nine months of 2004 was $282,000 and $1.4 million respectively, as 
compared to equity income of $896,000 and $2.3 million for the same 
period in 2003. NAN generated revenues for the third quarter and nine 
months of 2004 of $10 million (SEK 55.7 million) and $ 33 million (SEK 
183.8 million) respectively, as compared to $12 million (SEK 67.8 
million) and $36 million (SEK 203.7 million) respectively, for 2003.

NAN's net earnings were $1 million (SEK 4.3 million) for the quarter 
ended September 30, 2004 as compared to $2 million (SEK 13.6 million) 
for 2003. For the nine months ended September 30, 2004, NAN's net 
earnings were $4 million (SEK 20.4 million) as compared to $6 million 
(SEK 34.6 million) for 2003.

NAN's net earnings for the third quarter ended September 30, 2004 were 
less than expected due to the delay in the development of the Eastern 
Zone at the Storliden Mine, resulting in lower concentrate production 
than planned due to less tones processed and lower feed grades. The 
shortfall from the Eastern Zone has to an extent been compensated with 
tonnage from the Lower Western Zone which has lower head grades and is 
also harder to grind. This, coupled with lower metal prices than 
realized in the first quarter of 2004, has had a comparatively negative 
affect on revenue for the third quarter. It is anticipated results will 
improve in the fourth quarter when measures now being taken are in 
effect and higher grade portions of the orebody are mined and processed.

/T/

--------------------------------------------------------------------
              Three months   Nine months  Three months   Nine months
                     ended         ended         ended         ended
NAN's         September 30, September 30, September 30, September 30,
 Production           2004          2004          2003          2003
--------------------------------------------------------------------
Copper metal in
 concentrates
 (tonnes)            1,823         5,858         3,209         9,568
Zinc metal in
 concentrates
 (tonnes)            4,900        15,402         7,721        25,817
--------------------------------------------------------------------

/T/

General and administrative expenses for the third quarter and nine 
months ended September 30, 2004 were $2 million and $3.2 million 
respectively, as compared to $109,000 and $388,000 for 2003, 
representing an increase of $1.9 million and $2.8 million respectively. 
The increase is primarily due to the increased in the level of corporate 
activities and the acquisition of Zinkgruvan. In particular, wages and 
benefits increased by $743,000 and $1.2 million respectively, and 
general administrative expenses increased by $855,000 and $1.3 million 
respectively, compared to the third quarter and nine months ended 
September 30, 2003. General exploration and project investigation 
expenses were $1.4 and $2.9 million respectively, as compared to $41,000 
and $613,000 for 2003, representing an increase of $812,600 and $2.3 
million respectively. General exploration and project investigation 
expenses comprised mainly of costs incurred on the Norrbotten Project 
and at Zinkgruvan mine.

Interest income for the third quarter and nine months ended September 
30, 2004 was $99,000 and $390,000 respectively, as compared to $33,000 
and $230,000 respectively for 2003. The increase in interest income is 
primarily due to the increase in cash from the equity financing 
completed in June 2004.

Exchange gains for the third quarter and nine months ended September 30, 
2004 were $1.5 million and $3.2 million respectively, an increase of 
$1.5 million and $3.3 million respectively, compared to 2003, mainly due 
to the re-evaluation of provisions for pensions, provisions for assets 
retirement obligation, and future income tax liabilities of Zinkgruvan.

Financial Condition, Liquidity and Capital Resources

Working Capital

At September 30, 2004, the Company had working capital of $32.5 million 
as compared to working capital of $8.4 million at December 31, 2003, 
including cash of $32.4 million as compared to $9.1 million 
respectively. The improvement in the working capital is primarily due to 
the equity financing completed during June 2004 and cash flows from 
operations.

Accounts receivable

The accounts receivable increased to $6.9 million as at September 30, 
2004 from $124,000 at December 31, 2003, primarily as a result of the 
receivables of Zinkgruvan.

Total assets

Total assets increased to $255.1 million as at September 30, 2004 from 
$18.9 million at December 31, 2003. This large increase is primarily due 
to the acquired inventory and properties, plant and equipment associated 
with Zinkgruvan.

Current liabilities

Current liabilities increased to $13.6 million as at September 30, 2004 
from $1.8 million at December 31, 2003 due to the liabilities of 
Zinkgruvan.

Long-term liabilities

Long-term liabilities have increased to $80.6 million as at September 
30, 2004 from $2.8 million at December 31, 2003 due to the acquisition 
of Zinkgruvan which has large provisions for pensions, provisions for 
asset retirement obligations and future income tax liabilities in 
Zinkgruvan.

Management of the Company believes that the working capital at September 
30, 2004, together with cash flows from operations, is sufficient to 
fund the Company's normal operating requirements, and its exploration 
and development expenditures.

Restatement

The Company has restated its unaudited interim consolidated financial 
statements for the nine months ended September 30, 2003 to correct for 
its accounting for income taxes. The restatement had the effect of 
reducing income tax expense by $256,000, increasing net income by the 
same amount and increasing basic and diluted earnings per share by $0.03.

The Company has also restated the interim consolidated statement of cash 
flows for the nine months ended September 30, 2003. This restatement had 
the effect of increasing cash flow from operating activities by $87,000, 
decreasing cash flow from financing activities by $75,000 and decreasing 
cash flow from investing activities by $12,000.

The Company has also restated its unaudited interim consolidated 
financial statements for the three and nine months ended September 30, 
2003 for the retroactive effect of the change in accounting policy for 
exploration expenses discuss below.

Related Party Transactions

The Company has transactions with related parties that are disclosed in 
Note 6 of the consolidated financial statements.

Critical Accounting Policies

These unaudited interim consolidated financial statements have been 
prepared in accordance with Canadian generally accepted accounting 
principles ("GAAP") for interim financial information and they follow 
the same accounting policies and methods of application as the audited 
consolidated financial statements of the Company for the year ended 
December 31, 2003, except as noted below.

Stock-based compensation

Effective January 1, 2004, the Company adopted the amended 
recommendations of the CICA Handbook Section 3870, "Stock-based 
Compensation and Other Stock-based Payments". Under the amended 
standards of this Section, the fair value of all stock-based awards 
granted are estimated using the Black-Scholes model and are recorded in 
operations over their vesting periods. The compensation costs related to 
stock options granted after January 1, 2004 is recorded in operations.

Previously, the Company provided note disclosure of pro forma net 
earnings and pro forma earnings per share as if the fair value based 
method had been used to account for stock options granted to employees, 
directors and officers after January 1, 2002. The amended 
recommendations have been applied retroactively from January 1, 2002 
without restatement of prior periods.

During the three months ended September 30, 2004, the Company granted 
options to an officer of the Company and accordingly compensation 
expenses of $338,000 were recorded in operations.

Asset Retirement Obligations

On January 1, 2004, the Company adopted the recommendations of the CICA 
Handbook Section 3110, "Asset Retirement Obligations", which requires 
that the fair value of liabilities for asset retirement obligations be 
recognized in the period in which they are incurred. A corresponding 
increase to the carrying amount of the related assets is generally 
recorded and depreciated over the life of the asset. The amount of the 
liability is subject to re-measurement at each reporting period. The 
effect of the change had no material impact on the Company's 
consolidated financial statements.

Exploration expenses

The Company has retroactively changed its accounting policy for 
exploration costs, to be consistent with ZM. Exploration costs are now 
expensed instead of being deferred. The effect of this change was to 
decrease the net income for the three and nine months ended September 
30, 2004 by $328,000 ($0.01 per share) and $1,546,000 ($0.05 per share), 
respectively, and to decrease mineral properties and increase the 
deficit as at December 31, 2003 by $1,058,000.

Comparative figures

Certain of the comparative figures have been reclassified to conform 
with the current year's presentation.

As a result of the acquisition of Zinkgruvan, the Company has also 
adopted the following accounting policies during the nine months ended 
September 30, 2004.

Inventories

Consumables have been valued at weighted average cost less allowances 
for obsolescence. Ore and Concentrate stocks have been valued at the 
lower of production cost and net realizable value.

Properties, plant and equipment

Tangible fixed assets are recognized as an asset in the balance sheet 
when, based on available information, it is probable that the future 
economic benefits associated with the asset will flow to the Company and 
the cost of the asset can be measured reliably.

Provision for pensions

ZM has a defined benefit pension plan, which is unfunded. The provision 
for future benefits is in accordance with Canadian GAAP, using 
management's best estimate of expected salary escalation and retirement 
ages.

Depreciation and depletion

Depreciation is provided on a straight line basis over the estimated 
economic life of the assets as follow:

/T/

Buildings                         20-50 years
Plant and machinery                5-20 years
Equipment                             5 years

/T/

Depletion of mining properties is made on a unit-of-production basis.

Other Provisions

A provision, i.e. assets retirement obligation, is recognized in the 
balance sheet when the Company has a legal or constructive obligation as 
a result of a past event, and it is probable that an outflow of 
resources will be required to settle the obligation and a reliable 
estimate of the amount can be made.

/T/

Selected Quarterly Information

--------------------------------------------------------------------
Financial Data
for Quarters
--------------------------------------------------------------------
Three Months      Sep    Jun    Mar     Dec    Sep   Jun   Mar   Dec
Ended             -04    -04    -04     -03    -03   -03   -03   -02
--------------------------------------------------------------------
A. Total
 revenue (loss)
 ($'000) (i)   22,051  3,288  1,166     655  1,510   935   710   259
--------------------------------------------------------------------
B. Income
 (loss)
 before
 extra-
 ordinary
 items
 ($'000) (ii)   3,583    202   (139)   (935) 1,040    78   209  (256)
--------------------------------------------------------------------
C. Net
 income
 (loss)
 ($'000) (ii)   3,583    202   (139)   (935) 1,040    78   209  (256)
--------------------------------------------------------------------
D. Diluted
 income
 (loss) per
 share ($)
 (ii) (iii)      0.11   0.01  (0.01)  (0.13)  0.13  0.01  0.03 (0.04)
--------------------------------------------------------------------
(i)   Consists of sales, interest income, management fee and other
      income and the equity in the income of the significantly
      influenced investee.

(ii)  Has been restated - see Notes 1 and 2 to the financial
      statements.

(iii) The diluted income (loss) per share is determined separately
      for each quarter. Consequently, the sum of the quarterly
      amounts may differ from the year to date amount disclosed in
      the unaudited interim consolidated financial statements as a
      result of using different weighted average numbers of shares
      outstanding.

/T/

Outstanding Share Data

As at November 5, 2004, the Company had 30,539,971 common shares 
outstanding and 372,500 share options outstanding under its stock-based 
incentive plans. As at the same date, the Company had 702,500 share 
purchase warrants outstanding.

Outlook

Metal Prices

Compared to the third quarter last year, lead and silver prices have 
been considerably higher. The zinc price is still lagging behind the 
other base metals because of the relatively high inventory levels on 
LME. However, we have seen a reduction in inventory during the third 
quarter of 2004.

/T/

----------------------------------------
                 Third     Nine    Third
               Quarter   Months  Quarter
PRICES            2004     2004     2003
----------------------------------------
Zinc US$/lb       0.44     0.47     0.37
----------------------------------------
Lead US$/lb       0.42     0.39     0.23
----------------------------------------
Silver US$/oz     6.45     6.46     4.99
----------------------------------------

Hedging

The Company currently has no hedging in place for either metal
production or currency variations.


LUNDIN MINING CORPORATION
INTERIM CONSOLIDATED BALANCE SHEET
(In Canadian Dollars)
(Unaudited)

                                         September 30,
                                                 2004    December 31,
                                           (Unaudited)          2003
                                        -------------  -------------
                                                           (Restated
                                                              Note 1)

ASSETS
Current assets
 Cash                                   $  32 446 220  $   9 097 530
 Accounts receivable                        7 825 298        124 200
 Loan receivable from North Atlantic
  Natural Resources AB (NAN)                        -        925 316
 Inventories                                5 513 141              -
 Prepaid expenses                             272 631         11 657
                                        -------------  -------------
                                           46 057 290     10 158 703

Long-term receivables                         708 085              -
Investment in NAN                           9 251 876      8 492 814
Properties, plant and equipment
 Mining properties (Note 3)               175 705 284        256 647
 Machinery and other technical
  equipment                                19 564 238              -
Future income tax assets                    3 829 172              -
                                        -------------  -------------

                                        $ 255 115 945  $  18 908 164
                                        -------------  -------------
                                        -------------  -------------

LIABILITIES
Current liabilities
 Accounts payable and other accrued
  liabilities                           $   4 921 213  $     775 852
 Accrued expenses                           4 512 813              -
 Due to related parties (Note 6)               89 433      1 026 705
 Income tax liabilities                     4 035 346              -
                                        -------------  -------------
                                           13 558 805      1 802 557

Capital lease obligations                     600 822              -
Provisions for pensions                    15 041 138              -
Other provisions                           12 875 296              -
Future income tax liabilities              38 512 829      1 023 990
                                        -------------  -------------
                                           80 588 890      2 826 547
                                        -------------  -------------

SHAREHOLDERS' EQUITY
Share capital (Note 5)                    182 147 937     27 016 912
Contributed surplus                           784 560        211 808
Deficit (Notes 1(a) and (c))               (8 257 744)   (11 262 034)
Cumulative translation adjustments           (147 698)       114 931
                                        -------------  -------------
                                          174 527 055     16 081 617
                                        -------------  -------------

                                        $ 255 115 945  $  18 908 164
                                        -------------  -------------
                                        -------------  -------------

Approved by the board:

"Lukas H. Lundin"                    "William A. Rand"
Director                             Director


LUNDIN MINING CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(In Canadian Dollars)
(Unaudited)

                        Three months ended         Nine months ended
                                   Sept 30,                  Sept 30,
                         2004         2003         2004         2003
                 ------------ ------------ ------------ ------------
                              (Restatement              (Restatement
                                    Note 1                    Note 1
                                     and 2)                    and 2)

Sales            $ 21 524 861 $          - $ 24 492 723 $          -

Cost of sales
 including
 depreciation and
 amortization     (13 927 765)           -  (18 610 089)           -

                 ------------ ------------ ------------ ------------
Gross margin        7 597 096            -    5 882 633            -
                 ------------ ------------ ------------ ------------

Expenses
 General
  exploration and
  project
  investigation    (1 423 667)     (41 369)  (2 891 277)    (613 105)
 General and
  administrative     (944 112)     (88 866)  (1 623 940)    (324 144)
 Stock based
  compensation       (337 865)           -     (337 865)           -
 Wages and
  benefits           (762 995)     (20 256)  (1 266 058)     (63 877)
                 ------------ ------------ ------------ ------------
                   (3 468 639)    (150 491)  (6 119 140)  (1 001 126)
                 ------------ ------------ ------------ ------------

Other income
 (expenses)
 Management fees       19 607       20 256       59 767       63 877
 Interest income       99 403       32 656      390 449      229 898
 Other income         125 391            -      172 174            -
 Other expense        (94 895)           -     (147 626)           -
 Listing on
  Stockholm
  Exchange           (196 220)           -     (226 846)           -
 Interest and
  bank charges        (41 941)     (61 528)    (172 841)    (199 933)
 Foreign exchange
  gains (losses)    1 452 099      (85 134)   3 151 591     (184 909)
                 ------------ ------------ ------------ ------------
                    1 363 444      (93 750)   3 226 669      (91 067)

Result before
 the undernoted     5 491 901     (244 241)   2 990 162   (1 092 193)

Termination
 fee, net                   -      560 807            -      560 807
Gain on sale of
 investment in
 NAN                        -            -      873 020            -
Equity in income
 of significantly
 influenced
 investee             282 252      896 074    1 390 249    2 300 333
                 ------------ ------------ ------------ ------------

Income before
 income taxes       5 774 153    1 212 640    5 253 431    1 768 947

Future income
 tax (expense)     (2 190 784)    (173 032)  (1 608 141)    (442 062)
                 ------------ ------------ ------------ ------------

Net Income for
 the period      $  3 583 369 $  1 039 608 $  3 645 290 $  1 326 885
                 ------------ ------------ ------------ ------------
                 ------------ ------------ ------------ ------------

Basic income
 per share       $       0.12 $       0.13 $       0.19 $       0.17
                 ------------ ------------ ------------ ------------
                 ------------ ------------ ------------ ------------

Diluted income
 per share       $       0.11 $       0.13 $       0.18 $       0.17
                 ------------ ------------ ------------ ------------
                 ------------ ------------ ------------ ------------

Basic weighted
 average number
 of shares
 outstanding       30 539 971    7 709 957   18 928 694    7 709 957
                 ------------ ------------ ------------ ------------
                 ------------ ------------ ------------ ------------

Diluted weighted
 average number
 of shares
 outstanding       31 547 471    7 709 957   19 869 527    7 709 957
                 ------------ ------------ ------------ ------------
                 ------------ ------------ ------------ ------------


LUNDIN MINING CORPORATION
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED September 30, 2004
(unaudited)

                                            Cumulative
                        Contri-            Translation
                Share    buted                  Adjust-
              Capital  Surplus      Deficit      ments         Total
         -----------------------------------------------------------
As at
 December
 31, 2003 $27 016 912 $211 808 ($10 203 663)  $114 931 $  17 139 988

Cumulative
 effect of
 changes in
 accounting
 policy
 (Note
 1 (c))             -        -   (1 058 371)         -    (1 058 371)

         --------------------- ----------------------- -------------
As at
 December
 31, 2003,
 as
 adjusted  27 016 912  211 808  (11 262 034)   114 931    16 081 617

Cumulative
 effect of
 change in
 accounting
 policy
 (Note
 1(a))         52 713  588 287     (641 000)         -             -

Exercise
 of stock
 options and
 warrants     854 250        -            -          -       854 250

Transfer of
 contributed
 surplus on
 exercise of
 stock
 options      353 400 (353 400)           -          -             -

Stock based
 compensation          337 865                               337 865

New share
 issue    153 870 662                                    153 870 662

Translation
 adjustment
 for the
 period                                       (262 629)     (262 629)

Net income
 for the
 period             -        -    3 645 290                3 645 290

         --------------------- ----------------------- -------------
As at
 September
 30,
 2004    $182 147 937 $784 560  ($8 257 744) ($147 698) $174 527 055
         --------------------- ----------------------- -------------
         --------------------- ----------------------- -------------


LUNDIN MINING CORPORATION
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2004
(in Canadian Dollars)
(Unaudited)

/T/

1. Basis of Presentation

The unaudited interim consolidated financial statements of Lundin Mining 
Corporation (the "Company") are prepared in accordance with Canadian 
generally accepted accounting principles using the same accounting 
policies and methods of application as those disclosed in Note 2 to the 
Company's consolidated financial statements for the year ended December 
31, 2003, except as described below.

These interim consolidated financial statements do not contain all of 
the information required by Canadian generally accepted accounting 
principles for annual financial statements and therefore should be read 
in conjunction with the Company's 2003 annual audited consolidated 
financial statements.

Effective August 12, 2004, the name of the Company was changed from 
South Atlantic Ventures Ltd. to Lundin Mining Corporation and the 
Company's shares were listed on the TSX.

The acquisition of Zinkgruvan mine was completed on June 2, 2004 and the 
Company's statement of operations reflects Zinkgruvan operations from 
this date.

During the nine months ended September 30, 2004, the Company made 
changes to its accounting policies as follows.

(a) Stock-based compensation

Effective January 1, 2004, the Company adopted the amended 
recommendations of the CICA Handbook Section 3870, "Stock-based 
Compensation and Other Stock-based Payments". Under the amended 
standards of this Section, the fair value of all stock-based awards 
granted are estimated using the Black-Scholes model and are recorded in 
operations over their vesting periods. The compensation costs related to 
stock options granted after January 1, 2004 are recorded in operations.

Previously, the Company provided note disclosure of pro forma net 
earnings and pro forma earnings per share as if the fair value based 
method had been used to account for stock options granted to employees, 
directors and officers after January 1, 2002. The amended 
recommendations have been applied retroactively from January 1, 2002 
without restatement of prior periods.

During the three months ended September 30, 2004, the Company granted 
options to an officer of the Company and accordingly compensation 
expenses of $338,000 were recorded in operations.

(b) Asset Retirement Obligations

On January 1, 2004, the Company adopted the recommendations of the CICA 
Handbook Section 3110, "Asset Retirement Obligations", which requires 
that the fair value of liabilities for asset retirement obligations be 
recognized in the period in which they are incurred. A corresponding 
increase to the carrying amount of the related assets is generally 
recorded and depreciated over the life of the asset. The amount of the 
liability is subject to re-measurement at each reporting period. The 
effect of the change had no material impact on the Company's 
consolidated financial statements.

(c) Exploration expenses

The Company has retroactively changed its accounting policy for 
exploration costs, to be consistent with Zinkgruvan Mining AB ("ZM"). 
Exploration costs are now expensed instead of being deferred. The effect 
of this change was to decrease the net income for the three and nine 
months ended September 30, 2004 by $328,000 ($0.01 per share) and 
$1,546,000 ($0.05 per share), respectively, and to decrease mineral 
properties and increase the deficit as at December 31, 2003 by 
$1,058,000.

(d) Certain of the comparative figures have been reclassified to conform 
with the current year's presentation.

As a result of the acquisition of Zinkgruvan, the Company has also 
adopted the following accounting policies during the nine months ended 
September 30, 2004.

(e) Inventories

Consumables have been valued at weighted average cost less allowances 
for obsolescence. Ore and Concentrate stocks have been valued at the 
lower of production cost and net realizable value.

(f) Properties, plant and equipment

Tangible fixed assets are recognized as an asset in the balance sheet 
when, based on available information, it is probable that the future 
economic benefits associated with the asset will flow to the Company and 
the cost of the asset can be measured reliably.

(g) Provision for pensions

ZM has a defined benefit pension plan, which is unfunded. The provision 
for future benefits is in accordance with Canadian GAAP, using 
management's best estimate of expected salary escalation and retirement 
ages.

(h) Depreciation and depletion

Depreciation is provided on a straight line basis over the estimated 
economic life of the assets as follow:

/T/

Buildings                         20-50 years
Plant and machinery                5-20 years
Equipment                             5 years

/T/

Depletion of mining properties is made on a unit-of-production basis.

(i) Other Provisions

A provision, i.e. assets retirement obligation, is recognized in the 
balance sheet when the Company has a legal or constructive obligation as 
a result of a past event, and it is probable that an outflow of 
resources will be required to settle the obligation and a reliable 
estimate of the amount can be made.

2. Restatement

The Company has restated its unaudited interim consolidated financial 
statements for the nine months ended September 30, 2003 to correct for 
its accounting for income taxes. The restatement had the effect of 
reducing income tax expense by $256,000, increasing net income by the 
same amount and increasing basic and diluted earnings per share by $0.03.

The Company has also restated the interim consolidated statement of cash 
flows for the nine months ended September 30, 2003. This restatement had 
the effect of increasing cash flow from operating activities by $87,000, 
decreasing cash flow from financing activities by $75,000 and decreasing 
cash flow from investing activities by $12,000.

The Company has also restated its unaudited interim consolidated 
financial statements for the three and nine months ended September 30, 
2003 for the retroactive effect of the change in accounting policy for 
exploration expenses (Note 1 (c)).

3. Acquisitions

(a) Zinkgruvan Mine

The Company acquired, on June 2, 2004, a 100 percent interest in North 
Mining Svenska AB ("NMS") and a 100 percent indirect interest in 
Zinkgruvan Mining AB ("ZM") from Rio Tinto Plc ("Rio Tinto"). This 100% 
interest comprises all of the outstanding shares of NMS and a loan 
payable by NMS to Rio Tinto. ZM owns the Zinkgruvan mine located in 
Southern Sweden. The purchase price for NMS and ZM was US$100 million in 
cash plus payments of SEK 39,699,129 for working capital and a US$1 
million non-refundable deposit. In addition, the Company will pay Rio 
Tinto a maximum of US$5 million in price participation payments based on 
the performance of zinc, lead and silver prices for a period up to two 
years. .The performance of lead and silver prices in the third quarter 
2004 resulted in an additional payment of US$ 0.1 million. This amount 
is also included in the purchase price described below.

The acquisition was financed through a public equity offering in Canada 
and Sweden. The Company issued 20 million common shares at a price of $8 
per common share for net proceeds of approximately $152 million.

The acquisition has been accounted for using the purchase method. The 
current estimate of the purchase price and the fair value of the net 
assets acquired are as follows:

/T/

Purchase price:
  Cash paid                                            $ 144 848 291
  Acquisition expenses paid with new shares                1 370 400
  Acquisition expenses paid in first quarter                 257 247
  Acquisition expenses paid in second quarter              1 872 353
                                                       -------------
                                                       $ 148 348 291
                                                       -------------
                                                       -------------

Net assets acquired:
  Cash                                                 $  14 289 071
  Other working capital, net                               2 470 706
  Mining properties                                      175 142 088
  Property, plant and equipment                           21 546 761
  Future income tax assets                                 3 865 891
  Other long-term receivables                                709 237
  Future income tax liabilities                          (40 307 452)
  Provisions for pensions                                (15 919 768)
  Other provisions                                       (13 448 244)
                                                       -------------
                                                       $ 148 348 291
                                                       -------------
                                                       -------------

/T/

The allocation of the purchase price is preliminary in nature and will 
be amended for events and information that comes to light subsequent to 
the date of these interim financial statements.

(b) Norrbotten Property

By agreement dated March 31, 2004, the Company acquired a copper-gold 
property known as the Norrbotten Project located in the Kiruna mining 
district in northern Sweden from Anglo American Exploration BV ("Anglo") 
and Rio Tinto Mining and Exploration Limited ("Rio") (collectively, 
"Anglo-Rio"). The Company can earn a 100 percent interest in the 
property by expending a minimum of US$1 million in the first year and a 
total of US$6 million over a period of three years, and issuing 187,214 
shares in the Company with a fair value of US$500,000 to Anglo-Rio. The 
shares have been issued. The Company has granted a four-year buy back 
right to Anglo-Rio for the purchase of 60 percent of any proven 
copper-gold deposit which meets a threshold equivalent to three million 
tonnes of contained copper (for example, 300 million tonnes at 1 percent 
Cu). The buy-back right will be at a price equal to three times the 
expenditures incurred by the Company. Any deposit developed that does 
not meet this threshold will carry a 2.25 percent NSR royalty to be paid 
to Anglo-Rio by the Company.

4. Pro-forma result of operations

The following is pro-forma condensed consolidated financial information, 
which assumes that the acquisition of NMS and ZM had been made on 
January 1, 2004.

/T/

                                                         Nine months
                                                               ended
                                                        September 30,
                                                                2004
                                                       -------------

Sales                                                   $ 62 834 381
Cost of sales including depreciation and amortization    (47 388 787)
                                                       -------------
Gross margin                                              15 445 594
Administrative expenses                                   (5 622 608)
General exploration and project investigation             (3 818 412)
Other income (expenses)                                    1 816 315
                                                       -------------
Income before the undernoted                               7 820 889
Gain on sale of investments in NAN                           873 020
Equity in income of significantly influenced investee      1 390 249
                                                       -------------
Income before income taxes                                10 084 158
Future income tax expense                                 (3 025 124)
                                                       -------------
Net income for the period                               $  7 059 034
                                                       -------------
                                                       -------------
Diluted income per share                                $       0.22
                                                       -------------
                                                       -------------
Weighted average number of shares outstanding           $ 31 478 714
                                                       -------------
                                                       -------------

Cash Flow from operating activities                     $ 23 792 995
Cash Flow from financing activities                     $    710 126
Cash Flow from investing activities                     $ (5 176 539)

/T/

This pro-forma information is not necessarily indicative of the results 
of operations that may be obtained in the future.

General exploration and project investigation expenses for the third 
quarter ended September 30, 2004 were $933,000 for ZM and $488,000 for 
the Norrbotten Project and for the nine months ended September 30, 2004 
were $1,186,000 for ZM and $1,706,000 for the Norrbotten Project.

5. Share capital

The authorized and issued share capital is as follows:

(a) Authorized:

Unlimited number of common shares with no par value and one special 
share with no par value.

/T/

----------------------------------------------------------
                                    Number of
                                       shares       Amount
----------------------------------------------------------
Common shares issued and
 outstanding:

Balance, December 31, 2003          9,776,457 $ 27,016,912
Cumulative effect of change in
 accounting policy (Note 1(a))              -       52,713
Equity financing, net of
 financing expenses (Note 3(a))    20,000,000  151,845,013
Common shares issued for
 acquisition expense                  171,300    1,370,400
Shares issued to acquire a
 mineral property (Note 3(b))         187,214      655,249
Stock options exercised               380,000      798,000
Warrants exercised                     25,000       56,250
Transfer of contributed surplus
 on exercise of stock options               -      353,400
----------------------------------------------------------
Balance, September 30, 2004        30,539,971 $182,147,937
----------------------------------------------------------
----------------------------------------------------------


(b) Incentive stock options outstanding and held by directors,
officers and employees of the Company are as follows:

                                                       Weighted-
                                                        Average
                                         Number of     Exercise
Options                                     Shares        Price
-------------                         ------------ ------------
Outstanding at December 31, 2003           585,000        $3.14
Granted in the third quarter 2004          100,000        $7.75
Exercised in the first quarter 2004        (65,000)       $2.10
Exercised in the second quarter 2004      (315,000)       $2.10
                                      ------------ ------------
Outstanding at September 30, 2004          305,000        $5.95
                                      ------------ ------------
                                      ------------ ------------

As at September 30, 2004, 205,000 options outstanding expire on
December 4, 2005 and 100,000 expire on July 8, 2006.

(c) Share purchase warrants outstanding as at September 30, 2004:

Number of    Exercise
Warrants        Price          Expiry Date
---------    --------    -----------------
360,000         $2.25    December 16, 2004
342,500         $2.25    December 19, 2004
---------
702,500
---------
---------

/T/

6. Other related party transactions

(a) Charges from related parties

During the nine months ended September 30, 2004 and 2003, charges from a 
company owned by the Chairman of the Company for management and 
administrative services were $144,000 and $94,000, respectively. At 
September 30, 2004, $75,059 was due to this company and is included in 
amounts due to related parties.

(b) The Company earned $59,767 and $63,877 during the nine months ended 
September 30, 2004 and 2003, respectively, in management fees for 
providing management services to NAN for a fee of US$5,000 per month.

7. Segmented Information

The Company is currently engaged in one operating segment, the 
acquisition, exploration and development of mineral properties, 
primarily in Sweden. Geographic segmented information is as follows:

/T/

-------------------------------------------------------------
                                  Nine months     Nine months
                                        ended           ended
                                 September 30,   September 30,
                                         2004            2003
-------------------------------------------------------------
Revenues (i)
Sweden                           $ 26,384,064    $  3,025,975
Canada                                121,298         128,940
-------------------------------------------------------------
                                 $ 26,505,362    $  3,154,915
-------------------------------------------------------------
-------------------------------------------------------------
(i) Consists of sales, interest income, management fee and other
    income, and the equity in the income (loss) of the
    significantly influenced investee.

/T/

The Company's properties, plant and equipment are located in Sweden and 
have a carrying value of $195,269,522 at September 30, 2004 (December 
31, 2003 - $256,647). The increase in properties, plant and equipment is 
mainly due to the acquisition of ZM.

8. Employee future benefits

Provisions for pension costs for the defined benefit pensions plan for 
the nine months ended September 30, 2004 were $144,000.

/T/

LUNDIN MINING CORPORATION
SUPPLEMENTARY INFORMATION
TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004
(in Canadian Dollars)

Key Financial Data

----------------------------------------------------------
                                  January 1 - September 30
                                         2004         2003
----------------------------------------------------------
Shareholders' equity per share 1  $      5.71  $      0.77
Basic income per share            $      0.19  $      0.17
Diluted income per share          $      0.11  $      0.18
Dividends                                 NIL          NIL
Basic weighted average number of
 shares outstanding                18,928,694    7,709,957
Diluted weighted average number
 of shares outstanding             19,869,527    7,709,957
Number of shares outstanding at
 period end                        30,539,971    7,709,957
----------------------------------------------------------
(1) Shareholders' equity per share is defined as the
    Company's shareholders' equity divided by the number
    of shares outstanding at period end.

1. LIST OF DIRECTORS AND OFFICERS AT SEPTEMBER 30, 2004:

(a) Directors:
               Brian D. Edgar
               Edward F. Posey
               John H. Craig
               Lukas H. Lundin
               Pierre Besuchet
               William A. Rand

(b) Officers:
               Lukas H. Lundin, Chairman
               Edward F. Posey, President
               Karl-Axel Waplan, Executive Vice President Operations
               Wanda Lee, Chief Financial Officer
               Jean R. Florendo, Corporate Secretary

2. FINANCIAL INFORMATION

Lukas H. Lundin and William A. Rand, directors of the Company, signed
this report on November 9, 2004.

The report for the fourth quarter 2004 will be published on February
24, 2005.

3. OTHER INFORMATION

Address (Vancouver office):
Lundin Mining Corporation
Suite 2101
885 West Georgia Street
Vancouver B.C. V6C 3E8
Canada

Telephone: +1 604 689 78 42
Fax: +1 604 689 42 50

Address (Sweden office):
Lundin Mining AB
Hovslagargatan 5
SE-111 48 Stockholm
Sweden

Telephone: +46 8 545 074 70
Fax: +46 8 545 074 71

Website: www.lundinmining.com.

The corporate number of the Company is 306723-8.

/T/

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

Lundin Mining Corporation
Edward F. Posey
President
+46-705 11 78 42

or

Lundin Mining Corporation
Karl-Axel Waplan
Vice President Operations
+46-705 10 42 39
Website: www.lundinmining.com