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  Dec 30, 2004 - 09:00 ET
Lundin Mining Has Reached Agreement To Acquire All Of Boliden's Shares In North Atlantic Natural Resources

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

DECEMBER 30, 2004 - 09:00 ET

Lundin Mining Has Reached Agreement To Acquire All Of 
Boliden's Shares In North Atlantic Natural Resources

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 30, 2004) - Lundin 
Mining Corporation (TSX:LUN)(Stockholmsborsen's O-list:LUMI) ("Lundin 
Mining" or the "Company") is pleased to announce that it has reached an 
agreement ("Acquisition Agreement") to acquire all of Boliden Mineral 
AB's ("Boliden") shares in North Atlantic Natural Resources AB ("NAN").

- Lundin Mining has reached an agreement to acquire all of Boliden's 
11,537,000 shares in NAN, corresponding to 36.9 percent of the shares 
and votes. Total consideration for all of Boliden's NAN shares amounts 
to 2,176,800 newly issued Lundin Mining shares, corresponding to 6.7 
percent of the shares and votes in Lundin Mining on an undiluted basis. 
Applying the last price paid on Toronto Stock Exchange for Lundin 
Mining's shares on December 29, 2004, of CAD 10.40 (SEK 56.32), the 
total consideration for all of Boliden's NAN shares corresponds to SEK 
122,588,669.

- Prior to the acquisition of Boliden's NAN shares, Lundin Mining holds 
11,580,000 shares in NAN, corresponding to 37.1 percent of the shares 
and votes. Following the acquisition, Lundin Mining holds 23,117,000 
shares in NAN, corresponding to 74.0 percent of the shares and votes.

- A public offer in line with the Swedish Industry and Commerce Stock 
Exchange Committee's (Naringslivets Borskommitte (NBK)) mandatory bid 
rules is intended to be made to all remaining NAN shareholders in 
January 2005.

A brief description of NAN's key assets

The main asset of NAN is the Storliden copper/zinc mine in the historic 
Skellefte mining district of northern Sweden. The Storliden mine was 
discovered in 1998 and put in production in 2002. During 2003, more than 
333,000 tonnes of ore from Storliden was treated at the mill in the town 
of Boliden some 90 kilometres from the mine. On average, the ore from 
Storliden is grading 9.8 percent zinc and 3.5 percent copper as well as 
0.3 grams per tonne gold and 25.4 grams per tonne silver. As of January 
1, 2004, the Proved and Probable Ore Reserves at the Storliden Mine were 
1,108,000 tonnes.

The Storliden deposit has been developed pursuant to a joint venture 
agreement between NAN and Boliden whereby Boliden, inter alia, is acting 
as main contractor and operator. Pursuant to the Acquisition Agreement, 
Boliden has guaranteed the availability of the Boliden 
mill/concentrator, throughout the life of the Storliden mine. In 
addition, Boliden's right of first refusal to acquire any base metal 
deposit found by NAN will cease following the acquisition of Boliden's 
shares in NAN.

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

Other information

Lundin Mining's President, Edward F. Posey, serves as President of NAN 
and the Company's Executive Vice President Operations, Karl-Axel Waplan, 
serves as a deputy board member of NAN. The Chairman of Lundin Mining, 
Lukas H. Lundin, serves as a board member of NAN.

This press release also constitutes a disclosure notice from Lundin 
Mining.

Advisor

E. Ohman J:or Fondkommission AB is Lundin Mining's financial advisor in 
conjunction with the acquisition of shares in NAN and in the intended 
subsequent public offer.

Lundin Mining is a Canadian mining and exploration company with a 
primary focus in Scandinavia. The main asset of the company is the 
Zinkgruvan mine, located about 200 kilometers southwest of Stockholm, 
Sweden. The mine has been producing zinc, lead and silver on a 
continuous basis since 1857. Zinkgruvan has consistently ranked in the 
lowest cost quartile among zinc mines in the world. Lundin Mining holds 
approximately 37 percent of the shares of NAN, a mining and exploration 
company listed on the Stockholm Stock Exchange under the ticker symbol 
NAN. NAN's primary asset is the Storliden copper and zinc mine in the 
Skellefte District of northern Sweden, which has been in production 
since 2002. Lundin Mining also holds a large copper/gold exploration 
project in the prolific Norrbotten Mining District in northern Sweden.


ON BEHALF OF THE BOARD

"LUKAS H. LUNDIN"

Chairman

This press release does not constitute or form part of an offer or 
solicitation of an offer to purchase, sell or subscribe for any Ordinary 
Shares in the form of Ordinary Shares or SDRs.

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

Lundin Mining Corporation
Lukas H. Lundin
Chairman
+1 (604) 689 7842

or

Lundin Mining Corporation
Karl-Axel Waplan
Executive Vice President Operations
+46 (0) 70-510 42 39
Website: www.lundinmining.com
The TSX Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.