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  Mar 18, 2005 - 03:10 ET
Lundin Mining Corporation Reports on Audit of Galmoy Mine Resources

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

MARCH 18, 2005 - 03:10 ET

Lundin Mining Corporation Reports on Audit of Galmoy 
Mine Resources

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Lundin Mining 
Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(O-list 
Stockholmsborsen:LUMI) is pleased to announce that further to its 
previously announced intention to merge with ARCON International 
Resources P.l.c. ("ARCON"), Watts, Griffis and McOuat Limited ("WGM"), 
independent mining consultants engaged by Lundin Mining, have reported 
on their audit of ARCON's Mineral Resource estimate for the Galmoy Mine, 
being ARCON's principal asset.

WGM have noted that ARCON prepared the Mineral Resource estimates 
according to the standards and definitions incorporated in the code for 
reporting mineral exploration results, mineral resources and mineral 
reserves ("IMM Reporting Code") prepared by the Institution of Mining 
and Metallurgy working group on resources and reserves in conjunction 
with the European Federation of Geologists, the Geological Society of 
London and the Institute of Geologists of Ireland. (The IMM Reporting 
Code is acceptable for Canadian disclosure purposes under the provisions 
of Canadian Securities Regulation National Instrument 43-101 
Guidelines.) As part of their audit, WGM have reconciled the estimated 
mineral resource to the Mineral Resource and Mineral Reserve categories 
established in the Canadian Institute of Mining, Metallurgy and 
Petroleum definitions ("CIM standards") and the results of this audit 
are set out below.

As a result of their audit, WGM are of the opinion that the Mineral 
Resource and Mineral Reserve estimates dated September 30, 2004 reported 
by ARCON for the Galmoy Mine are valid and WGM accepts the results. WGM 
are also of the opinion that the Indicated Mineral Resource estimate for 
the R-Zone, which hosts approximately 36% of the total Mineral Resource 
for the mine, is conservative.

The Mineral Resource estimate (which incorporates Mineral Reserves) for 
the Galmoy Mine is as follows:

Mineral Resources (using a 4.5% ZnEq(i) cutoff and 3.7 m minimum mining 
thickness(ii)) Prepared by Galmoy Staff September 30, 2004 - Audited & 
Reclassified by WGM (March 2005)

/T/

Classification              Tonnes      % Zn      % Pb      g/t Ag
-------------------------------------------------------------------
Measured                 3,418,000     15.90      4.65       46.51
Indicated                2,096,000     11.31      2.87       21.41
Measured + Indicated     5,514,000     14.15      3.97       36.97

Inferred(iii)               79,000       5.9       0.2          18
-------------------------------------------------------------------

/T/

(i) ZnEq (zinc equivalent) equals %Zn + 1/2% Pb. This factor is derived 
by mine staff based on metallurgical recoveries and metal prices. It is 
a factor often used in similar mines and has proven to be historically 
accurate.

(ii) When mining thicknesses must be increased to meet the 3.7 m 
minimum, this dilution is added at its assayed grade and if it has not 
been assayed, it is assigned the average below-cutoff grade calculated 
from all samples within the assay database. This procedure is not 
required for the R-Zone since all drill holes were assayed to lengths 
greater than 3.7 m.

(iii) The Inferred Resource is in addition to the Measured and Indicated 
Resources.

The Mineral Reserve estimate for the Galmoy Mine (which is included 
within the Mineral Resource reported above, the Proven being derived 
from the Measured and the Probable from the Indicated) is as follows:

Mineral Reserves (using a 6% ZnEq cutoff) Prepared by Galmoy Staff 
September 30, 2004 - Audited & Reclassified by WGM (March 2005)

/T/

Classification               Tonnes      % Zn      % Pb      g/t Ag
--------------------------------------------------------------------
Proven                    2,615,674      15.9       4.9          47
Probable                  1,340,724      10.6       3.0          23
Proven + Probable         3,956,398      14.1       4.3          39
--------------------------------------------------------------------

/T/

The independent Qualified Person, as that term is defined in National 
Instrument 43-101, who conducted the audit on behalf of Lundin Mining 
was John R. Sullivan, P.Geo., Senior Geologist, WGM.


ON BEHALF OF THE BOARD

Edward F. Posey

President

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

Lundin Mining Corporation
Karl-Axel Waplan
Exec. V.P. Operations
+46 705 104 239

or

Lundin Mining Corporation
Sophia Shane
Investor Relations
+1 604 689 7842
+1 604 689 4250 (FAX)
Website: www.lundinmining.com