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Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.

  Feb 2, 2005 - 09:06 ET
Lundin Mining Corporation Twelve Months Corporate Update January 1, 2004-December 31, 2004

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

FEBRUARY 2, 2005 - 09:06 ET

Lundin Mining Corporation Twelve Months Corporate 
Update January 1, 2004-December 31, 2004

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2005) - Lundin 
Mining Corporation (TSX:LUN) -

- On December 8, 2004, Lundin Mining agreed to sell all of its silver 
production from the Zinkgruvan mine in Sweden to Silver Wheaton 
Corporation for an upfront payment of USD 50 million plus 30 million 
shares and warrants in Silver Wheaton Corporation.

- On December 30, 2004 Lundin Mining acquired all of Boliden's 
11,537,000 shares in North Atlantic Natural Resources AB (NAN), 
corresponding to 36.9 percent of the shares and votes. Following the 
acquisition, Lundin Mining holds 74.0 percent of the shares and votes of 
NAN.

- Zinkgruvan mined 217,000 tonnes during the fourth quarter 2004, which 
is a normal level going forward.

- Cash at December 31, 2004 was Canadian dollars ("CAD") 105.0 million 
plus the Silver Wheaton Corp. shares and warrants valued at December 31, 
2004, at CAD 27.6 million.

- Income before currency translation losses related to financing 
activities was CAD 5.2 million (CAD -0.7 million) for the three months 
ended December 31, 2004.


October - December 2004 (2003)

- Sales were CAD 27.4 million (nil)

- Income before income taxes was CAD 2.5 million (CAD -1.0 million)

- Net income was CAD 2.6 million corresponding to CAD 0.08 per share 
(CAD -0.9 million corresponding to CAD -0.11 per share)

- Cash flow from operating activities was CAD 10.6 million (CAD -1.2 
million)

January - December 2004 (2003)

- Sales were CAD 51.9 million (nil)

- Income before income taxes was CAD 7.7 million (CAD 0.8 million)

- Net income was CAD 6.2 million corresponding to CAD 0.28 per share 
(CAD 0.3 million corresponding to CAD 0.03 per share)

- Cash flow from operating activities was CAD 15.8 million (CAD -1.6 
million)

- The Company has no long term debt as at December 31, 2004.

/T/

Selected Financial Information                            (Unaudited)
                                                            Proforma
                           3 months          12 months     12 months
                       1 Oct-    1 Oct-   1 Jan-    1 Jan-     1 Jan-
                      31 Dec    31 Dec   31 Dec    31 Dec     31 Dec
THOUSANDS OF CAD      2004(i)     2003   2004(i)     2003    2004(ii)
--------------------------------------------------------------------
Sales                 27,434         -   51,927         -    134,708
Cost of Sales,
 excluding
 depreciation and
 amortization        -12,979            -25,582         -    -74,772
Depreciation of 
 fixed assets         -2,526         -   -5,546         -    -15,083
Amortization of
 mining rights        -3,177         -   -6,164         -    -17,230
Gross margin           8,752         -   14,635         -     27,623
General exploration
 and project
 investigation          -701      -395   -3,592    -1,029     -6,075
Net income/loss for
 the period            2,552      -878    6,198       254      7,479
Operating Cash Flow   10,620    -1,185   15,847    -1,646     46,646
Capital expenditures  -3,280         -   -6,433       -16    -12,616
---------------------------------------------------------------------
(i)The acquisition of Zinkgruvan mine was completed on June 2, 2004
   and the Company's income statement includes Zinkgruvan operations
   from this date.
(ii) Pro-forma information including the Zinkgruvan mine and the
     Storliden mine, assumes that the mines were acquired on January
     1, 2004.

Key Financial Data
--------------------------------------------------------------------
                                   1 Jan-31 Dec         1 Jan-31 Dec
                                           2004                 2003
--------------------------------------------------------------------
Shareholders' equity/share,
 CAD (i)                                   6.03                 1.64
Basic earnings/share, CAD                  0.28                 0.03
Diluted earnings/ share, CAD               0.28                 0.03
Dividends                                   Nil                  Nil
Basic weighted average number
 of shares outstanding               22 160 451            7 718 880
Diluted weighted average number
 of shares outstanding               22 432 326            8 033 507
Number of shares outstanding
 at period end                       33 419 271            9 776 457
--------------------------------------------------------------------
(i) Shareholders' equity/share is defined as shareholders' equity
    divided by total number of shares outstanding at period end.

/T/

MANAGEMENT'S COMMENTS

Recent Events

On December 30, 2004 Lundin Mining Corporation ("Lundin Mining" or the 
"Company") announced that it had acquired all of Boliden's 11,537,000 
shares in North Atlantic Natural Resources AB (NAN), corresponding to 
36.9 percent of the shares and votes. Total consideration for all of 
Boliden's NAN shares amounted to 2,176,800 newly issued Lundin Mining 
shares, corresponding to 6.5 percent of the shares and votes in Lundin 
Mining on an undiluted basis. Applying the market price paid on the 
Toronto Stock Exchange for Lundin Mining's shares at the time of 
acquisition, of CAD 10.40 (Swedish krona ("SEK") 56.32), the total 
consideration for all of Boliden's NAN shares corresponds to CAD 
22,638,720. Following the acquisition, Lundin Mining holds 23,117,000 
shares in NAN, corresponding to 74.0 percent of the shares and votes of 
the company.

On December 8, 2004 Lundin Mining announced that it had closed the 
agreement with Chap Mercantile Inc. (re-named "Silver Wheaton") whereby 
Lundin Mining has agreed to sell all of its silver production from the 
Zinkgruvan mine in Sweden to Silver Wheaton in consideration for an 
upfront cash payment of US$50 million (CAD 61 million) and 30 million 
Silver Wheaton shares and 30 million whole share purchase warrants with 
an aggregate fair value of CAD 27.6 million , plus a per ounce payment 
at a price equal to the lesser of (a) US$3.90 (subject to a consumer 
price adjustment after three years) and (b) the then prevailing market 
price per ounce of silver. Each warrant is exercisable at CAD 0.80 into 
one Silver Wheaton common share and expires on August 5, 2009.

In mid-December 2004 Lundin Mining re-commenced the drilling on the 
Discovery Zone at Rakkurijarvi located within its Norrbotten Copper-Gold 
Project area in northern Sweden. The Discovery Zone drill program is 
designed to continue defining the extent of copper/gold mineralization 
as previously reported April 5 and June 1, 2004. Mineralization is 
characterized by massive, sometimes brecciated, magnetite, with 
stockworks and veins of chalcopyrite and pyrite. The objective of the 
program is to define a commercially viable deposit of copper and gold 
amenable to open-pit bulk-mining methods.

On December 3, 2004 the Swedish Depository Receipts (SDRs) of Lundin 
Mining were listed on the Stockholmsborsen O-list.

Subsequent events

On January 21, 2005 Lundin Mining made an offer to the remaining 
shareholders of NAN to acquire their NAN shares for either cash SEK 
10.75 or 1 Lundin Mining share for 5.3 NAN shares. The prospectus is 
expected to be distributed to the shareholders of NAN on February 14, 
2005 and the offer is expected to close on March 4, 2005.

In January 2005 the Company entered into a hedge program covering 
hedging USD 18 million at the level USD 1: SEK 6.95.

/T/

SUMMARY OF OPERATIONS

                                    Q4                 12 months
LUNDIN MINING METAL            2004                 2004
 PRODUCTION (i)            Proforma      2003   Proforma        2003
--------------------------------------------------------------------
Zinc (tonnes)(i)             27,474     2,816     92,270      12,176
Copper (tonnes)(i)            2,396     1,100      8,254       4,769
Lead (tonnes)                11,175         -     31,448           -
Silver (oz)                 865,676         -  2,038,291           -
--------------------------------------------------------------------
(i) Zinkgruvan and Storliden mine included with 100 % for 2004.
    Storliden mine included with 38.35 % for 2003.

Zinkgruvan Mine
                                    Q4                 12 months
(100 PERCENT OF PRODUCTION)    2004      2003       2004        2003
--------------------------------------------------------------------
Ore milled (tonnes)         222,567   226,661    732,812     773,688
--------------------------------------------------------------------
Grades
Zinc (%)                        9.0       9.6        9.1         9.2
Lead (%)                        5.8       5.0        4.9         4.8
Silver (g/t)                  107.0     103.7       99.0       103.0
--------------------------------------------------------------------
Recoveries
Zinc (%)                       92.4      91.6       92.1        91.0
Lead (%)                       87.8      89.0       87.6        87.9
Silver (%)                     74.0      74.8       75.4        72.6
--------------------------------------------------------------------
Production
Zinc (tonnes)                18,683    19,082     61,547      64,495
Lead (tonnes)                11,175    10,096     31,448      31,760
Silver (oz)                 865,676   570,735  2,038,291   1,840,887
Total Cash Cost
 USc/pound zinc (i)            20.9      18.3       23.3        27.2
--------------------------------------------------------------------
(i) Total cash cost is the sum of direct costs, indirect cash costs,
    interest charges and by-product credits.

/T/

Production

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 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 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 CAD 8 per common share for net proceeds of 
approximately CAD 152 million.

In addition to zinc, lead and silver reserves and resources, there is a 
copper resource of approximately 3.5 million tonnes (2.67 million tones 
Indicated Resource and 0.85 million tones Inferred Resource) at 3.1% 
copper adjacent to the existing main zinc ore body from the 650 meter 
level to the 950 meter level.

The reason for the production problems in the mine during 2nd and 3rd 
quarter 2004 was blockage of ore and waste passes. Those problems have 
been dealt with; a new ore pass will be constructed during 2005 and a 
new transportation route was developed and is utilized at the moment.

The Company is conducting a review of the mining operation with the 
objective to increase revenues from the mine. This includes both the 
possibilities to increase production of ore and/or increase mining of 
metals by reducing dilution and ore losses. The review also includes 
optimization of the life of mine plan and the timing and possibility in 
developing the copper mineralization. The initial result of the review 
will be presented to the Board of Directors of Lundin Mining during the 
first quarter of 2005.

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 ("ha"). Furthermore, the Company has identified a number of 
highly prospective exploration zones which will be pursued during early 
2005.

Zinkgruvan Mining's external environmental consultants presented in 
November 2004 a report on the closure costs based on the present EU 
regulations. This report indicates a final closure cost at about SEK 15 
million. This report has now been presented to the authorities. The 
final decision on this matter is expected during 2005 and the reasonable 
result would be a substantially lower demand for surety to be provided 
by Zinkgruvan Mining than the provisional level of SEK 65 million.

Exploration Zinkgruvan 2004

In mine

During the year two exploration drifts, with a total length of 706 m, 
have been driven in the Cecilia and Burkland areas. The drifts will make 
it possible to diamond drill and upgrade, enlarge known resources. The 
main objective of the diamond drilling for the year has been in fill 
drilling of ore limits in stopes. The in fill drilling has followed the 
development of stopes in the Burkland area and in Nygruvan below 950 m.

Near mine (Brown field)

The upward continuation of Borta Bakom mineralisation was investigated 
by five diamond drill holes in early 2004. The holes where drilled from 
surface and four holes intersected mineralisation at depths between 324 
m and 577 m. The results have increased the knowledge about the 
hangingwall geology of the area and has been used to refine the 
structural model. The two deepest intersections have been included in 
the inferred Borta Bakom resource i.e ddh 2150 and 2154 see tabel below. 
They have somewhat extended the mineralised zone.

/T/

Ddh                        2150             2154
------------------------------------------------
East (mine grid)        1585.48             1587
North (mine grid)       6519.66          6520.81
Z (mine grid)            -48.88           -48.58
Dip               66.03 degrees     57.0 degrees
Dir              112.20 degrees     96.0 degrees
Total length              659.6            656.5
------------------------------------------------
Intercept depth             577              536
------------------------------------------------

/T/

In ddh 2150 the mineralised intercept is from 583.01 m to 584.85 m with 
a true width of 1.82 m @ 14.95 % Zn, 4,65 % Pb, 64 g/t Ag. In ddh 2154 
the mineralised intercept is from 589.42 m to 592.12 m with a true width 
of 2.59 m @ 11.56 % Zn, 2.22 % Pb, 63 g/t Ag.

A structural model based on surface geology, geophysical data and 
underground structural data was tested with one deep drill hole, 
ddh2155, in the Dalby area 2.2 km north west of the Knalla Mine shaft.

The model predicted Zinkgruvan Formation rocks under a regional fault 
zone and a cap of younger granites. Predicted depth for the ore zone 
equivalent was modeled to about 1 200 m hole depth. The model was 
confirmed and a tectonised, partly mineralised zone interpreted to 
represent Zinkgruvan Ore zone equivalent was intersected at 1330 m hole 
depth.

/T/

Ddh                        2155
-------------------------------
East (mine grid)         535.91
North (mine grid)       6540.82
Z (mine grid)            -58.37
Dip               77.04 degrees
Dir                3.96 degrees
Total length               1452
-------------------------------

/T/

In ddh 2155 the mineralised intercept is from 1317.55 m to 1317.91 m 
with a true width of 0.33 m @ 2.98 %, 2.16 % Pb and 45 g/t Ag. The hole 
has gained new structural and stratigraphical data that will be 
incorporated in the geological model of the area. The hole is currently 
being twinned by wedging and additional drilling is being planned in the 
area.

Green field

Five new exploration licenses was granted south - south west of 
Zinkgruvan and one extension of a license was granted north west of 
Zinkgruvan. The licenses covers a total area of 8250 ha.

Two areas within the Lofallet exploration license have been surveyed by 
ground magnetics and IP during late 2004. Interpretation of the ground 
survey indicate anomalies some of which are interpreted as pyrrhotite 
horisons known to exist in the area, whereas others have unknown origin. 
Diamond drilling to test some of these targets is currently being 
planned.

Chief Geologist, ZMAB, Lars Malmstrom is a qualified person, member of 
The Australasian Institute of Mining and Metallurgy, Australia.

Outlook

The production for 2005 is planned to increase above 800,000 tonnes of 
ore. The zinc metal production is expected to be around 65,000 metric 
tonnes ("mt"), the lead metal production 32,000 mt and the silver 
production 2,100,000 Oz.

Lundin Mining Exploration

The Norrbotten Copper - Gold Project

Lundin Mining holds 98,791 ha, called the Norrbotten gold/copper 
project, of highly prospective ground in the Norrbotten mining district 
of Norrbotten County, northern Sweden. The project is located along the 
"Kiruna Break", an East-West trending fault system - an important 
structural feature in the area offset by numerous copper/gold and iron 
ore deposits

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 totaling 3,920 meters which expanded the known 
Rakkurijarvi copper/gold zone. Mineralized intercepts include 40.5 
meters grading 1.4% copper and 0.3 gram gold per ton ("g/t") and 19.8 
meters grading 1.6% copper and 0.4 g/t gold. A second drill program to 
further delineate the deposit was commenced in the fourth quarter.

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 completed in 
late October 2004 of this year. Twenty-three drill holes totaling 2,559 
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.

Encouraging copper mineralization was encountered in several scout drill 
holes designed to test anomalous trends defined by IP chargeability. In 
the eastern part of the area a single drill hole, AIL04023, intercepted 
26 meters averaging 0.27% copper along a chargeability anomaly with an 
un-tested strike length of 1.5 kilometers. Drill hole AIL04005 
intercepted 21.1 meters averaging 0.18% copper and drill hole AIL04009 
intercepted 37.10 meters averaging 0.15% copper along a chargeability 
anomaly which is open to the west for 1 kilometer. Drill hole AIL04022 
intercepted 10.85 meters averaging 0.29% copper and 11.5 meters 
averaging 0.22% copper along a chargeability anomaly with 2 kilometers 
of previously untested strike length.

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. The Qualified Person in charge of the 
project is Robert Lilljequist, professional consulting geologist.

Outlook

The regional geological setting is consistent with the IOCG model 
including the giant Olympic Dam deposit, and the Rakkurijarvi Discovery 
Zone is a new IOCG discovery which warrants continued drilling to define 
resources.

The drilling on the Discovery Zone has produced positive results. The 
best result has been 1.07% Cu and 0.27 g/t Au over 48.45 m in hole 
RAK04023 (including 12.80 m with 2.11% Cu and 0.52 g/t Au). The 
mineralized zones are, however, not yet sufficiently coherent to form a 
base for mineral resource estimation.

The Anglo/Rio Tinto Pahtohavare oxide target, adjacent to the 
past-producing mine, appears to have potential for the discovery of 
further copper oxide mineralization;

At Ailatis target, eight IP anomalies were tested and the best 
intersections were 26m with 0.27% Cu (Dh AIL04023), 37,1 m with 0.15% Cu 
(Dh AIL04009) and 26,3 m with 0.18% Cu (Dh AIL04005). The continuation 
of the IP anomalies tested by AIL04023 and AIL04005 towards the east 
remains to be tested by drilling.

The excellent land position in a highly prospective area warrants 
significant additional exploration.

/T/

NAN
Production Storliden
                                       Q4               12 months
(100 PERCENT OF PRODUCTION)      2004      2003      2004      2003
-------------------------------------------------------------------
Ore milled (tonnnes)           68,670    87,622   286,749   333,363
-------------------------------------------------------------------
Grades
Copper (%)                       3.53      3.57      3.07       4.1
Zinc (%)                        10.12      9.15      8.41      11.0
-------------------------------------------------------------------
Recoveries
Copper (%)                       91.8      91.6      89.7      91.0
Zinc (%)                         92.1      91.5      91.0      90.6
-------------------------------------------------------------------
Production
Copper (tonnes)                 2,396     2,869     8,254    12,435
Zinc (tonnes)                   6,412     7,342    22,348    33,158
Total Cash Cost Usc/pound
 zinc (i)                        16.7      23.7      11.3      20.0
-------------------------------------------------------------------
(i) Total cash cost is the sum of direct costs, indirect cash costs,
    interest charges and by-product credits.

/T/

NAN Exploration

In addition to the Storliden mine, 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:

Storliden Mine Area

In the Storliden Mine area NAN has identified several nearby target 
areas which are considered favorable for hosting another zinc-copper 
massive sulfide deposit.

A drill program was initiated to test targets located to the northeast 
and southeast of the Storliden orebody during the fourth quarter. As of 
the end of the period 9 drill holes have been completed for a total of 
1,723 meters of drilling.

Zinc mineralization previously encountered about 400 meters northeast of 
Storliden was tested by one drill hole (STOB04-235) which intersected 
2.6 meters averaging 1% zinc at a depth of 46 meters. The thickness and 
grade is not considered economic and the remaining potential of this 
"northeast zone" appears remote.

Three drill holes were completed in an area approximately 500 meters 
south of the Storliden deposit, targeted to test the possible extension 
of mineralization previously encountered in drill hole STOB02-232 in the 
year 2002. No mineralization was observed in any of these drill holes.

Five drill holes were completed on separate geophysical anomalies 
located from one to two kilometres south and east of the Storliden 
deposit. No noticeable mineralization was encountered in any of these 
holes and the source of the geophysical anomaly is attributed to iron 
sulfides (pyrrhotite) disseminated in volcanic sediments and tuffs.

Outlook

A number of targets remain to be tested and the drill program is 
expected to continue into the second quarter of this year.

The Lappvattnet Nickel deposit

This deposit is composed of nickel sulfide mineralization (pentlandite) 
hosted in ultramafic volcanic rocks and sheared gneiss. It has been 
traced by previous drilling for a strike length of 600 meters to a depth 
of 100 meters. Drill results reported in November of this year (see news 
release of November 10, 2004) indicate mineralization extends beyond 100 
meters in depth and plunges to the east where it appears to be open for 
further expansion.

Outlook

The results of this drilling are considered sufficiently encouraging to 
justify continued drilling down-dip and along strike of the 
mineralization to the northeast. Additional new drill sites are 
currently being designed by NANs' exploration staff. This continuation 
of the drill program is expected to commence during the second quarter 
of 2005.

The Copperstone Project

This project consists of three separate copper prospects, A, B and C, 
where historical reports indicate copper mineralization grading from 1% 
to 2% copper exists in veins and disseminations in volcanic rocks over 
an area of approximately 3 square kilometers. Geophysical surveying by 
NAN has identified a number of drill targets indicative of copper 
sulphide mineralization.

A drill program consisting of ten scout drill holes was completed during 
the fourth quarter consisting of a total of 1,296 meters of drilling. 
These holes were designed to test the nature and extent of the source of 
the geophysical anomalies near existing mineralization and determine if 
additional drilling is justified. Visual inspection of the drill results 
indicates copper mineralization exists well beyond areas previously 
identified from past drill results (1971-1978) as indicated by the NAN 
geophysical survey results and, extensive further work is justified.

In the northern portion of the Copperstone project (Area "C") area five 
drill holes were completed on five separate geophysical anomalies, four 
of which encountered visible, weak to moderate copper mineralization.

In the southern portion of the Copperstone project area (Area "A") five 
drill holes were completed on four separate geophysical anomalies, all 
of which intersected indications of copper mineralization as well as 
lead and zinc.

Outlook

The results of the drill program will be reported in detail when all the 
drill core assays are available. Meanwhile, more detailed geophysical 
surveying is planned along with a detailed re-examination of historical 
drilling. This work is expected to lead to a more comprehensive drill 
program which is planned to commence within the next month.

The professional geologist in charge of exploration for NAN in the 
Skellefte district is Mr. Alain Chevalier who is a Qualified Person 
under the auspices of the Swedish Mining Association.

Metal prices and treatment charges

Compared to the fourth quarter last year, lead and zinc prices have been 
considerably higher. The zinc price is still lagging behind the other 
base metals, but the reduction in inventory levels on LME seen during 
the end of 2004 and the beginning of 2005 have caused the price of zinc 
to rise to a level not seen during the last seven years.

/T/

METAL PRICES (LME/LBMA)        Q4      Change       12 months Change
(average)                2004     2003      %    2004    2003      %
--------------------------------------------------------------------
Zinc, USD/tonne         1,025      969    5.8   1,039     829   25.3
Lead, USD/tonne           958      639   49.9     882     512   72.3
Silver, USD/oz           7.23     5.27   37.2    6.67    4.88   36.7
Copper, USD/tonne       3,076    2,227   38.1   2,935   1,799   63.1
--------------------------------------------------------------------

/T/

The treatment charge ("TC), and refining charge ("RC"), for copper 
reached their lowest levels in 15 years during 2004. At the same time 
the TC for zinc reached the lowest level for 10 years and the TC for 
lead was also at a very low level.

Outlook

The outlook for metal prices in 2005 is in general still positive. The 
growth in demand, especially from Asia, is expected to continue during 
most of 2005 and this is not expected to be met by a similar increase in 
production. We expect that the zinc price will remain strong during the 
whole of 2005. In respect of the price of copper and lead we expect them 
to remain at high levels. It should be noted that the price of silver 
for all silver production from Zinkgruvan mine going forward has been 
fixed by the deal with Silver Wheaton. See above.

The production of copper concentrate has increased during 2004 and will 
most probably also increase during 2005 and this has already resulted in 
higher TC and RC. In respect of lead a small increase in the TC can be 
expected.

/T/

Currencies
EXCHANGE RATES                 Q4      Change       12 months Change
(average)                2004     2003      %    2004    2003      %
--------------------------------------------------------------------
SEK/USD                  0.14     0.13   +7.7    0.14    0.12  +16.7
SEK/CAD                  0.18     0,17   +5.9    0.18    0.17   +5.9
USD/CAD                  1.22     1.31   -6.9    1.30    1.42   -8.4
--------------------------------------------------------------------


In January 2005 the Company entered into a hedge program covering
hedging USD 18 million at the level USD 1: SEK 6.95.


Lundin Mining Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS                     (Unaudited)
                                 3 months                12 months
                            1 Oct-     1 Oct-       1 Jan-     1 Jan-
Thousands of Canadian      31 Dec     31 Dec       31 Dec     31 Dec
 dollars                     2004       2003         2004       2003
                                          (i)                     (i)
--------------------------------------------------------------------
Sales (Note 1(j))          27,434          -       51,927          -

Cost of sales             -18,682          -      -37,292          -

                       ---------------------------------------------
Gross margin                8,752          -       14,635          -
                       ---------------------------------------------

Expenses
 General exploration
  and project
  investigation              -701       -395       -3,592     -1,029
 Administration            -1,848       -175       -3,660       -458
 Stock based
  compensation               -250       -100         -588       -100
 Wages and benefits        -1,432        -52       -2,698       -116
                       ---------------------------------------------
                           -4,230       -722      -10,538     -1,703
                       ---------------------------------------------

Other income/expenses
 Management fees               18         20           78         84
 Interest income              209         29          536        259
 Other income                  33          -          189          -
 Other expenses                -6       -399         -176       -399
 Interest and bank
  charges                       -        -66         -109       -266
 Foreign exchange
  gains/losses             -2,627       -177          525       -326
                       ---------------------------------------------
                           -2,373       -593        1,043       -648
                       ---------------------------------------------

Income/loss before
 the undernoted             2,149     -1,315        5,140     -2,351

Unusual items, net              -       -320            -        244
Gain on sale of
 investment in NAN              -          -          873          -
Equity in income of
 NAN                          334        606        1,724      2,907
                       ---------------------------------------------

Income/loss before
 income taxes               2,483     -1,029        7,737        800

Income taxes                   69        151       -1,539       -546
                       ---------------------------------------------

Net income/loss for
 the period                 2,552       -878        6,198        254
                       ---------------------------------------------
                       ---------------------------------------------

Basic earnings/loss
 per share                   0.08      -0.11         0.28       0.03
                       ---------------------------------------------
                       ---------------------------------------------

Diluted
 earnings/loss per
 share                       0.08      -0.11         0.28       0.03
                       ---------------------------------------------
                       ---------------------------------------------

Basic weighted
 average number of
 shares outstanding    30,583,572  7,745,647   22,160,451  7,718,880
                       ---------------------------------------------
                       ---------------------------------------------
Diluted weighted
 average number of
 shares outstanding    30,855,447  7,745,647   22,432,326  8,033,507
                       ---------------------------------------------
                       ---------------------------------------------

(i) Restated, see note 1



Lundin Mining Corporation
CONSOLIDATED BALANCE SHEETS                               (Unaudited)
Thousands of Canadian dollars                          31         31
                                                 December   December
                                                     2004       2003
                                                                  (i)
--------------------------------------------------------------------

ASSETS
Current assets
 Cash                                             104,977      9,097
 Accounts receivable                               16,650        124
 Loan receivable from NAN                               -        925
 Investments (Note 3)                              27,584          -
 Inventories                                        5,577          -
 Prepaid expenses                                   4,719         12
                                                ---------  ---------
                                                  159,507     10,159

Long term receivables                                 706          -
Investment in NAN (Note 2(c))                           -      8,493
Properties, plant and equipment
 Mining properties                                205,550        257
 Machinery and other technical equipment           21,145          -
Future income tax assets                            6,629          -
Deferred financing costs (Note 1(j))                2,697          -
                                                ---------  ---------
                                                  396,234     18,908
                                                ---------  ---------
                                                ---------  ---------


LIABILITIES
Current liabilities
 Accounts payable                                  11,488        776
 Accrued expenses                                   7,907          -
 Due to related parties (Note 5)                       19      1,027
 Income taxes payable                               3,658          -
 Other current liabilities                          1,501          -
 Current portion of deferred revenue
  (Note 1(j))                                       3,503          -
                                                ---------  ---------
                                                   28,076      1,803

Deferred revenue (Note 1(j))                       84,077          -
Provisions for pensions                            16,148          -
Other provisions                                   13,488          -
Future income tax liabilities                      45,995      1,024
                                                ---------  ---------
                                                  187,784      2,827
                                                ---------  ---------

NON-CONTROLLING INTEREST                            6,991          -

SHAREHOLDERS- EQUITY
Share capital (Note 4)                            206,220     27,017
Contributed surplus                                 1,035        212
Deficit (Notes 1(a) and (c))                       -5,705    -11,262
Cumulative translation adjustments                    -91        115
                                                ---------  ---------
                                                  201,459     16,081
                                                ---------  ---------

                                                  396,234     18,908
                                                ---------  ---------
                                                ---------  ---------

(i) Restated, see note 1.



Lundin Mining Corporation
CONSOLIDATED CASH FLOW STATEMENTS                         (Unaudited)
                                 3 months                12 months
                            1 Oct-     1 Oct-       1 Jan-     1 Jan-
Thousands of Canadian      31 Dec     31 Dec       31 Dec     31 Dec
 dollars                     2004       2003         2004       2003
                                          (i)                     (i)
--------------------------------------------------------------------
Cash flow from
 operating activities
 Net income/loss for
  the period                2,552       -878        6,198        254
 Add/deduct non-cash
  items
  Amortization of
   deferred revenue
   (Note 1(j))               -558          -         -558          -
  Accrued interest              -        142            -        122
  Depreciation and
   amortization             5,703          -       11,711          -
  Stock based
   compensation               250        100          588        100
  Gain on sale of
   investment in NAN            -          -         -873          -
  Equity in income of
   NAN                       -334       -606       -1,724     -2,907
  Future income taxes         -69       -151        1,539        546
  Provision for
   pensions and other        -365          -         -306          -
  Unrealized foreign
   currency
   gains/losses             2,830        108       -1,047        163

 Net changes in
  non-cash working
  capital items
  Accounts receivable
   and other current
   assets                  -1,416        -33        1,706        -79
  Accounts payable and
   other current
   liabilities              2,027        133       -1,387        155
                       ---------------------------------------------
                           10,620     -1,185       15,847     -1,646
                       ---------------------------------------------

Cash flow from
 financing activities
  Common shares issued      1,433      9,842      154,133      9,842
  Deferred revenue
   (Note 1(j))             60,589          -       60,589          -
  Financing costs
   (Note 1(j))             -2,809          -       -2,809          -
  Due to related
   parties                    -70         49       -1,008       -665
  Loans payable                 -     -2,384            -     -2,344
  Capital lease
   obligations                -52          -            -          -
                       ---------------------------------------------
                           59,091      7,507      210,905      6,833
                       ---------------------------------------------

Cash flow for
 investing activities
  Acquisition of
   subsidiaries (Note
   2(a-c))                  6,100          -     -126,589          -
  Mining properties
   and related
   expenditures            -3,280          -       -6,433        -16
  Loan receivable               -        -44            -        680
  Repayment of loan
   receivable from NAN          -        429          925        429
  Proceeds from sale
   of mineral property          -        870            -      1,237
  Proceeds from sale
   of shares in NAN             -          -        1,224          -
                       ---------------------------------------------
                            2,820      1,255     -130,873      2,330
                       ---------------------------------------------

Increase in cash           72,531      7,576       95,879      7,517

Cash, beginning of
 period                    32,446      1,522        9,098      1,581
                       ---------------------------------------------

Cash, end of period       104,977      9,098      104,977      9,098
                       ---------------------------------------------
                       ---------------------------------------------

Supplementary
 information
 regarding non-cash
 transactions
 Financing and
  investing activities
  Investments in
   Silver Wheaton
   received as
   proceeds from
   deferred revenue        27,584          -       27,584          -
  Common shares issued
   for acquisition of
   NAN                     22,639          -       22 639          -
  Common shares issued
   for mineral property
   acquisition                  -          -          655          -
  Common shares issued
   for acquisition
   expenses                     -          -        1,370          -
                       ---------------------------------------------
                           50,223          -       52,248          -
                       ---------------------------------------------
                       ---------------------------------------------

Other supplementary
 information
 Interest paid                -63         18          109         76
                       ---------------------------------------------
                       ---------------------------------------------

(i) Restated, see note 1.


Lundin Mining Corporation
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)

                              Contrib-           Cumulative
Thousands of           Share     uted           translation
 Canadian dollars    capital  surplus   Deficit adjustments    Total
                   -------------------------------------------------
As at December 31,
 2003                 27,017      212   -10,204         115   17,140

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

                   -------------------------------------------------
As at December 31,
 2003, adjusted       27,017      212   -11,262         115   16,082

Cumulative effect
 of changes in
accounting policy
 (Note 1(a))              53      588      -641           -        -

Exercise of stock
 options and
 warrants              2,434        -         -           -    2,434

Transfer of
 contribute surplus
 on
exercise of stock
 options                 353     -353         -           -        -

Stock-based
 compensation              -      588         -           -      588

New share issues
 (Note 2)            176,363        -         -           -  176,363

Translation
 adjustments for
 the period                -        -         -        -206     -206

Net result for the
 period                    -        -     6,198           -    6,198

                   -------------------------------------------------
As at December 31,
 2004                206,220    1,035    -5,705         -91  201,459
                   -------------------------------------------------
                   -------------------------------------------------


Lundin Mining Corporation
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 (Unaudited)

/T/

1. Basis of Presentation

The unaudited interim consolidated financial statements of Lundin Mining 
Corporation (the "Company" or "Lundin Mining") 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.

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 twelve months ended December 31, 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 December 31, 2004, compensation expenses 
of CAD 250,000 were recorded in operations. During the twelve months 
ended December 31, 2004, compensation expenses of CAD 588,000 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 twelve 
months ended December 31, 2003 by $ 291,000 ($0.04 per share) and $ 
922,000 ($0.12 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 
to current year's presentation.

As a result of the acquisition of Zinkgruvan (Note 2(a)) and NAN (Note 
2(c)), and the transaction with Silver Wheaton (Note 3) the Company has 
also adopted the following accounting policies during the twelve months 
ended December 31, 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) Investments

The Company holds shares and warrants in Silver Wheaton (Note 3). The 
investments have been valued at the lower of cost and market value.

(g) 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.

(h) 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.

(i) 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.

(j) Deferred revenue and Financing costs

The Company has received an upfront payment in relation to the Silver 
Wheaton agreement (Note 3). Deferred revenue will be recognized as sales 
on delivery of the silver. Arrangement fees for the Silver Wheaton 
agreement shown as deferred financing costs, will be amortized to match 
deferred revenue recognition.

(k) 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. Acquistions

(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 comprised 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 Swedish krona 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 
fourth quarter 2004 resulted in an additional payment of US$ 0.1 million 
(US$ 0.2 million for the period 2 June-31 December, 2004). 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 
CAD 8 per common share for net proceeds of approximately CAD 152 million.

The acquisition has been accounted for using the purchase method. The 
current estimate of fair values of the net assets acquired was as 
follows:

/T/

Purchase price:
 Cash paid                                       $144,848,291
 Acquisition expenses paid by issue of shares       1,370,400
 Acquisition expenses paid in cash                  2,223,600
                                                 ------------
                                                 $148,442,291
                                                 ------------
                                                 ------------

Net assets acquired:
 Cash                                            $ 14,289,071
 Other working capital, net                         2,470,706
 Mining properties                                175,236,088
 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
                                                 ------------
                                                 $148,442,291
                                                 ------------
                                                 ------------

/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.

(c) North Atlantic Natural Resources AB

On December 30, 2004 the Company acquired all of Boliden's 11,537,000 
shares in NAN, corresponding to 36.9 percent of the shares and votes. 
The consideration for all of Boliden's NAN shares amounts to 2,176,800 
newly issued Lundin Mining shares, corresponding to 6.5 percent of the 
shares and votes in Lundin Mining on an undiluted basis. Applying the 
market price paid on Toronto Stock Exchange for Lundin Mining's shares 
of CAD 10.40 (SEK 56.32), the total consideration for all of Boliden's 
NAN shares corresponds to CAD 22,638,720.

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 
February 2005. The additional acquisition of 36.9 percent from Boliden 
AB has been accounted for using the purchase method. The current 
estimate of the fair values of the net assets acquired are as follows:

/T/

Purchase price:
 Consideration paid with new shares              $ 22,638,720
                                                 ------------
                                                 $ 22,638,720
                                                 ------------
                                                 ------------

Net assets acquired:
 Cash                                            $  6,195,057
 Other working capital, net                         2,551,263
 Mining properties                                 63,958,412
 Property, plant and equipment                        236,326
 Future income tax liabilities                    -11,232,135
 Other provisions                                    -357,379
                                                 ------------
                                                 $ 61,351,544
Less:
 Non-controlling interest                        $-15,951,401
 Carrying value of prior investment in NAN        -22,761,423
                                                 $ 22,638,720
                                                 ------------

/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.

3. Silver Wheaton Corporation

On December 8, 2004 the Company entered into an agreement with Silver 
Wheaton Corporation to sell all of its silver production from the 
Zinkgruvan mine to Silver Wheaton in consideration for an upfront cash 
payment of USD 50 million (CAD 60,589,000) and 30 million Silver Wheaton 
shares and 30 million whole share purchase warrants with an aggregate 
fair value of CAD 27,584,000, plus a per ounce payment at a price equal 
to the lesser of (a) USD 3.90 (subject to a consumer price adjustment 
after three years) and (b) the then prevailing market price per ounce of 
silver. Each warrant is exercisable at CAD 0.80 into one Silver Wheaton 
common share and expires on August 5, 2009.

Lundin Mining has agreed to deliver a minimum of 40 million ounces of 
silver to Silver Wheaton over a 25-year period. The Zinkgruvan mine is 
expected to produce approximately 2 million ounces of silver per year. 
If at the end of the 25-year period, Lundin Mining has not delivered the 
agreed 40 million ounces, then it will pay to Silver Wheaton USD 1.00 
per ounce of silver not delivered.

At December 31, 2004 the quoted market value of the investments in 
Silver Wheaton aggregated to CAD 32.7 million.

4. 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.

Shares issued and outstanding

/T/

                                           Number of          Amount
                                              shares        (CAD'000)
--------------------------------------------------------------------
Balance, December 31, 2003                 9,776,457          27,017
Cumulative effect of change in
 accounting policy (Note 1(a))                     -              53
Equity financing, net of
 financing expenses (Note 2(a))           20,000,000         151,698
Shares issued for payment of
 acquisition expenses                        171,300           1,370
Shares issued to acquire a
 mineral property (Note 2(b))                187,214             655
Shares issued to acquire shares
 in NAN (Note 2(c))                        2,176,800          22,639
Stock options exercised                      380,000             798
Warrants exercised                           727,500           1,637
Transfer of contributed surplus
 on exercise of stock options                      -             353
--------------------------------------------------------------------
Balance, December 31, 2004                33,419,271         206,220
--------------------------------------------------------------------
--------------------------------------------------------------------

/T/

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

/T/

                                                            Weighted-
                                           Number of         Average
Options                                       Shares  Exercise Price
--------------------------------------------------------------------
Outstanding at December 31, 2003             585,000        $   3.14
Granted in 2004                              167,500        $   8.05
Exercised in 2004                           (380,000)       $   2.10
                                          ----------      ----------
Outstanding at December 31, 2004             372,500        $   6.41
                                          ----------      ----------
                                          ----------      ----------

/T/

As at December 31, 2004, 205,000 options outstanding expire on December 
4, 2005, 100,000 expire on July 8, 2006 and 67,500 expire on October 6, 
2006.

(c) There were no share purchase warrants outstanding at December 31, 
2004.

5. Other related party transactions

During the twelve months ended December 31, 2004, charges from a company 
owned by the Chairman of the Company for management and administrative 
services were CAD 192,000 (2003 - CAD 153,000). At December 31, 2004, 
CAD 16,000 (2003 - CAD 13,000) was due to this company and is included 
in amounts due to related parties.

The Company earned CAD 78,000 and CAD 84,000 during the twelve months 
ended December 31, 2004 and 2003, respectively, in management fees for 
providing management services to NAN.

6. 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/

In thousands of             1 Jan-31 Dec    1 Jan-31 Dec
Canadian dollars                    2004            2003
--------------------------------------------------------
Revenues (i)
Sweden                            54,376           3,166
Canada                                78              84
--------------------------------------------------------
                                  54,454           3,250
--------------------------------------------------------
--------------------------------------------------------

/T/

(i) Consists of sales, interest income, management fee and other
    income, and the equity in the income of NAN.

The Company's properties, plant and equipment are located in Sweden and 
have a carrying value of $226,695,000 at December 31, 2004 ($257,000 at 
December 31, 2003). The increase in properties, plant and equipment is 
mainly due to the acquisition of ZM and NAN.

/T/

AGM
Lundin Mining's Annual General Meeting is scheduled for May, 2005.

Dividend
At the AGM, Lundin Mining's Board of Directors intends to recommend
that no dividend be paid for 2004.

Annual Report
Lundin Mining's annual report will be distributed to shareholders by
mail in May, 2005, and will be available at the Lundin Mining office
in Stockholm from May, 2005.

Next report
The three months interim report for 2005 will be published on May 12,
2005.

SUPPLEMENTARY INFORMATION

1. LIST OF DIRECTORS AND OFFICERS AT DECEMBER 31, 2004:
(a) Directors:
    Adolf H. Lundin
    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
   The report for the first quarter 2005 will be published on
   May 12, 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
Sophia Shane
Head of Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
info@lundinmining.com
www.lundinmining.com