News Releases

Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.

  Mar 23, 2005 - 10:00 ET
Lundin Mining Holds 97.6 Percent of NAN

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

MARCH 23, 2005 - 10:00 ET

Lundin Mining Holds 97.6 Percent of NAN

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Lundin 
Mining Corporation (TSX:LUN)(O-list Stockholmsborsen:LUMI) - 

On January 21, 2005 Lundin Mining Corporation ("Lundin Mining") made a 
public offer for all outstanding shares in North Atlantic Natural 
Resources AB ("NAN"). The NAN shareholders were offered either one newly 
issued share in Lundin Mining for each 5.3 shares in NAN (the "Share 
alternative") or SEK 10.75 per share in NAN (the "Cash alternative") 
(together referred to as the "Offer"). Following the first acceptance 
period Lundin Mining declared the Offer unconditional and extended the 
Offer. The extended acceptance period expired at 17.00 (CET) on Friday 
March 18, 2005.

Shareholders representing 7,367,854 shares, corresponding to 23.6 
percent of the total number of shares and votes of NAN, have accepted 
the Offer. 7,331,595 shares were submitted under the Share alternative 
and 36,259 shares were submitted under the Cash alternative. Combined 
with the 23,117,000 shares held by Lundin Mining prior to the Offer, 
Lundin Mining now holds 30,484,854 shares in NAN, corresponding to 97.6 
percent of the total number of shares and votes.

Accounting of settlement for those having accepted during the extended 
acceptance period is estimated to commence during week 14, 2005.

Lundin Mining has initiated compulsory purchase of the remaining shares 
in NAN.

ON BEHALF OF THE BOARD

Edward F. Posey, President

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

Lundin Mining Corporation
Sophia Shane
Investor Relations North America
(604) 689-7842

or

Lundin Mining Corporation
Robert Eriksson
Investor Relations Europe
+46-8-545 074 70
www.lundinmining.com