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  Apr 26, 2005 - 04:01 ET
Update Regarding the Recommended Merger Offer by Lundin Mining Corporation for ARCON International Resources P.l.c.

 
NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

APRIL 26, 2005 - 04:01 ET

Update Regarding the Recommended Merger Offer by 
Lundin Mining Corporation for ARCON International 
Resources P.l.c.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 26, 2005) - NOT FOR 
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, THE UNITED STATES, 
AUSTRALIA, SOUTH AFRICA OR JAPAN.

Lundin Mining Corporation ("Lundin Mining") (TSX:LUN)(Stockholmsborsen 
O-list:LUMI) is pleased to announce that the shareholders of ARCON 
International Resources P.l.c. ("ARCON") who accepted the previously 
announced merger offer up to and including April 11, 2005, now have 
received their consideration under the merger offer. The ARCON shares 
tendered represented 84.06% of the outstanding shares of ARCON. Lundin 
Mining has thereby acquired control over ARCON

Between April 12, 2005 and April 25, 2005, valid acceptances of the 
merger offer were received in respect of 13,137,886 additional ARCON 
shares. This represents, in aggregate, 91.61% approximately of ARCON's 
current issued capital.

Lundin Mining has issued 4,686,504 shares and distributed EUR 41 million 
(USD 53 million) in consideration for the initial 84.06% of the total 
number of outstanding shares of ARCON acquired.

The acceptance period for the merger offer has been extended to May 9, 
2005. Compulsory acquisition procedures for the remaining shares have 
also been initiated.

ARCON has applied for the ARCON shares to be delisted from the Irish and 
London Stock Exchanges on May 12, 2005.

A copy of the formal announcement in this regard made in Ireland today 
is attached with this press release.

ON BEHALF OF THE BOARD

Karl-Axel Waplan

President and CEO

Lundin Mining is a Canadian mining and exploration company with a focus 
in Europe. The Company is one of the world's leading producers of zinc. 
The main asset of Lundin Mining 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. In the beginning of 2005, Lundin Mining 
acquired the remaining outstanding shares of North Atlantic Natural 
Resources AB (NAN). NAN's primary asset is the Storliden copper and zinc 
mine in the Skellefte mining district of northern Sweden, which has been 
in production since 2002. By acquiring ARCON International Resources 
P.l.c. of Ireland, Lundin Mining added the Galmoy zinc-lead mine and an 
extensive exploration acreage in the county of Kilkenny, Ireland to it's 
existing portfolio. Lundin Mining also holds a large copper/gold 
exploration project in the prolific Norrbotten mining district in 
northern Sweden as well as exploration permits covering numerous 
exploration targets in the historical Skellefte mining district of 
northern Sweden.


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, THE UNITED 
STATES, AUSTRALIA, SOUTH AFRICA OR JAPAN.

26 April 2005

Recommended Merger Offer by Lundin Mining Corporation ("Lundin Mining") 
for ARCON International Resources P.l.c. ("ARCON")

Extension of Merger Offer until 9 May 2005

The Directors of Lundin Mining announce that as at 3:00 p.m. (Dublin 
time), on Monday, 25 April 2005, valid acceptances of the Merger Offer 
had been received in respect of 159,354,205 ARCON Shares. This 
represents, in aggregate, approximately 91.61 per cent of ARCON's 
current issued share capital.

The Merger Offer has been extended for a further 14 days and will remain 
open for acceptance until 3:00 p.m. (Dublin time), on Monday, 9 May 2005.

The Offeror has commenced the compulsory acquisition procedures provided 
for in Section 204 of the Companies Act, 1963 to acquire any ARCON 
Shares in respect of which valid acceptances are not received under the 
terms of the Merger Offer. Notices to non-accepting ARCON Shareholders 
were posted on 25 April 2005.

To ensure that ARCON Shareholders who have not yet accepted the Merger 
Offer receive their proceeds of the Merger Offer at the earliest 
possible date, they should complete and return the Form of Acceptance so 
as to be received as soon as possible and by no later than 3:00 p.m. 
(Dublin time), on Monday, 9 May 2005.

The consideration due under the Merger Offer in respect of acceptances 
that have been received and are complete in all respects will be 
dispatched within 14 days of receipt. The consideration due under the 
Merger Offer in respect of further acceptances received up to 9 May, 
2005 that are complete in all respects will be dispatched within 14 days 
of receipt.

ARCON has applied to the relevant authorities for ARCON Shares to be 
delisted and to the Irish and London Stock Exchanges for trading in 
ARCON Shares to be cancelled, each with effect from the commencement of 
trading on 12 May 2005.

Neither Lundin Mining nor any person deemed to be acting in concert with 
Lundin Mining owned or controlled any ARCON Shares (or rights over such 
shares) immediately before the commencement of the Offer Period or 
during the Offer Period; and neither Lundin Mining nor any person deemed 
to be acting in concert with Lundin Mining has acquired or agreed to 
acquire ARCON Shares (or rights over such shares) during the Offer 
Period.

The terms of the Merger Offer remain the same as set forth in the Offer 
Document and related acceptance materials previously distributed to 
ARCON Shareholders.

Terms used in this announcement have the same meaning as those contained 
in the Offer Document.

/T/

For further information, contact:

Lundin Mining Corporation
Karl-Axel Waplan          +46 705 104 239
Sophia Shane              +1 604 689 7842

ARCON International Resources P.l.c.
Peter Kidney              +353 1 667 3063
(Independent Director)    
James McCarthy            +353 1 283 7144
(Director)

Macquarie Bank Limited
(Financial Adviser to Lundin Mining)
Richard Gannon            +44 20 7065 2173

Davy Corporate Finance Limited
(Financial Adviser to the Independent Directors of ARCON)
Eugenee Mulhern           +353 1 679 6363

Murray Consultants
(Public relations adviser to ARCON)
Pauline McAlester         +353 1 498 0300

/T/

Macquarie Bank Limited, which is authorized and regulated in the United 
Kingdom by the Financial Services Authority, is acting exclusively for 
Lundin Mining and no one else in connection with the Merger Offer for 
ARCON and will not be responsible to anyone other than Lundin Mining for 
providing the protections afforded to clients of Macquarie Bank Limited 
or for giving advice in relation to the Merger Offer, the contents of 
this Announcement or any transaction or arrangement referred to herein.

Davy Corporate Finance Limited, which is regulated in Ireland by the 
Irish Financial Services Regulatory Authority, is acting for the 
Independent Directors and for no one else in relation to the matters 
described in this Announcement and will not be responsible to anyone 
other than the Independent Directors for providing the protections 
afforded to clients of Davy Corporate Finance Limited or for giving 
advice in relation to the matter referred to in this Announcement.

The Directors of Lundin Mining accept responsibility for the information 
contained in this Announcement. To the best of the knowledge and belief 
of the Directors of Lundin Mining, who have taken all reasonable care to 
ensure that such is the case, the information contained in this 
Announcement for which they accept responsibility is in accordance with 
the facts and, does not omit anything likely to affect the import of 
such information.

This Announcement does not constitute an offer or an invitation to 
purchase or subscribe for any securities and does not constitute an 
offer of Lundin Mining Securities.

Unless otherwise determined by Lundin Mining, the Merger Offer has not 
been, and is not being, made directly or indirectly in, into or from 
Australia, Japan, South Africa, the United States or any other 
jurisdiction where it would be unlawful to do so, or by the use of the 
mails, or by any means or instrumentality (including, without 
limitation, telephonically or electronically) of interstate or foreign 
commerce, or by any facility of a national securities exchange of 
Australia, Japan, South Africa, the United States or any other 
jurisdiction where it would be unlawful to do so, and the Merger Offer 
is not capable of acceptance by any such means, instrumentality or 
facility from within Australia, Japan, South Africa, the United States 
or any jurisdiction where it would be unlawful to do so. Accordingly, 
unless otherwise determined by Lundin Mining, neither copies of this 
Announcement nor any other documents related to the Merger Offer are 
being, or may be, mailed or otherwise distributed or sent in, into or 
from Australia, Japan, South Africa, the United States or any other 
jurisdiction where it would be unlawful to do so and persons receiving 
such documents (including custodians, nominees and trustees) must not 
distribute or send them in, into or from Australia, Japan, South Africa, 
the United States or any other jurisdiction where it would be unlawful 
to do so, as doing so may invalidate any purported acceptance of the 
Merger Offer. Notwithstanding the foregoing restrictions, Lundin Mining 
reserves the right to permit the Merger Offer to be accepted, if in its 
sole discretion, it is satisfied that the transaction in question is 
exempt from or not subject to the legislation or regulation giving rise 
to the restrictions in question.

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

Lundin Mining Corporation
Karl-Axel Waplan
+46-705-10 42 39

or

Lundin Mining Corporation
Sophia Shane
+1-604-689-7842