News Releases

Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.

  Jun 29, 2007 - 18:58 ET
Lundin Mining Announces Increase and Further Extension of Bid for Rio Narcea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2007) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(AMEX:LMC)(SSE:LUMI) announces that it has amended and extended its offer to acquire all of the issued shares and warrants of Rio Narcea Gold Mines, Ltd. ("Rio Narcea"). The offer has been amended to increase the offer price for the common shares to Cdn $5.50 for each share. In addition it has extended the Expiry Date for its offer to 6:00 p.m. (Pacific Time) on July 16, 2007, unless withdrawn. A Notice of Variation and Extension has been filed with Computershare Investor Services Inc., the Depositary under the offer. The Notice of Variation and Extension is being printed and will be mailed to Rio Narcea shareholders and warrantholders.

The Company has entered into lock-up agreements with major shareholders of Rio Narcea representing approximately 30.9% of the issued shares of Rio Narcea. Under the lock-up agreements each of the locked-up shareholders has agreed to tender all of their shares of Rio Narcea to Lundin Mining's offer. Shareholders holding an additional 12.3% of the issued shares of Rio Narcea have indicated their intention to tender their shares to the amended offer.

Lundin Mining's initial offer was made on April 20, 2007 and, pursuant to the support agreement between Lundin Mining and Rio Narcea, the offer cannot be extended beyond July 19, 2007, being the 90th day after the initial offer date. Accordingly, the Company will not extend the bid beyond the July 16, 2007 expiry date.

About Lundin Mining

Lundin Mining is a rapidly growing mining and exploration company engaged in the extraction, development, acquisition and discovery of base metal deposits internationally. The company currently owns four operating mines: Neves-Corvo in Portugal, the Zinkgruvan and Storliden mines in Sweden, and the Galmoy mine in Ireland. A fifth mine under development, the Aljustrel mine in Portugal, will be brought into production in the third quarter of 2007. Lundin Mining also holds a 49% stake in one of the world's largest zinc projects - Ozernoe, located in the Republic of Buryatia in the Russian Federation.

Inquiries concerning the offer can also be directed to Lundin Mining's Information Agent, Georgeson, at 1-866-676-3005 (toll-free in North America). 


Lundin Mining Corporation
Catarina Ihre
Investor Relations, Europe


Lundin Mining Corporation
Sophia Shane
Investor Relations, North America
(604) 689-7842
(604) 689-4250 (FAX)