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Lundin Mining Reports its Mineral Resource and Reserve Estimates as on June 30, 2015

Lundin Mining Corporation (“Lundin” or the “Company”) today reported its Mineral Resource and Reserve estimates as at June 30, 2015.

On a consolidated basis, contained metal in the Proven and Probable Mineral Reserve category totaled 3,971kt of copper, representing a significant increase from the prior comparable statement, mainly due to an increase in Mineral Reserves at Candelaria. Details regarding Candelaria’s updated mine plan can be found in the Technical Report for the Candelaria Copper Mining Complex, which will be filed by the Company in September.

Commenting on the June 2015 Mineral Reserve and Resource estimates, Mr. Paul Conibear, President and CEO of Lundin Mining said “We are very pleased with the significant increase in the Candelaria Mineral Resources and Reserves which has added significant value to the asset and reflects our belief in the exploration potential in and around the current mines. At Neves-Corvo and Zinkgruvan, exploration has also been successful in more than replacing the depletion by mining of both copper and zinc mineralization, and we remain very excited about the future exploration potential at Eagle East.”

Reserves and Resources Highlights

  • Total Candelaria Measured and Indicated Mineral Resources have significantly increased to 643.6 Mt at 0.63% Cu (from 501.0 Mt at 0.54% Cu in the December 2013). The increase reflects the success of recent underground exploration campaigns, with the completion of eight new orebody block models including those on the Susana and Damiana orebodies, and the use of revised economic parameters.
  • Also reflecting exploration success is the substantial increase in Candelaria’s Underground Inferred Mineral Resources, which now stand at 66.8 Mt at 1.1% Cu (from 3.7Mt at 1.1% Cu previously). The majority of these Inferred Mineral Resources lie in the Candelaria Norte mine and future infill drilling will target converting these to Measured and Indicated categories.
  • Total Candelaria Proven and Probable Mineral Reserves have increased by approximately 20% to 455.2 Mt at 0.56% Cu (from 380.4 Mt at 0.54% Cu reported as of December 31, 2013), despite depletion by mining over the last 18 months. The increased open pit Proven and Probable Mineral Reserves (excluding stockpiles) of 314.6 Mt at 0.57% Cu reflect the use of revised economic parameters and the inclusion of mineralization from the Susana and Damiana orebodies.
  • Total Candelaria underground Proven and Probable Mineral Reserves have increased by over 270% from December 2013 and now stand at 46.8 Mt at 0.97% Cu. All the underground mine lives have been significantly extended and this will displace the processing of lower grade open pit stockpile material.
  • Total copper Measured and Indicated Mineral Resources at Neves-Corvo have increased to 69 Mt at 2.7% Cu with additions from infill and exploration drilling programs off setting mining depletion. Exploration and infill drilling has resulted in contained zinc in Measured and Indicated Mineral Resources increasing by approximately 13%.
  • Copper Proven and Probable Mineral Reserves at Neves-Corvo increased slightly to 25.9 Mt at 2.7% Cu despite mining depletion. Zinc Proven and Probable Mineral Reserves also increased to 25.3 Mt at 7.1% Zn following a re-evaluation of the Lombador south orebody.
  • At Zinkgruvan, zinc in Measured and Indicated Mineral Resources and Proven and Probable Mineral Reserves have remained essentially unchanged from 2014 with exploration success off setting mining depletion.
  • Proven and Probable Mineral Reserves at Aguablanca have decreased to 3.4 Mt reflecting completion of the open pit. All of the remaining Mineral Reserves will require to be extracted by underground mining methods.
  • At Eagle, the reduction in the total Proven and Probable Mineral Reserves is due to mining depletion with no significant additions through mine exploration to the Measured and Indicated Mineral Resources. Year to date exploration drilling has been focused near the Eagle Mine and has intersected a new zone of high-grade massive and semi-massive nickel-copper sulphide mineralization. The discovery is located approximately two kilometers east of the Eagle deposit, and is a consequence of the step-out drilling program focused on the Eagle East mineralization.
  • At Tenke Fungurume, Measured and Indicated Mineral Resources, dated December 31, 2014, increased to 636.5 Mt at 2.5% Cu and 0.3% Co, inclusive of 38.0 Mt of stockpiled material. Contained copper and cobalt metal in these Resources increased by 4% and 5% respectively over the prior year and Lundin’s attributable share now stands at 3.8 Mt of contained copper. Inferred Mineral Resources also increased to 392.2 Mt.
  • Proven and Probable Mineral Reserves at Tenke Fungurume decreased slightly to 136.1 Mt at 2.7% Cu and 0.4% Co primarily as a result of depletion by mining of the higher grade oxide ore.

The table attached to this release summarizes the Mineral Reserve and Resource estimates for each of the Company’s mines as of June 30, 2015. Mineral Reserves and Resources for the Tenke Fungurume copper/cobalt mine, in which Lundin Mining has a 24% equity interest, are reported as at December 31, 2014.


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