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Lundin Mining: LUNDIN MINING REPORTS ON NEVES-CORVO FUTURE UNDERGROUND MATERIALS HANDLING STUDY

Publicerad 2012-01-24 08:25

Toronto, January 23, 2012 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation
(?Lundin? or the ?Company?) provides a summary of the results of the initial
Future Underground Materials Handling Study (the ?Study?) for its Neves-Corvo
mining complex in southern Portugal. This conceptual level study identified
and evaluated the underground materials handling and access options necessary
to pursue the exploitation of the deeper Lombador copper/zinc resources as
well as the Semblana copper deposit which are adjacent to the Company?s
Neves-Corvo mine.

The Study indicated two preferred options:

* A new rock-hoisting and man-riding shaft approximately 1,200 m deep,
located to the north-east of the existing mine surface facilities, situated
between the Semblana and Lombador mineralization (the ?Shaft Option?).
* A new decline from the existing plant area equipped with a conveyor system
and man and material access facilities (the ?Decline Option?). The Decline
Option consists of a proposed two-leg decline driven by a high speed tunnel
boring machine and would be aligned to pass close to and underneath the
Semblana deposit and then on to deeper parts of the Lombador resource,
reaching a similar ultimate depth as the Shaft Option.

The attached drawings illustrate the conceptual locations and layouts of these
two options.

The Shaft Option

The Shaft Option is expected to comprise conventional shaft systems with
combination skip/cages providing a designed rock hoisting capacity of 5
million tonnes per annum ("tpa"), coupled with rapid man-riding facilities to
the lowest levels of the mine. The shaft would provide direct ventilation
benefits and would allow ore and waste from production areas to be
gravity-fed to a new deep haulage level. The shaft is expected to provide
less positional and sequencing flexibility, as well as a longer development
schedule, as compared to the Decline Option. Should the Shaft Option be
selected, it could be in production approximately 5 years from project start.
The Shaft Option is expected to have a higher capital cost and lower
operating cost than the Decline Option.

The Decline Option

The Decline Option is expected to comprise an approximately 6-metre diameter,
inclined tunnel equipped with a conveyor system for rock hoisting, with the
same design capacity as the Shaft Option at 5 million tpa. At a current
design gradient of 1:5, the length of the decline from surface to the
Semblana area is approximately 5,200 m. Access to the deeper parts of the
Lombador mineralization would require a decline extension of a further 2,200
m. Man access would be provided by a rope haulage system or conventional
vehicles depending on the final selected gradient of the decline. The Decline
Option is expected to allow earlier first production than the Shaft Option,
with potential to be operational in approximately 4 years from project start.
This option would also allow phased expenditure and sequential development of
the Semblana and Lombador mineralization. The Decline Option could also have
the added benefit of providing greater flexibility in accessing several other
areas of potential mineralization located near the Semblana deposit as
identified by the recent high-grade copper intercepts from initial drilling
on 3D seismic targets, as announced in the Company?s December 15th, 2011
press release.

Study Advancement

A next level of study is advancing with a high priority, taking into account
ongoing new exploration results, and to further develop designs and
comparisons between the two options. The results of the initial Study are not
intended to imply that either option has been determined to be economically
viable. The Semblana mineral resource is still categorized as Inferred and
comments on economic potential are not provided. Given the preliminary nature
of the Study and the number of assumptions necessary to be made at this
stage, capital and operating cost estimates for the Shaft and Decline Options
are still at a conceptual stage and are insufficient for public
dissemination. Studies are advancing to refine comparisons between the Shaft
and Decline Options with anticipated completion by Q2 2012, to select a
single preferred option for subsequent feasibility level study.

A significant exploration drilling program is planned for 2012 which is
expected to increase the current resource at Semblana. Expansion of this
resource and drilling success from other nearby seismic reflector targets are
likely needed to warrant a major underground infrastructure investment
dedicated just to this area. Additional drilling is progressing near recently
encountered high grade copper intercepts south and southwest of the existing
Semblana resource.

Related Development Plans

In parallel to ongoing study work and to fast track the schedule for accessing
the Semblana area, the Company has commenced planning and budgeting for
development of an access ramp to the Semblana Deposit from the Zambujal
orebody. Subject to investment approvals, the ramp development is targeted to
commence prior to the end of Q2 2012 with the objective of accessing an
intermediate level about 750 m below surface in 2 to 3 years, from which
further exploration and infill drilling can be carried out. Subject to this
drilling, further design and study results, this ramp will continue to
approximately 950 m depth which is the conceptual design level of a main
haulage way for Semblana. This access ramp from Zambujal would be utilized
with either the Shaft or Decline Options.

As previously announced in our December 12th, 2011 press release, the
development of the Lombador deposit (?Lombador Phase 1?) is progressing to
enable ramp up of zinc production to in excess of 60,000 tpa by 2014. The
main access ramp for Lombador Phase 1 has now reached a level 850 metres
below surface and is at the elevation to start the exploration drive planned
for detailed in-fill drilling of the deeper Lombador mineralization.

Commenting on the Study and the Company?s other developments plans at the
Neves-Corvo mining complex, Mr. Paul Conibear, CEO of Lundin Mining said,
?The successive stages of refinement of the materials handling study are
essential for the future development of new resources at Neves-Corvo. We
intend to move forward aggressively with investment plans at the mine.
Ongoing exploration efforts on Semblana, Lombador, and the drilling success
we have recently achieved on new targets will continue to shape and support
our investment in future underground materials handling infrastructure at
Neves-Corvo.?

About Lundin Mining

Lundin Mining Corporation is a diversified Canadian base metals mining company
with operations in Portugal, Sweden, Spain and Ireland, producing copper,
zinc, lead and nickel. In addition, Lundin Mining holds a development project
pipeline which includes expansion projects at Neves?Corvo mine along with its
equity stake in the world class Tenke Fungurume copper/cobalt mine in the
Democratic Republic of Congo.

On Behalf of the Board,

Paul Conibear, CEO


For further information, please contact:

Sophia Shane, Investor Relations North America: +1-604-689-7842

John Miniotis, Senior Business Analyst: +1-416-342-5565

Robert Eriksson, Investor Relations Sweden: +46 8 545 015 50

Qualified Persons

Mr Stephen Gatley, BSc(Eng), CEng, MIMMM, Director Technical Services with
Lundin Mining, a Qualified Person pursuant to NI 43-101, has reviewed the
technical contents of this news release and consents to their publication.

Forward Looking Statements

Certain of the statements made and information contained herein is
?forward-looking information? within the meaning of the Ontario Securities
Act. Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without limitation,
risks and uncertainties relating to foreign currency fluctuations; risks
inherent in mining including environmental hazards, industrial accidents,
unusual or unexpected geological formations, ground control problems and
flooding; risks associated with the estimation of Mineral Resources and
Reserves and the geology, grade and continuity of mineral deposits; the
possibility that future exploration, development or mining results will not
be consistent with the Company?s expectations; the potential for and effects
of labour disputes or other unanticipated difficulties with or shortages of
labour or interruptions in production; actual ore mined varying from
estimates of grade, tonnage, dilution and metallurgical and other
characteristics; the inherent uncertainty of production and cost estimates
and the potential for unexpected costs and expenses, commodity price
fluctuations; uncertain political and economic environments; changes in laws
or policies, foreign taxation, delays or the inability to obtain necessary
governmental permits; and other risks and uncertainties, including those
described under Risk Factors Relating to the Company?s Business in the
Company?s Annual Information Form and in each management discussion and
analysis. Forward-looking information is in addition based on various
assumptions including, without limitation, the expectations and beliefs of
management, the assumed long term price of copper, nickel, lead and zinc;
that the Company can access financing, appropriate equipment and sufficient
labour and that the political environment where the Company operates will
continue to support the development and operation of mining projects. Should
one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Accordingly, readers are
advised not to place undue reliance on forward-looking statements.

Om Lundin Mining

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Om Lundin Mining

Affärsvärlden
2014-11-04
Lundin Mining slutför miljardaffär
2014-10-30
Lundin Mining höjer kopparprognos
2014-10-08
Cormark: Köp Lundin Mining
2014-10-07
Lundin Mining stiger efter Candelaria-affär
2014-10-07
Lundin Mining i miljardaffär
2014-09-24
Lundin Mining har påbörjat produktion vid Eagle Mine
SIX
2014-11-21
Morgonnyheter: Börsnotiser fredagen den 21 november
2014-11-21
Lundin Petroleum/Lundin Mining: Kan ge utdelning inom ett år - DI
2014-11-14
Lundin Mining: Finansinspektionen korrigerar flaggning om Blackrock
2014-11-13
Lundin Mining: Morgan Stanley höjer rekommendation till övervikt
2014-11-04
Lundin Mining: Slutför förvärv av 80 % av Candelaria-gruvan
2014-11-03
Lundin Mining: Slutför förvärv av 80 % av Candelaria-gruvan
2014-10-30
Lundin Mining: Upprepar prognos capex på 440 MUSD 2014
2014-10-30
Lundin Mining: Ökar prognos för kopparproduktion för 2014
2014-10-30
Lundin Mining 3 kv: Nettoresultat 0,06 USD (SIX 0,07)
2014-10-29
Lundin Mining: Nettoresultat 0,07 USD/aktie väntas 3 kv - SIX
Pressmeddelanden
2014-11-18
LUNDIN MINING ANNOUNCES SATISFACTION OF SHARE ESCROW RELEASE CONDITIONS
2014-11-03
LUNDIN MINING ANNOUNCES CLOSING OF ACQUISITION OF THE CANDELARIA MINING COMPLEX
2014-10-29
LUNDIN MINING THIRD QUARTER RESULTS
2014-10-27
LUNDIN MINING ANNOUNCES CLOSING OF US$1.0 BILLION OF SENIOR SECURED NOTES
2014-10-24
Lundin Mining to Release Third Quarter 2014 Results Wednesday, October 29, 2014
2014-10-23
Lundin Mining Closes C$674 Million Bought Deal Financing
2014-10-13
LUNDIN MINING ANNOUNCES PRICING OF US$1.0 BILLION OF SENIOR SECURED NOTES
2014-10-06
LUNDIN MINING ANNOUNCES AGREEMENT TO PURCHASE FREEPORT'S 80% INTEREST IN THE CANDELARIA MINING COMPLEX
2014-09-24
LUNDIN MINING COMMENCES PRODUCTION AT EAGLE MINE
2014-09-05
LUNDIN REPORTS 2014 MINERAL RESERVE & RESOURCE ESTIMATE UPDATE