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Artikel

TENKE FUNGURUME RESERVE AND RESOURCE UPDATE

Publicerad 2012-02-29 08:00

Lundin Mining Corporation
Börsmeddelande

TENKE FUNGURUME RESERVE AND RESOURCE UPDATE

Toronto, February 28, 2012 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation
(?Lundin? or the ?Company?) today provides an update on Tenke Fungurume.

Mineral Reserve and Resource Estimate

Highlights from the December 31, 2011 Mineral Reserve and Resource estimates
for Tenke Fungurume include:

-- Proven and Probable Mineral Reserves increased to 155.7 million metric
tonnes ("Mt") at 2.8%Cu and 0.3%Co
-- Measured and Indicated Mineral Resources increased from 455.7 Mt at
December 2010 to 496.4 Mt at 2.6%Cu and 0.3%Co.
-- Inferred Mineral Resources increased from 218.2 Mt at December 2010 to
246.6 Mt at 2.0%Cu and 0.2%Co.
-- Lundin?s attributable share of copper in Proven and Probable Mineral
Reserves now stands at 1.1 Mt and in Measured and Indicated Mineral
Resources at 3.1 Mt.
-- The updated resources are based on drilling from 12 deposits on the
concession. In addition, a further four new deposits have been drilled and
will be added to Mineral Reserve and Resource estimates next year.

The tables attached to this release summarize the Mineral Reserves and
Resources for the Tenke Fungurume copper/cobalt mine, in which Lundin Mining
has an ultimate 24% equity interest(a), are reported as at December 31, 2011.



Phase 2 Expansion

The Phase 2 expansion, which will increase total annual mine production to
approximately 195,000 tonnes of copper cathode and 15,000 tonnes of cobalt
hydroxide, is advancing on schedule and budget. Major items of mining equipment
have arrived on site and construction of the expanded solvent extraction and
electro-winning facilities are well advanced. The Phase 2 Expansion project is
targeted for completion in 2013.

TFM continues to engage in drilling activities, exploration analyses and
metallurgical testing to evaluate the potential of the highly prospective
minerals district at Tenke. These analyses are being incorporated in future
plans to evaluate opportunities for additional expansion.

Commenting on the December 2011 Mineral Resource and Reserves estimates, Mr.
Paul Conibear, CEO of Lundin Mining said ?We are pleased that the Tenke
Fungurume resources and reserves continue to show excellent growth, reinforcing
the basis for ongoing concession wide planning of potential future expansions.
Going forward, we expect to see continued large scale exploration programs
alongside the ongoing metallurgical test-work on mixed and sulphide ores to
further add value to all stakeholders?.



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 project 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



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.



Cautionary Notes to Investors - Reserve and Resource Estimates

In accordance with applicable Canadian securities regulatory requirements, all
Mineral Reserve and Mineral resource estimates of the Company disclosed or
incorporated by reference in this news release have been prepared in accordance
with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (?NI 43-101?), classified in accordance with Canadian Institute of
Mining Metallurgy and Petroleum?s ?CIM Standards on Mineral Resources and
Reserves Definitions and Guidelines? (the ?CIM Guidelines?). The definitions of
Mineral Reserves and Mineral resources are set out in our disclosure of our
Mineral Reserve and Mineral resource estimates in our Annual Information Form.

The Company uses the terms ?Mineral resources?, ?measured Mineral resources?,
?indicated Mineral resources? and ?inferred Mineral resources?. While those
terms are recognized by Canadian securities regulatory authorities, they are
not recognized by the United States Securities and Exchange Commission the
?SEC?) and the SEC does not permit U.S. companies to disclose resources in
their filings with the SEC.

Pursuant to the CIM Guidelines, Mineral resources have a higher degree of
uncertainty than Mineral Reserves as to their existence as well as their
economic and legal feasibility. Inferred Mineral resources, when compared with
measured or indicated Mineral resources, have the least certainty as to their
existence, and it cannot be assumed that all or any part of an inferred Mineral
resource will be upgraded to an indicated or measured Mineral resource as a
result of continued exploration. Pursuant to NI 43-101, inferred Mineral
resources may not form the basis of any economic analysis, including any
feasibility study. Accordingly, readers are cautioned not to assume that all or
any part of a Mineral resource exists, will ever be converted into a Mineral
Reserve, or is or will ever be economically or legally mineable or recovered.



(a) Notes on Mineral Reserves and Resources Table

Lundin Mining holds an effective 24.75% interest in the Tenke Fungurume copper
and cobalt concessions in the DRC. The Company?s interest in Tenke will be
reduced to 24% after receiving the required government approval of the
modifications to the Tenke Fungurume Mining?s bylaws that reflect the signed
agreements with the DRC government. Figures in this release utilize 24% for
Lundin Mining attributable metal quantities.

The Tenke Fungurume estimate is dated December 31, 2011. The Tenke Fungurume
Mineral Resources and Mineral Reserves are estimated by the operator
Freeport-McMoRan Copper & Gold Inc. (?Freeport?). The mineral reserves are
prepared to SEC standards while the mineral resources shown in the text and the
table are not reported under United States SEC guidelines, but are reported
under the 43-101 Canadian guidelines. The estimate methodology was reviewed by
Lundin Mining?s independent Qualified Persons. Mineral Resources are inclusive
of Mineral Reserves with the exception of the stockpile material.

The Mineral Resources are an estimate of what is mineralized material in the
ground based on a cut-off of 1.30% copper equivalent and a cobalt to copper
factor of 4.00 without assigning economic probability. The 2011 Mineral
Reserves are based on smoothed pit designs for measured and indicated resources
using metal prices of US$2.00/lb Cu and US$10.00/lb Co. The Mineral Resource
(not reported under United States SEC guidelines) and Reserve estimates
(reported under United States SEC guidelines) for Tenke have been prepared by
Freeport staff and reviewed by independent consultants and Qualified Persons
John Nilsson, P.Eng. of Nilsson Mine Services Ltd and Ron Simpson P.Geo. of
GeoSim Services Inc., on behalf of Lundin Mining. Messrs Simpson and Nilsson
consent to the inclusion in this release of the Mineral Resource and Mineral
Reserve information in the form and context in which it appears.



For tables, please see attached file.
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=493088&messageId=604103

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