LUNDIN MINING AND �HMAN AMEND THE GENERAL TERMS AND CONDITIONS OF THE LUNDIN MINING SDRS AND UPDATE ON CONVERSION, TRADING AND EXCHANGE OF LUNDIN MINING SDRS

Stockholm, Sweden, January 15, 2009 - Lundin Mining Corporation (TSX: LUN)(NYSE: LMC)(OMX: LUMI) ("Lundin Mining" or the "Company") today announced that, in connection with its previously announced arrangement whereby HudBay Minerals Inc. ("HudBay") will acquire all of its issued and outstanding common shares (the "Lundin Mining Shares"), Lundin Mining and E. �hman J:or Fondkommission AB ("�hman") have amended the General Terms and Conditions of the Swedish Depository Receipts of Lundin Mining (the "Lundin Mining SDRs") in order to, among other things, permit the exchange of each Lundin Mining SDR for 0.3919 of a Swedish Depository Receipt of HudBay (a "HudBay SDR").

Holders of Lundin Mining SDRs and Lundin Mining Shares are advised that their ability to convert their Lundin Mining SDRs into Lundin Mining Shares or vice versa, will be suspended at 17:00 CET on January 21, 2009 in order to facilitate the orderly exchange of Lundin Mining SDRs for HudBay SDRs.  If you are a holder of Lundin Mining SDRs and you wish to convert your Lundin Mining SDRs into Lundin Mining Shares, please contact �hman via telephone at 08-402 51 32.

Provided that final approval of the Ontario Superior Court of Justice (Commercial List) is obtained, and that all other conditions to completion of the arrangement are satisfied or waived, the Lundin Mining SDRs are expected to be de-listed from NASDAQ OMX Stockholm AB ("OMX") on January 28, 2009, and trading of Lundin Mining SDRs on OMX is expected to cease.  Trading of HudBay SDRs is expected to commence on OMX on or about February 4, 2009.  No trading of Lundin Mining SDRs or HudBay SDRs will occur on OMX during the period from and including January 29, 2009 to and including February 3, 2009.

The record date of the Nordic Central Securities Depository for the exchange of Lundin Mining SDRs for HudBay SDRs is expected to be February 2, 2009, which means that registered holders of Lundin Mining SDRs on this date (reflecting all trading up and until the de-listing of the Lundin Mining SDRs) are eligible to receive HudBay SDRs.  Following the record date for the SDR exchange, all Lundin Mining SDRs will be removed from each holder's deposit or securities account and subsequently be cancelled.  Following the record date for the SDR exchange, HudBay SDRs will be booked into each holder's deposit or securities account via the Nordic Central Securities Depository system. 

Pursuant to the General Terms and Conditions of the Lundin Mining SDRs, �hman shall notify the holders of any amendments of the General Terms and Conditions. Lundin Mining and �hman have agreed that this press release shall constitute such notification.

For any questions, please contact �hman via telephone at 08-402 51 32.

ABOUT LUNDIN MINING

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Spain, Sweden and Ireland, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in international mining and exploration ventures.

On Behalf of the Board,

Phil Wright

President and CEO

For further information, please contact:

Robert Eriksson, Investor Relations Europe: +46 (701) 112615

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

Forward Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States. 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, 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 Annual Information Form 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.