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December 19, 2007 (TSX: LUN; OMX: LUMI,
NYSE: LMC) Lundin Mining Corporation ("Lundin Mining" or the "Company") wishes to
announce that it is proceeding with a Normal Course Issuer Bid
("NCIB") to repurchase up to 19,620,139 previously issued common
shares, and has filed the applicable notice with the Toronto Stock Exchange
(the "Exchange") in accordance with Exchange policies. The Company
may, therefore, if it elects to do so, based upon market and investment
considerations, acquire up to 19,620,139 common shares, representing 5% of
the Company's 392,402,771 outstanding common shares as at the date hereof, on
the open market through the facilities of the Exchange.
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In accordance with Exchange policies,
the duration of the NCIB will be no more than one year, commencing December
21, 2007 and ending December 20, 2008, and daily purchases made by the
Company will not exceed 630,208 common shares, being 25% of the average daily
trading volume of the Company's common shares on the Exchange (2,520,833
common shares), subject to certain prescribed exceptions.
The repurchase by the Company of any of its shares should not be deemed or
construed as a recommendation to purchase any of its shares or an indication
of the present or future value of the Company's shares. Any shares purchased
by the Company will be cancelled.
Karl-Axel Waplan, President and CEO of Lundin Mining said "The cash flow generated by the
Company continues to be strong and will support the funding of the several
highly potential organic growth projects that are currently under
development. In addition, the share buy-back program is also expected to
provide increased value for Lundin Mining's
shareholders".
About Lundin Mining
Lundin Mining is a rapidly growing mining and
exploration company engaged internationally in the extraction, development,
acquisition and discovery of base metal deposits. The company currently owns
six operating mines, extracting copper, zinc, lead, nickel and silver: Neves-Corvo and Aljustrel in
Portugal, the Zinkgruvan and Storliden
mines in Sweden, the Galmoy mine in Ireland and the
recently acquired Aguablanca mine in Spain. In
addition, Lundin Mining holds an extensive
exploration portfolio, including interests in international ventures and
development projects such as the world class Tenke Fungurume copper/cobalt project in the Democratic
Republic of Congo, which is currently under construction and the Ozernoe zinc project under detailed feasibility study in Russia.
For further information, please contact:
Karl-Axel Waplan, President and CEO:
+46-705-10-42-93
Catarina Ihre, Manager,
Investor Relations: +46-706-07-92-63
Kevin Hisko, Corporate Secretary: 604-646-3322
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