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After fourteen years of a care and
maintenance program the management team at the Aljustrel
mine has successfully started to process run of mine ore from the Moinho orebody at the Aljustrel mine and produce zinc concentrates.
Management expects to bring forward by twelve months the production of zinc
and lead concentrates stemming from the Feitais orebody, which was originally
planned to take place during the second half of 2009. Ore from the Feitas orebody is known for
its higher content of recoverable lead and silver, which will provide for
by-product credits and additional revenues.
The mine is planned to reach full production during the first quarter of 2009
at a rate of 80,000 tonnes of contained zinc, 17,000 tonnes of contained lead
and 1.25 million ounces of silver. Although the current mine life is
estimated to be 10 years, all major orebodies are open at depth and infill
drilling will be undertaken in 2008 to further delineate known orebodies with
the aim of increasing the mine life.
Karl-Axel Waplan, CEO and President of Lundin Mining, commented, "The
start up of Aljustrel demonstrates the Company's ability to realize its
organic growth potential. Aljustrel's production of zinc, lead and silver
will significantly add to the Company's overall production volumes and cash
flow. Several important projects within Lundin Mining are currently under
development, including the expansion of zinc production in Neves-Corvo, the
start up of copper production in Zinkgruvan and the development of the Tenke
Fungurume copper/cobalt project in the DRC and of the Ozernoe zinc mine
project. Within the next four years Lundin Mining's zinc production will
triple from current levels and copper production will also substantially
increase."
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, CEO and President: +46-70-510 4239
Jo�o Carr�lo, COO and Executive Vice President: +44-782-4439 239
Catarina Ihre, Manager, Investor Relations: +46-70-607-9263
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 companies' 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 and zinc; that the companies can access financing,
appropriate equipment and sufficient labour and that the political
environment where the Companies operate 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.
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