NEWS RELEASE
Tenke
Contract Review Reports
Vancouver, August 28, 2008 (TSX:
LUN; OMX: LUMI; NYSE: LMC) Lundin Mining Corporation (?Lundin Mining? or the ?Company?) today advised that
it is aware of newswire reports of comments attributed to various Democratic
Republic of Congo officials regarding the Tenke Project. The Company has
received no official notification of any change in government attitude and is
investigating.
On February 19, 2008, the Company received a letter
from the Ministry of Mines, Government of the Democratic Republic of Congo
pertaining to the review of mining contracts in the country. The letter was
addressed to Tenke Fungurume Mining S.A.R.L. (?TFM?) the entity which is
developing the mine and in which the Company has an equity investment of
24.75%. Management believes that its agreements with the government of DRC are
legally binding, that all associated issues have been dealt with fully under
Congolese law and that the overall fiscal terms previously negotiated and
incorporated into the Amended and Restated Mining Convention exceed the
requirements of the Congolese Mining Code.
About Lundin Mining
Lundin Mining Corporation is a
rapidly growing, diversified base metals mining company with operations in
Portugal, Spain, Sweden and Ireland. The Company currently has six mines
in operation 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
the Ozernoe zinc project in Russia as well as major expansion programs at its
Neves-Corvo and Zinkgruvan mines. The Company 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:
Sophia Shane, Investor
Relations, North America: 1-604-689-7842
Paul Conibear, Senior
Vice-President, Projects: 1-604-505-9580
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.