Lundin Mining Corporation

Lundin Mining Corporation

March 18, 2005 03:10 ET

Lundin Mining Corporation Reports on Audit of Galmoy Mine Resources


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LUNDIN MINING CORPORATION

TSX SYMBOL: LUN

MARCH 18, 2005 - 03:10 ET

Lundin Mining Corporation Reports on Audit of Galmoy
Mine Resources

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Lundin Mining
Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(O-list
Stockholmsborsen:LUMI) is pleased to announce that further to its
previously announced intention to merge with ARCON International
Resources P.l.c. ("ARCON"), Watts, Griffis and McOuat Limited ("WGM"),
independent mining consultants engaged by Lundin Mining, have reported
on their audit of ARCON's Mineral Resource estimate for the Galmoy Mine,
being ARCON's principal asset.

WGM have noted that ARCON prepared the Mineral Resource estimates
according to the standards and definitions incorporated in the code for
reporting mineral exploration results, mineral resources and mineral
reserves ("IMM Reporting Code") prepared by the Institution of Mining
and Metallurgy working group on resources and reserves in conjunction
with the European Federation of Geologists, the Geological Society of
London and the Institute of Geologists of Ireland. (The IMM Reporting
Code is acceptable for Canadian disclosure purposes under the provisions
of Canadian Securities Regulation National Instrument 43-101
Guidelines.) As part of their audit, WGM have reconciled the estimated
mineral resource to the Mineral Resource and Mineral Reserve categories
established in the Canadian Institute of Mining, Metallurgy and
Petroleum definitions ("CIM standards") and the results of this audit
are set out below.

As a result of their audit, WGM are of the opinion that the Mineral
Resource and Mineral Reserve estimates dated September 30, 2004 reported
by ARCON for the Galmoy Mine are valid and WGM accepts the results. WGM
are also of the opinion that the Indicated Mineral Resource estimate for
the R-Zone, which hosts approximately 36% of the total Mineral Resource
for the mine, is conservative.

The Mineral Resource estimate (which incorporates Mineral Reserves) for
the Galmoy Mine is as follows:

Mineral Resources (using a 4.5% ZnEq(i) cutoff and 3.7 m minimum mining
thickness(ii)) Prepared by Galmoy Staff September 30, 2004 - Audited &
Reclassified by WGM (March 2005)



Classification Tonnes % Zn % Pb g/t Ag
-------------------------------------------------------------------
Measured 3,418,000 15.90 4.65 46.51
Indicated 2,096,000 11.31 2.87 21.41
Measured + Indicated 5,514,000 14.15 3.97 36.97

Inferred(iii) 79,000 5.9 0.2 18
-------------------------------------------------------------------


(i) ZnEq (zinc equivalent) equals %Zn + 1/2% Pb. This factor is derived
by mine staff based on metallurgical recoveries and metal prices. It is
a factor often used in similar mines and has proven to be historically
accurate.

(ii) When mining thicknesses must be increased to meet the 3.7 m
minimum, this dilution is added at its assayed grade and if it has not
been assayed, it is assigned the average below-cutoff grade calculated
from all samples within the assay database. This procedure is not
required for the R-Zone since all drill holes were assayed to lengths
greater than 3.7 m.

(iii) The Inferred Resource is in addition to the Measured and Indicated
Resources.

The Mineral Reserve estimate for the Galmoy Mine (which is included
within the Mineral Resource reported above, the Proven being derived
from the Measured and the Probable from the Indicated) is as follows:

Mineral Reserves (using a 6% ZnEq cutoff) Prepared by Galmoy Staff
September 30, 2004 - Audited & Reclassified by WGM (March 2005)



Classification Tonnes % Zn % Pb g/t Ag
--------------------------------------------------------------------
Proven 2,615,674 15.9 4.9 47
Probable 1,340,724 10.6 3.0 23
Proven + Probable 3,956,398 14.1 4.3 39
--------------------------------------------------------------------


The independent Qualified Person, as that term is defined in National
Instrument 43-101, who conducted the audit on behalf of Lundin Mining
was John R. Sullivan, P.Geo., Senior Geologist, WGM.


ON BEHALF OF THE BOARD

Edward F. Posey

President

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Lundin Mining Corporation
    Karl-Axel Waplan
    Exec. V.P. Operations
    +46 705 104 239
    or
    Lundin Mining Corporation
    Sophia Shane
    Investor Relations
    +1 604 689 7842
    +1 604 689 4250 (FAX)
    Website: www.lundinmining.com