Lundin Mining Corporation

Lundin Mining Corporation

October 15, 2007 16:41 ET

Lundin Mining Extends Canadian Tax Election Filing Deadline for Former Tenke Mining Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Lundin Mining Corporation (TSX:LUN)(NYSE:LMC)(OMX:LUMI) ("Lundin Mining" or the "Company") announces that the deadline for former shareholders of Tenke Mining Corp. to file tax election forms has been extended to November 30, 2007.

Canadian tax election instructions and forms pursuant to the business combination of Lundin Mining and Tenke Mining Corp. ("Tenke") are available on the following website: For questions or further information about the tax election process, please call toll free 1-866-609-8612 or in Vancouver 604-806-7264.

The exchange of Tenke shares for Lundin Mining shares and cash is considered a taxable event for Canadian income tax purposes. However, it is possible to defer some or all of any tax resulting from the share exchange by filing, jointly with Lundin Mining, a Section 85 Tax Election Form, and submitting the Tax Election Form to the Canada Revenue Agency.

The tax election form may be submitted to Lundin Mining via the website noted above or via mail or courier to: Lundin Tax Election Process, 250 Howe Street, Suite 200, Vancouver, B.C., V6C 3S7.

The deadline for submission of the tax election form to Lundin Mining is November 30, 2007. All eligible holders who wish to make a Section 85 election should give their immediate attention to this matter, and in particular should consult their tax advisors without delay.

Any eligible holder who does not ensure that Lundin Mining receives the holder's completed Section 85 form(s) before November 30, 2007 cannot be assured of benefiting from the rollover provisions of the Income Tax Act (Canada) (or the corresponding provisions of any applicable provincial tax legislation).

Some shareholders will not need to file a Tax Election Form. If you meet any of the following criteria you are not required to file a Tax Election Form:

- You are a non-resident of Canada (certain exceptions apply)

- You held all of your Tenke shares in an RRSP, RRIF, RESP, RPP or other tax-exempt plan

- You realized a tax loss as a result of the disposition of your Tenke shares

Tenke shareholders who are not resident in Canada should consult with their tax advisors to ascertain the tax ramifications to them of the exchange of Tenke shares for Lundin Mining shares.

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 five operating mines, extracting copper, zinc, lead, nickel and silver: Neves-Corvo in Portugal, the Zinkgruvan and Storliden mines in Sweden, the Galmoy mine in Ireland and the recently acquired Aguablanca mine in Spain. A further mine, the Aljustrel mine in Portugal, is under development and will be brought into production in the fourth quarter 2007. 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.

Contact Information

  • Lundin Mining Corporation
    Catarina Ihre
    Investor Relations, Europe
    Lundin Mining Corporation
    Sophia Shane
    Investor Relations, North America
    (604) 689-7842
    (604) 689-4250 (FAX)