Lundin Mining Corporation

Lundin Mining Corporation

March 23, 2005 10:00 ET

Lundin Mining Holds 97.6 Percent of NAN


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LUNDIN MINING CORPORATION

TSX SYMBOL: LUN

MARCH 23, 2005 - 10:00 ET

Lundin Mining Holds 97.6 Percent of NAN

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Lundin
Mining Corporation (TSX:LUN)(O-list Stockholmsborsen:LUMI) -

On January 21, 2005 Lundin Mining Corporation ("Lundin Mining") made a
public offer for all outstanding shares in North Atlantic Natural
Resources AB ("NAN"). The NAN shareholders were offered either one newly
issued share in Lundin Mining for each 5.3 shares in NAN (the "Share
alternative") or SEK 10.75 per share in NAN (the "Cash alternative")
(together referred to as the "Offer"). Following the first acceptance
period Lundin Mining declared the Offer unconditional and extended the
Offer. The extended acceptance period expired at 17.00 (CET) on Friday
March 18, 2005.

Shareholders representing 7,367,854 shares, corresponding to 23.6
percent of the total number of shares and votes of NAN, have accepted
the Offer. 7,331,595 shares were submitted under the Share alternative
and 36,259 shares were submitted under the Cash alternative. Combined
with the 23,117,000 shares held by Lundin Mining prior to the Offer,
Lundin Mining now holds 30,484,854 shares in NAN, corresponding to 97.6
percent of the total number of shares and votes.

Accounting of settlement for those having accepted during the extended
acceptance period is estimated to commence during week 14, 2005.

Lundin Mining has initiated compulsory purchase of the remaining shares
in NAN.

ON BEHALF OF THE BOARD

Edward F. Posey, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Lundin Mining Corporation
    Sophia Shane
    Investor Relations North America
    (604) 689-7842
    or
    Lundin Mining Corporation
    Robert Eriksson
    Investor Relations Europe
    +46-8-545 074 70
    www.lundinmining.com