Lundin Mining Acquires Rio Narcea Gold Mines

On August 22, 2007, Lundin Mining Corporation acquired approximately 93 per cent of the outstanding common shares and warrants of Rio Narcea Gold Mines, Ltd. pursuant to its $956 million friendly take-over bid launched on April 20, 2007. Lundin Mining plans to acquire the remaining Rio Narcea common shares by means of the compulsory acquisition procedure under the Canada Business Corporations Act. The acquisition of Rio Narcea adds the Aguablanca nickel-copper mine in Badajoz, southern Spain to Lundin Mining's international mining assets.

Lundin Mining was represented by McCullough O'Connor Irwin LLP with a team that comprised Kevin Hisko and Angela Austman (securities/M&A) and in the United States by Shearman & Sterling LLP with a team that included Adam Giverz, Jonathan Handyside and Adam Lewinberg (securities/M&A). Lundin Mining also engaged Doug Powrie of Thorsteinssons LLP to assist with tax matters.

Rio Narcea was represented by Fraser Milner Casgrain LLP with a team that included John Sabine, Jenny Chu Steinberg, Sander Grieve and Ralph Shay (securities/M&A), Brian Carr (tax) and Susan Paul (competition) and in the United States by Dorsey & Whitney LLP with a team that included Christopher Doerksen, Gil Cornblum, Jodie Kaufman and Jennifer Coates.