TORONTO, ONTARIO--(Marketwire - March 30, 2009) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(NYSE:LMC)(OMX:LUMI) today released its Mineral Reserve and Resource estimates as at December 31, 2008. Significant features of this release include: replacement of mined reserves at the two key operations of Neves-Corvo and Zinkgruvan; an initial copper reserve at Zinkgruvan; and large increases in zinc reserves and resources at Neves-Corvo.
Commenting on the 2008 estimates, Mr. Phil Wright, President and CEO of Lundin Mining said, "It is very pleasing to be able to largely replace the record tonnes that we have mined during the year with fresh reserves. It is equally pleasing to see the success of the exploration programmes being reflected in large increases in zinc reserves and resources at Neves-Corvo. Neves-Corvo is now not only a major copper producer but also a world-class zinc deposit and overall remains significantly under-explored," Mr. Wright said.
2008 and 2007 Proven and Probable Reserves
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December 31, 2008 December 31, 2007
Tonnes Cu Zn Pb Ni Tonnes Cu Zn Pb Ni
Copper '000s % % % % '000s % % % %
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Neves-Corvo Portugal 17,290 4.1 0.9 0.3 - 17,714 4.4 0.9 0.2 -
Zinkgruvan Sweden 2,895 2.6 0.5 0.0 -
Total Proven + Probable 20,185 3.9 0.9 0.2 - 17,714 4.4 0.9 0.2 -
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Zinc
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Neves-Corvo Portugal 55,871 0.4 6.5 1.6 - 33,511 0.4 6.6 1.5 -
Zinkgruvan Sweden 10,762 9.4 4.7 - 10,555 - 9.9 4.9 -
Galmoy Ireland 1,230 15.8 4.4 - 2,020 - 15.8 4.4 -
Total Proven + Probable 67,863 0.3 7.1 2.1 - 46,086 0.3 7.8 2.4
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Nickel
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Aguablanca Spain 9,038 0.5 - - 0.6 10,676 0.5 - - 0.6
Note: In addition to wholly owned reserves shown in the above table, Lundin Mining has a 24.75% equity interest in the Tenke Fungurume Project ("Tenke") in the Democratic Republic of Congo. Tenke Proven and Probable Reserves, as estimated by the operator Freeport-McMoRan Copper and Gold Company ("Freeport"), are 119.5 million tonnes grading 2.64% total copper and 0.35% total cobalt. These reserves were prepared by Freeport to SEC standards and reviewed by Lundin Mining's independent qualified persons.
The tables on the following pages summarize the Mineral Reserve and Resource estimates for each of the Company's mines as of December 31, 2008 with comparisons with the December 31, 2007 figures.
NEVES-CORVO, PORTUGAL
Highlights
- Copper Proven and Probable reserve tonnages were largely replaced by infill drilling.
- Zinc Measured and Indicated resources have increased by 30% or 17 million tonnes. The majority of this increase comes from the newly discovered Lombador East deposit which remains open both up and down dip.
- Zinc Proven and Probable reserve tonnage increased by a further 67% with increases largely in the Lombador South and Neves South deposits.
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December 31, 2008 December 31, 2007
Tonnes Cu Zn Pb Tonnes Cu Zn Pb
Category '000s % % % '000s % % %
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Mineral Reserves
Proven, Copper 16,701 4.1 1.0 0.3 17,184 4.4 0.9 0.2
Probable, Copper 589 3.1 0.7 0.3 530 2.8 0.2 0.3
Proven + Probable Copper 17,290 4.1 0.9 0.3 17,714 4.4 0.9 0.2
Proven, Zinc 52,500 0.4 6.5 1.5 19,072 0.4 6.1 1.2
Probable, Zinc 3,370 0.3 7.0 2.0 14,439 0.4 7.3 1.9
Proven + Probable Zinc 55,871 0.4 6.5 1.6 33,511 0.4 6.6 1.5
Mineral Resources
Measured, Copper 23,269 4.2 1.1 0.3 19,239 5.1 1.0 0.3
Indicated, Copper 1,114 3.3 0.9 0.4 1,198 4.0 1.2 0.3
Measured + Indicated Copper 24,383 4.2 1.1 0.3 20,437 5.1 1.0 0.3
Measured, Zinc 69,441 0.4 6.4 1.5 38,657 0.5 5.7 1.1
Indicated, Zinc 4,007 0.4 7.2 2.0 17,855 0.4 7.4 1.9
Measured + Indicated Zinc 73,449 0.4 6.5 1.5 56,512 0.5 6.2 1.4
Inferred, Copper 6,821 2.8 1.0 0.4 3,338 3.4 0.8 0.2
Inferred, Zinc 23,217 0.4 5.1 1.4 20,456 0.5 4.6 1.4
The 2008 and 2008 Neves-Corvo Mineral Resources are inclusive of Mineral Reserves. The 2007 and 2008 Mineral Resources were reported above cut-off grades of 1.0% for copper and 3.0% for zinc. The 2007 Mineral reserves have been calculated at a cut-off of 1.6% for copper and 4.6% for zinc. The 2008 Mineral reserves have been calculated at a cut-off of 1.6% for copper and 4.3% for zinc.
ZINKGRUVAN, SWEDEN
Highlights
- New Probable copper reserve estimated at 2.9million tonnes at 2.6%Cu. First copper production from the copper expansion at Zinkgruvan is expected in 2011.
- Zinc-lead-silver ore depletion was replaced with Proven and Probable Reserve tonnage and Measured and Indicated tonnage increasing by 2 and 3% respectively.
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December 31, 2008 December 31, 2007
Tonnes Zn Pb Ag Cu Tonnes Zn Pb Ag Cu
Category '000s % % g/t % '000s % % g/t %
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Mineral Reserves
Proven, Zinc 8,762 9.6 5.2 112 8,306 10.3 5.5 114
Probable, Zinc 2,000 8.5 2.5 56 2,249 8.4 2.8 62
Prov + Prob Zinc 10,762 9.4 4.7 101 10,555 9.9 4.9 103
Probable, Copper 2,895 0.5 0.0 28 2.6
Mineral
Resources
Measured, Zinc 553 6.3 0.9 24 553 6.3 0.9 24
Indicated, Zinc 3,790 9.2 4.4 105 3,677 9.3 4.5 109
Mea + Ind Zinc 4,343 8.8 4.0 95 4,230 8.9 4.0 98
Indicated, Copper 460 0.5 0.0 30 2.9 3,100 0.5 0.0 32 2.9
Inferred, Zinc 4,199 9.7 3.1 68 4,320 9.4 2.9 67
Inferred, Copper 550 0.1 0.0 42 3.0 770 0.2 0.0 20 2.8
The 2007 and 2008 Zinkgruvan Mineral Resources are exclusive of Mineral Reserves. In 2007 and 2008 Zinc Mineral Resources and Mineral Reserves were reported above a 250 SEK/t NSR cut-off.
