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Message: Lundin Mining Delivers Notice of Breach of Arrangement Agreement
| February 15, 2009 |
| Lundin Mining Delivers Notice of Breach of Arrangement Agreement to HudBay Minerals |
| TORONTO, ONTARIO--(Marketwire - Feb. 15, 2009) - Lundin Mining Corporation (TSX:LUN)(NYSE:LMC)(OMX:LUMI) ("Lundin Mining" or the "Company") today announced that it has provided notice to HudBay Minerals Inc. ("HudBay") of breaches of certain representations and warranties and non-fulfilment of certain conditions in the arrangement agreement dated November 21, 2008 between HudBay and Lundin Mining that entitle Lundin Mining to terminate the agreement. Although Lundin Mining believes it has the right to terminate the arrangement agreement immediately, and to be paid a fee of $2.5 million, Lundin Mining is prepared to postpone its exercise of this right provided that HudBay uses its best efforts to obtain the requisite shareholder approval for the arrangement on or before March 31, 2009, which is the date HudBay set on December 30, 2008 for a requisitioned meeting to elect a new board of directors. If HudBay shareholder approval is not obtained on or before March 31, 2009, or if Lundin Mining determines in its sole discretion that HudBay will not be in a position to submit the arrangement for approval by its shareholders on or before March 31, 2009 or that HudBay is not otherwise using its best efforts to obtain such approval by that date, then Lundin Mining presently intends to exercise its right to terminate the arrangement agreement. ABOUT LUNDIN MINING Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Spain and Sweden, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in international mining and exploration ventures. On Behalf of the Board, Phil Wright, President and CEO |
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