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Message: Lundin Mining Addresses NYSE Listing Standards
| February 12, 2009 |
| Lundin Mining Addresses NYSE Listing Standards |
| TORONTO, ONTARIO--(Marketwire - Feb. 12, 2009) - Lundin Mining Corporation (TSX:LUN)(NYSE:LMC)(OMX:LUMI) ("Lundin Mining" or the "Company") announced today that it has been advised by the NYSE Regulation, Inc. ("NYSE Regulation") that the Company does not currently comply with the New York Stock Exchange ("NYSE") continuing listing standards. The Company was advised by the NYSE that it is "below criteria" because the average closing price of its common stock was less than USD1.00 over a consecutive 30-day trading period. Under the NYSE's rules, Lundin Mining has a period of six months from January 12, 2009, being the date of the Company's acknowledgement, to bring its share price and 30 trading-day average share price back above USD1.00. If this is not achieved at the end of the six-month cure period, the Company's stock will be subject to NYSE suspension and delisting procedures. During the six-month period, the Company's common stock will continue to trade on the NYSE, subject to the Company's compliance with the NYSE continued listing requirements. As required by the NYSE in order to maintain its listing, on January 12, 2009 Lundin Mining notified the NYSE that it expected that its pending transaction with HudBay Minerals Inc. would make the issue moot. Mr. Phil Wright, President and Chief Executive, commented, "We do not believe that Lundin Mining's current stock price is indicative of the value of the Company and its assets. Our price has been under pressure as a result of a significant decline in metal prices, the credit squeeze and the general financial market downturn that has affected many companies in our industry. "We will provide timely guidance for shareholders who trade through the NYSE should it appear that we will not satisfy the listing requirements at the end of the period," Mr. Wright added. 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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