18:18 EDT Monday, July 06, 2009

TORONTO, ONTARIO--(Marketwire - July 6, 2009) - Lundin Mining Corporation ("Lundin Mining") (TSX:LUN)(OMX:LUMI) today announced that it has executed a third amendment to its credit agreement. The amendment will be effective July 7, 2009 and will result in a restructured facility with the following terms:

- Three year, fully revolving credit of US$225 million;

- Interest at LIBOR plus 4.5% until March 2010 and from April 2010 at LIBOR plus 3.5% to 4.5% depending upon the leverage ratio of the Company; and

- Financial covenants customarily required for a revolving-term facility including minimum tangible net worth, interest coverage ratio and leverage ratio.

The Third Amending Agreement removes the prohibitions on acquisitions and disposals that were imposed by the Second Amending Agreement and Waiver; it instead establishes that security will be extended to material assets acquired, and specifies reductions in the facility if the Company's principal mining assets are disposed of in whole or in part.

In co-operation with Scotia Capital, the Lead Arranger, the Company has arranged to reduce the number of lenders in the syndicate from ten to six. Five members of the original syndicate, The Bank of Nova Scotia, Bank of Montreal, West LB AG, ING Bank N.V. and Skandinaviska Enskilda Banken AB (SEB) will be joined by Export Development Canada (EDC) to comprise the new group of six lenders.

Lundin Mining currently has US$210.2 million drawn on the facility and US$150.4 million cash on hand.

Phil Wright, President and CEO, commented, "We are pleased with the outcome of this restructuring. The size and terms of the facility give us the flexibility we have been seeking and it meets all of our reasonably foreseeable requirements over the next three years.

"The covenants were tested extensively using the Company's financial model, to ensure the Company could remain in compliance during a prolonged period of low metal prices.

"The syndicate comprises an appropriate number of banks, all of which we are very comfortable working with and we appreciate the support that has been given. We are also pleased to welcome EDC to the syndicate.

"The conclusion of this restructuring allows us to focus on the continued successful running of operations, participation in the expansion of Tenke and on further strategic developments," Mr. Wright said