LUNDIN MINING UPDATE ON TOURO COPPER PROJECT OPTION

9/26/2012 2:00 AM EST

Lundin Mining Corporation
Company Announcement

LUNDIN MINING UPDATE ON TOURO COPPER PROJECT OPTION


Toronto, September 25, 2012 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation
(“Lundin Mining” or the “Company”) announces that it has notified the owners of
the Touro copper project ("the Project") that it does not intend to exercise
its option under a purchase option agreement (the “Option Agreement”) to
acquire a controlling interest in the Project, located in northern Spain. The
Option Agreement gave Lundin Mining an exclusive option until October 1, 2012,
to purchase an 80% interest in the Project. Upon completion of a detailed due
diligence program and substantial advancement of a preliminary economic
assessment, the Company concluded that the Project would not provide sufficient
economic returns to meet our investment criteria. 

Mr. Paul Conibear, President and CEO of the Company, commented, “Despite the
diligent efforts of our team and the cooperation of the authorities, the local
community and the owners of the Project, we unfortunately are not able to
progress with the Touro project. We wish those involved with the Project every
success in the future. ” 



About Lundin Mining

Lundin Mining Corporation is a diversified Canadian base metals mining company
with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc,
lead and nickel. In addition, Lundin Mining holds a development project
pipeline which includes an expansion project at its Neves-Corvo mine, as well
as an equity stake in the world class Tenke Fungurume copper/cobalt mine in the
Democratic Republic of Congo which is currently undergoing a major expansion. 



On Behalf of the Board,

Paul Conibear

President and CEO



Forward Looking Statements

Certain of the statements made and information contained herein is
“forward-looking information” within the meaning of the Ontario Securities Act.
Forward-looking statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in
the forward-looking statements, including, without limitation, risks and
uncertainties relating to foreign currency fluctuations; risks inherent in
mining including environmental hazards, industrial accidents, unusual or
unexpected geological formations, ground control problems and flooding; risks
associated with the estimation of Mineral Resources and Reserves and the
geology, grade and continuity of mineral deposits; the possibility that future
exploration, development or mining results will not be consistent with the
Company’s expectations; the potential for and effects of labour disputes or
other unanticipated difficulties with or shortages of labour or interruptions
in production; actual ore mined varying from estimates of grade, tonnage,
dilution and metallurgical and other characteristics; the inherent uncertainty
of production and cost estimates and the potential for unexpected costs and
expenses, commodity price fluctuations; uncertain political and economic
environments; changes in laws or policies, foreign taxation, delays or the
inability to obtain necessary governmental permits; and other risks and
uncertainties, including those described under Risk Factors Relating to the
Company’s Business in the Company’s Annual Information Form and in each
management discussion and analysis. Forward-looking information is in addition
based on various assumptions including, without limitation, the expectations
and beliefs of management, the assumed long term price of copper, nickel, lead
and zinc; that the Company can access financing, appropriate equipment and
sufficient labour and that the political environment where the Company operates
will continue to support the development and operation of mining projects.
Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in forward-looking statements. Accordingly, readers are advised
not to place undue reliance on forward-looking statements. 




         For further information, please contact:
         Sophia Shane, Investor Relations North America:  +1-604-689-7842
         John Miniotis, Senior Business Analyst:  +1-416-342-5565
         Robert Eriksson, Investor Relations Sweden:  +46 8 545 015 50