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2017-06-13

LUNDIN GOLD DRAWS $150 MILLION UNDER PROJECT FINANCING PACKAGE

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LUNDIN GOLD DRAWS $150 MILLION UNDER PROJECT FINANCING PACKAGE

June 13, 2017 (Vancouver, Canada)… Lundin Gold Inc. ("Lundin Gold" or the
"Company") (TSX: “LUG”, Nasdaq Stockholm: “LUG”) is pleased to announce that,
following receipt of an initial draw of $30 million on May 30, 2017, it has now
received an additional $120 million under its previously announced project
finance package with the Orion Mine Finance Group and Blackstone Tactical
Opportunities (the “Financing”). All dollar amounts are quoted in U.S. dollars
(“$”).

The Financing is comprised of a gold prepay credit facility for $150 million, a
stream loan credit facility of $150 million, an offtake agreement, and
committed participation of $100 to $150 million to future equity financings.
The Company has now received $75 million from each of the gold prepay credit
facility and the stream loan credit facility. The remaining $75 million from
each credit facility are available to be drawn at the option of Lundin Gold up
to the end of June 2018, subject to the perfection of all security and certain
other conditions.

About the Company

Lundin Gold Inc., headquartered in Vancouver, Canada, owns the Fruta del Norte
(FDN) gold project in southeast Ecuador, which is one of of the largest and
highest grade undeveloped gold projects in the world. The Company has an
experienced board and management team with extensive expertise in construction
and operations dedicated to the advancement of this exceptional project.

The Company operates with transparency and in accordance with international
best practices in the areas of sustainability, health and safety, environment
and community relations. The Company is committed to addressing the challenge
of sustainability - delivering value to its shareholders, while simultaneously
providing economic and social benefits to impacted communities and minimizing
its environmental footprint. The Company believes that the value created
through the development of FDN will not only greatly benefit its shareholders,
but also help the Government and people of Ecuador.

For more information, please contact

Lundin Gold Inc.

Ron F. Hochstein

President and CEO

+593-2-299-6400

+1-604-806-3589

Lundin Gold Inc.

Sophia Shane

Corporate Development

+1-604-689-7842

info@lundingold.com

www.lundingold.com

Additional Information

The information in this release is subject to the disclosure requirements of
the Company under the EU Market Abuse Regulation and the Swedish Securities
Market Act. This information was publicly communicated on June 13, 2017 at
10:00 a.m. Pacific Time.

Forward-Looking Statements

Certain of the information and statements in this press release are considered
“forward-looking information” or “forward-looking statements” as those terms
are defined under Canadian securities laws (collectively referred to as
“forward-looking statements”). Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often,
but not always, identified by words or phrases such as “believes”,
“anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”,
“intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such
words and phrases or statements that certain actions, events or results “may”,
“could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and
similar expressions) are not statements of historical fact and may be
forward-looking statements.

By their nature, forward-looking statements and information involve
assumptions, inherent risks and uncertainties, many of which are difficult to
predict, and are usually beyond the control of management, that could cause
actual results to be materially different from those expressed by these
forward-looking statements and information. This press release contains
forward-looking information in a number of places, such as in statements
pertaining to the Financing and future sources of liquidity. Lundin Gold
believes that the expectations reflected in this forward-looking information
are reasonable, but no assurance can be given that these expectations will
prove to be correct. Forward-looking information should not be unduly relied
upon. This information speaks only as of the date of this press release, and
the Company will not necessarily update this information, unless required to do
so by securities laws.

Lundin Gold’s actual results could differ materially from those anticipated.
Management has identified the following risk factors which could have a
material impact on the Company or the trading price of its shares: the ability
to arrange financing and the risk to shareholders of dilution from future
equity financings; risks related to carrying on business in an emerging market
such as possible government instability and civil turmoil and economic
instability; volatility in the price of gold; the timely receipt of regulatory
approvals, permits and licenses; risks associated with the performance of the
Company’s contractors; risks inherent in the development of an underground
mine; deficient or vulnerable title to mining concessions and surface rights;
shortages of resources, such as input commodities, equipment and skilled
labour, and the dependence on key personnel; risks associated with the
Company’s community relationships; unreliable infrastructure and local
opposition to mining; volatility in the market price of the Company’s shares;
uncertainty with the tax regime in Ecuador; measures required to protect
endangered species; difficulty complying with changing government regulations
and policies, including without limitation, compliance with environment, health
and safety regulations, and the cost of compliance or failure to comply with
applicable laws; exploration and development risks; the accuracy of the Mineral
Reserve and Resource estimates for the Fruta del Norte Project and the
Company’s reliance on one project; the Company’s lack of operating history;
illegal mining; uncertainty as to reclamation and decommissioning; adverse
global economic conditions; risks associated with the Company’s information
systems; the ability to obtain adequate insurance; risks of bribery or
corruption; the potential for litigation; limits of disclosure and internal
controls; and the potential influence of the Company’s largest shareholders.

There can be no assurance that such statements will prove to be accurate, as
Lundin Gold's actual results and future events could differ materially from
those anticipated in this forward-looking information as a result of the
factors discussed under the heading “Risk Factors” in the Company’s current
annual information form available at www.sedar.com.

Författare Nasdaq Stockholm

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