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2017-12-22

Lundin Gold Inc.: LUNDIN GOLD FILES BASE SHELF PROSPECTUS

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

Vancouver, Dec. 21, 2017 (GLOBE NEWSWIRE) -- December 21, 2017 (Vancouver,
Canada) Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq
Stockholm: LUG) has filed and obtained a receipt for a final short form
base shelf prospectus (the “Prospectus”). The Prospectus was filed with
the securities regulatory authorities in each of the provinces and
territories of Canada, excluding Québec, and allows the Company to offer
from time to time over a 25-month period up to US$500 million of common
shares, subscription receipts, units, debt securities and warrants. Any
offering of securities will require the Company to file a prospectus
supplement that will include the specific terms of the securities being
offered.

A copy of the Prospectus can be found under the Company’s profile on SEDAR
at www.sedar.com

.

This news release does not constitute an offer to sell or the solicitation
of an offer to buy any securities in any jurisdiction.

The securities described herein have not been registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws, and accordingly, may not be offered or sold to,
or for the account or benefit of, persons in the United States or “U.S.
persons,” as such term is defined in Regulation S promulgated under the
U.S. Securities Act (“U.S. Persons”), except in compliance with the
registration requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom. This news
release does not constitute an offer to sell or a solicitation of an offer
to buy any of the Company’s securities to, or for the account of benefit
of, persons in the United States or U.S. Persons.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, is developing its
wholly-owned Fruta del Norte gold project in southeast Ecuador. Fruta del
Norte is one of the highest-grade and largest gold projects currently under
construction. The Company’s board and management team have extensive
expertise in mine construction and operations, and are dedicated to
advancing this project through to first gold production in 2019.

The Company operates with transparency and in accordance with international
best practices. Lundin Gold is committed to delivering value to its
shareholders, while simultaneously providing economic and social benefits
to impacted communities, fostering a healthy and safe workplace and
minimizing the environmental impact. The Company believes that the value
created through the development of Fruta del Norte will benefit its
shareholders, the Government and the people of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements
of Lundin Gold under the EU Market Abuse Regulation and the Swedish
Securities Markets Act. This information was publicly communicated at 4:15
pm Pacific Time on December 21, 2017.

Caution Regarding Forward-Looking Information and 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. 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.

This press release contains forward-looking information, such as the
anticipated date of first gold production. 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 the Company’s obligations under its debt
facilities; 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 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 FDN and the Company’s reliance
on one project; the Company’s lack of operating history in Ecuador; illegal
mining; uncertainty as to reclamation and decommissioning; adverse global
economic conditions; risks associated with the Company’s information
systems; the inadequacy of 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 in the "Risk Factors" section in Lundin Gold's Annual
Information Form for the financial year ended December 31, 2016 and the
Prospectus dated December 21, 2017, both of which are available on SEDAR at
www.sedar.com.

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