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2017-09-06

Lundin Mining Announces 2017 Mineral Resource and Mineral Reserve Estimates

Lundin Mining Corporation Övrig information som ska lämnas enligt börsens
regler Lundin Mining Announces 2017 Mineral Resource and Mineral Reserve
Estimates Toronto, September 5, 2017 (TSX: LUN; OMX: LUMI) Lundin Mining
Corporation (“Lundin Mining” or the “Company”) today reported its Mineral
Resource and Mineral Reserve estimates as at June 30, 2017. On a
consolidated and attributable basis, contained metal in the Proven and
Probable Mineral Reserve categories totaled 3,232 kt of copper, 3,415 kt of
zinc and 130 kt of nickel. Commenting on the update, Mr. Paul Conibear,
President and CEO of Lundin Mining said “We are pleased that our
exploration efforts continue to add great value to our assets. Exploration
success at Candelaria has resulted in further significant increases in
underground Mineral Resources and Mineral Reserves that will allow us to
continue to advance mine plan optimization and mine life extension in
Chile. Study work and approval of the Zinc Expansion Project at Neves-Corvo
and the Eagle East development at Eagle during the last year have
contributed to increased Mineral Reserves at both mines. In the light of
improved market conditions, we plan to accelerate exploration at all our
mine sites in 2018 as well as advance at least two new copper-focused
greenfield exploration projects”. Highlights --

Total Candelaria Measured and Indicated Mineral Resources have increased by
approximately 7.5% to 740.9 Mt at 0.70% Cu, from 689.0 Mt at 0.64% Cu
reported as of June 30, 2016, reflecting the continued success of the
exploration campaigns.

--

Total Candelaria Proven and Probable Mineral Reserves have increased by
approximately 3% to 497.5 Mt at 0.56% Cu, despite mining depletion. The
open pit Proven and Probable Mineral Reserves, excluding stockpiles, have
decreased to 315.9 Mt at 0.53% Cu, from 337.6 Mt at 0.54% Cu reported as of
June 30, 2016, reflecting 12 months of depletion by mining.

--

Total Candelaria Underground Proven and Probable Mineral Reserves now stand
at 89.3 Mt at 0.88% Cu. This is a significant increase of 38.1 Mt over last
year reflecting continued exploration success, particularly in the
Candelaria Norte underground mine.

--

An initial Eagle East Probable Mineral Reserve was reported on April 10,
2017 containing 1.5 Mt at 3.7% Ni and 3.0% Cu. The total combined Eagle and
Eagle East Proven and Probable Mineral Reserves now stand at 4.7 Mt at 2.7%
Ni and 2.3% Cu.

--

Copper Proven and Probable Mineral Reserves at Neves-Corvo increased to
29.1 Mt at 2.4% Cu from 26.1 Mt at 2.7% Cu reported as of June 30, 2016,
despite mining depletion. Zinc Proven and Probable Mineral Reserves have
increased to 30.4 Mt at 7.7% Zn from 23.4 Mt at 7.2% Zn reported as of June
30, 2016, reflecting approval of the Zinc Expansion Project.

--

Total copper Measured and Indicated Mineral Resources at Neves-Corvo has
been reduced by mining depletion and geological re-interpretation to stand
at 61.7 Mt at 2.4% Cu compared to 70.0 Mt at 2.7% Cu reported as of June,
2016. However, the total zinc Measured and Indicated Mineral Resources
remain almost unchanged at 106.5 Mt at 6.1% Zn.

--

At Zinkgruvan, the zinc Proven and Probable Mineral Reserves have increased
to 11.9 Mt at 7.2% Zn and 2.9% Pb and copper Proven and Probable Mineral
Reserves have increased to 5.3 Mt at 1.8% Cu.

The tables attached to this release summarize the Mineral Reserve and
Mineral Resource estimates for each of the Company’s mines as of June 30,
2017. About Lundin Mining Lundin Mining is a diversified Canadian base
metals mining company with operations in Chile, the United States of
America, Portugal, and Sweden, primarily producing copper, nickel and zinc.
In addition, Lundin Mining holds an indirect 24% equity stake in the
Freeport Cobalt Oy business, which includes a cobalt refinery located in
Kokkola, Finland. This is information that Lundin Mining Corporation is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact persons on September 5, 2017 at 5:00 p.m. Eastern Time. For further
information, please contact: Mark Turner, Director, Business Valuations and
Investor Relations: +1-416-342-5565 Sonia Tercas, Senior Associate,
Investor Relations: +1-416-342-5583 Robert Eriksson, Investor Relations
Sweden: +46 8 545 015 50 Cautionary Statement in Forward-Looking
Information Certain of the statements made and information contained in
this news release (including, but not limited to, the attached “Mineral
Resources and Mineral Reserves – June 30, 2017” tables and notes thereto)
is “forward-looking information” within the meaning of the Canadian
securities laws. Forward-looking statements include, but are not limited
to, statements with respect to the estimation of Mineral Reserves and
Mineral Resources, planned production increases, exploration, mine plan
optimization, mine life extension, and project study and development.
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 and maintain necessary governmental permits; and other
risks and uncertainties, including those described under “Risk and
Uncertainties” section of the Company’s most recently filed Annual
Information Form and the “Managing Risks” section of each of its
Management’s 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, there can be no assurance that
forward-looking information will prove to be accurate, and so readers are
advised not to place undue reliance on forward-looking statements. The
Company does not undertake to update such forward-looking information
unless required under applicable laws. Cautionary Notes to Investors –
Mineral Resource and Reserve Estimates In accordance with applicable
Canadian securities regulatory requirements, all Mineral Reserve and
Mineral Resource estimates of the Company disclosed or incorporated by
reference in this news release have been prepared in accordance with
Canadian National Instrument 43-101 - Standards of Disclosure for Mineral
Projects adopted by the Canadian Securities Administrators (“NI 43-101”)
and are classified in accordance with the Canadian Institute of Mining
Metallurgy and Petroleum’s “CIM Definition Standards for Mineral Resources
and Mineral Reserves” adopted on May 10, 2014 (the “CIM Standards”).
Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability. Pursuant to the CIM Standards, Mineral Resources have a
higher degree of uncertainty than Mineral Reserves as to their existence as
well as their economic and legal feasibility. Inferred Mineral Resources,
when compared with Measured or Indicated Mineral Resources, have the least
certainty as to their existence, and it cannot be assumed that all or any
part of an Inferred Mineral Resource will be upgraded to an Indicated or
Measured Mineral Resource as a result of continued exploration. Pursuant to
NI 43-101, Inferred Mineral Resources may not form the basis of any
economic analysis, including any feasibility study. Accordingly, readers
are cautioned not to assume that all or any part of a Mineral Resource
exists, will ever be converted into a Mineral Reserve, or is or will ever
be economically or legally mineable or recovered.

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