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2016-10-20

Lundin Mining Receives Further Extension of TF Holdings Offer Period

r Extension of TF Holdings Offer Period

October 19, 2016 - Lundin Mining Corporation (TSX:LUN; OMX:LUMI) ("Lundin
Mining" or the "Company") announces that Lundin Mining, Freeport-McMoRan Inc.
(“Freeport”), and China Molybdenum Co., Ltd. (“CMOC”) have agreed to further
extend the notice period during which the Company has the right to acquire
Freeport's indirect interest in TF Holdings Limited ("TF Holdings") to November
15, 2016.

On May 9, 2016, Lundin Mining received a notice from Freeport offering Lundin
Mining the right to acquire Freeport’s indirect interest in TF Holdings at the
same purchase price and on the same terms and conditions offered by CMOC.

TF Holdings is the holding company that indirectly owns an 80 percent interest
in Tenke Fungurume Mining S.A. ("Tenke"). Freeport and Lundin Mining each hold
a 70 and 30 percent interest, respectively, in TF Holdings.

Lundin Mining, in consultation with its legal and financial advisors, continues
its strategic review in connection with its ownership interest in TF Holdings.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with
operations in Chile, the USA, Portugal, and Sweden, primarily producing copper,
nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake
in the world-class Tenke Fungurume copper/cobalt mine in the Democratic
Republic of Congo and in the Freeport Cobalt Oy business, which includes a
cobalt refinery located in Kokkola, Finland.

On Behalf of the Board,

Paul Conibear, President and CEO

The information in this release is subject to the disclosure requirements of
Lundin Mining under the EU Market Abuse Regulation and/or the Swedish Financial
Instruments Trading Act. This information was publicly communicated on October
19, 2016 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

Författare SSE

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