Lundin Mining Acknowledges Announcement of Unsolicited Take-Over Bid by Equinox Minerals Limited

11:14 EST Monday, February 28, 2011

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2011) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(OMX:LUMI) acknowledges that Equinox Minerals Limited ("Equinox") has now issued a news release announcing that it will make an offer to acquire Lundin Mining for approximately C$4.8 billion in cash and shares of Equinox.

The announcement provides that once the offer is commenced that each Lundin Mining shareholder will be able to elect to receive consideration per Lundin Mining common share of either C$8.10 in cash or 1.2903 shares of Equinox plus $0.01 for each Lundin Mining common share, subject to a pro-ration based on a maximum cash consideration of approximately C$2.4 billion and maximum number of shares of Equinox issued of approximately 380 million.

The Lundin Mining Board of Directors is in the process of reviewing and evaluating the announcement with its financial and legal advisors and will communicate a recommendation to Lundin Mining shareholders as soon as possible. The Board of Directors recommends that shareholders defer making any decision until the Board of Directors has had an opportunity to make a recommendation as to the merits of the offer. Shareholders will be promptly notified of any recommendation by the Board of Directors through a news release and circular in accordance with applicable securities laws.

The Board of Directors will update shareholders from time to time on developments relating to the Equinox offer and the Company's proposed merger with Inmet Mining Corporation to form Symterra Corporation. The arrangement agreement between Lundin Mining and Inmet Mining Corporation will remain in effect unless terminated by either party in accordance with its terms.

About Lundin Mining

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

On Behalf of the Board,

Phil Wright, President and CEO