<p>
<strong>Toronto, May 25, 2011 </strong><strong>(TSX: LUN; OMX: LUMI)
</strong><strong>Lundin Mining Corporation</strong>(“Lundin Mining”
or the “Company”) announced today that it has concluded its
previously announced strategic process to explore alternatives for the creation
of shareholder value. Although the Company received a number of non-binding
expressions of interest with respect to both its assets and the Company, the
Board of Directors, after careful consideration and following the receipt of
advice from its financial advisors, has determined that these proposals did not
adequately value the Company or its assets and that the best way to create
shareholder value is to continue to manage and develop the Company’s
quality assets and to actively seek growth opportunities.</p>
<p>
In a related announcement, the Company stated that, in accordance with
previously announced plans to retire during the first half of 2011, Mr. Phil
Wright will be stepping down as CEO effective June 30, 2011 at which time Mr.
Paul Conibear, currently the Senior Vice President, Corporate Development, will
be appointed as Interim CEO.  The Board has appointed a search committee
to recruit a permanent CEO and an executive recruiting firm has been
retained.</p>
<p>
Lundin Mining also announced that the Shareholder Rights Plan adopted on March
29, 2011 will expire in accordance with its terms on May 31, 2011.</p>
<p>
A conference call will be held on May 26, 2011 at 9:00 a.m. Toronto time.</p>
<p>
 </p>
<p>
Call-in number for the conference call (North America): +1 416-340-2217</p>
<p>
Call-in number for the conference call (North America Toll Free): +1
866-696-5910</p>
<p>
Call-in number for the conference call (Europe Toll Free): +00
800-8989-6336</p>
<p>
 </p>
<p>
Passcode: 6407702</p>
<p>
 </p>
<p>
A replay of the telephone conference will be available approximately one hour
after the completion of the conference until June 9, 2011.</p>
<p>
 </p>
<p>
Replay number in North America: +1 905-694-9451</p>
<p>
North America (Toll Free) is: +1 800-408-3053</p>
<p>
Europe (Toll Free) is: +00 800-3366-3052</p>
<p>
 </p>
<p>
The passcode for the replay is: 8506872</p>
<p>
 </p>
<p>
<strong>About Lundin Mining</strong></p>
<p>
Lundin Mining Corporation is a diversified base metals mining company with
operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead
and nickel. 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 mine in the
Democratic Republic of Congo.</p>
<p>
On Behalf of the Board,</p>
<p>
Phil Wright</p>
<p>
President and CEO</p>
<p>
 </p>
<p>
 </p>
<p>
For further information, please contact:</p>
<p>
Sophia Shane, Investor Relations North America:  +1-604-689-7842</p>
<p>
John Miniotis, Senior Business Analyst:  +1-416-342-5565</p>
<p>
Robert Eriksson, Investor Relations Sweden:  +46 8 545 015 50</p>
<p>
 </p>
<p>
<strong>Forward Looking Statements</strong></p>
<p>
Certain of the statements made and information contained herein is
“forward-looking information” within the meaning of the Ontario
Securities Act. 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 necessary governmental permits; and
other risks and uncertainties, including those described under Risk Factors
Relating to the Company’s Business in the Company’s Annual
Information Form and in each management 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, readers are advised not to place undue
reliance on forward-looking statements.</p>
