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UPDATE: Lundin Mining Down 3% at Midday

Lundin Mining Corporation (LUN.TO) is down 3% at midday, at $4.86. Close to 3 million shares have changed hands.

Last week, Lundin provided an update on Tenke Fungurume.

Highlights from the December 31, 2011 Mineral Reserve and Resource estimates for Tenke Fungurume include:

Proven and Probable Mineral Reserves increased to 155.7 million metric tonnes ("Mt") at 2.8%Cu and 0.3%Co

- Measured and Indicated Mineral Resources increased from 455.7 Mt at December 2010 to 496.4 Mt at 2.6%Cu and 0.3%Co.

- Inferred Mineral Resources increased from 218.2 Mt at December 2010 to 246.6 Mt at 2.0%Cu and 0.2%Co.

- Lundin's attributable share of copper in Proven and Probable Mineral Reserves now stands at 1.1 Mt and in Measured and Indicated Mineral Resources at 3.1 Mt.

- The updated resources are based on drilling from 12 deposits on the concession. In addition, a further four new deposits have been drilled and will be added to Mineral Reserve and Resource estimates next year.

Phase 2 Expansion

The Phase 2 expansion, which will increase total annual mine production to approximately 195,000 tonnes of copper cathode and 15,000 tonnes of cobalt hydroxide, is advancing on schedule and budget. Major items of mining equipment have arrived on site and construction of the expanded solvent extraction and electro-winning facilities are well advanced. The Phase 2 Expansion project is targeted for completion in 2013.

TFM continues to engage in drilling activities, exploration analyses and metallurgical testing to evaluate the potential of the highly prospective minerals district at Tenke. These analyses are being incorporated in future plans to evaluate opportunities for additional expansion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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