UPDATE: Lundin Mining Down 5%, Within $1 Of Yr Lows as Reports 2011 Reserve, Resource Estimate
Lundin Mining Corporation (LUN.TO) is down 5% and now within a $1 of a year low $4.28 after reporting its mineral reserve and resource estimates as at June 30, 2011. Highlights include:
- Exploration programs have been successful in replacing mined depletion and adding to Mineral Resources and Reserves at all key mine operations. At Lundin Mining's 100% owned assets, contained copper and zinc in Measured and Indicated Mineral Resources, both increased by 4%.
- At Tenke Fungurume, as per the previously filed (31 March 2011) Technical Report, Measured and Indicated Resources increased by 33% for copper and 19% for cobalt above the prior year's estimates, for which Lundin Mining's attributable share through equity ownership is 24%.
Commenting on the June 2011 estimates, Mr. Paul Conibear, CEO of Lundin Mining said: "We are pleased that our overall resource base continues to grow, showing that our operations can consistently replace production through our successful exploration efforts. Going forward, we are aggressively increasing the size of our exploration programs to define new resources, as well as convert existing resources into reserves."
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