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| Exploration
The Company's primary focus is on activities that add value to the company through:
The 2008 program is budgeted at approximately $38.9 million. Approximately two-thirds of the exploration activities will be near existing mines. In-mine and near-mine exploration During 2007, in-mine and near-mine exploration was significantly ramped up at all of Lundin Mining's operations, with the objective of finding new ore zones that will extend mine lives and increase the asset base of the company. The 2007 exploration program contributed to a significant increase in mineral reserves and resources. Zinkgruvan The focus for 2007 was the exploration for new ore zones within the Dalby and Finnafalet areas north of the mine, with very encouraging results. Deviation drilling is being successfully used at Dalby to delineate high-grade Zn-Pb-Ag mineralization encountered at depth (greater than 800 metres), while at the Finnafalet target, east of Dalby, mine stratigraphy has been intersected. This intersection indicates potential for additional resources to be found to the north. At Tostebacka, drill testing for ore east of the Nygruvan orebody did not encounter any significant mineralization and the drilling has been terminated. Galmoy The life-of-mine exploration program continued in 2007. During Q1, a new, high-grade zone of zinc-lead-silver mineralization, the "M-Zone", was discovered adjacent to the CW orebody. Delineation drilling has indicated that this new zone is not large enough to significantly extend the life of mine. Storliden Management originally planned to close the Storliden mine during the third quarter of 2007; however, due to the identification of additional ore in the Lower West and Upper East areas of the mine, the operation was maintained. Neves-Corvo Exploration efforts were focussed on the delineation of the Lombador South Zinc Zone (LSZZ). Drilling results exceeded expectations, resulting in a feasibility study for the Lombador Zinc Project. The results highlight the immediate exploration potential that exists within the mine lease. A new discovery named the Lombador East deposit contains the thickest, highest-grade zinc intersections ever encountered at the Neves-Corvo mine. Eight drill holes currently define this new deposit. All eight holes contain thick sections of massive sulphide zinc mineralization with four of the eight holes intercepting greater than 65 metres of >8% zinc that each include wide intervals of >10% zinc The Lombador East deposit was initially encountered in drillhole NF34 which was completed in August of 2007. This was part of last year's successful Neves-Corvo exploration program which centred on the Lombador South deposit. Aljustrel Mine Drilling was focussed on the Feitais deposit where the limit of the deposit was extended to the northwest, some inferred resources were converted to indicated resources and a new, significant copper zone was discovered. Aguablanca The focus of exploration since the acquisition of Aguablanca in the third quarter 2007 has been the resource evaluation of the Deep Body and the underground potential of the Main deposit. The drilling will significantly increase the indicated resource of the Deep Body which is currently being re-estimated. Other near-mine targets will be further drill tested in 2008. Greenfield exploration Portugal Iberian Pyrite Belt, (Copper, Zinc) At the Chança prospect, located near the Spanish border, drilling confirmed a large copper-bearing stockwork zone, but any existing massive sulphides appear to be faulted out. An airborne gravity survey conducted over a portion of the Mertola and Castro Verde concessions and the Aljustrel area and will be used to target drilling next year. Spain Ossa Morena Regional Exploration, (Nickel, Copper, PGM) This regional belt of rocks hosts the Aguablanca deposit and is being systematically tested other nickelprospective intrusions. Drilling has been focussed on the more advanced Argallón and Cortegana exploration projects where encouraging broad zones of disseminated magmatic nickel sulphide mineralization were encountered, not unlike the low grade mineralized, outer zones of the Aguablanca deposit. An airborne electromagnetic survey was flown; conductors will be followed up next year with ground geophysics and drilling. Toral Project, (Zinc, Lead, Silver) Drilling confirmed the narrow but continuous nature of the known historic Zn-Pb-Ag resource and focussed on testing for up and down-dip extensions of the known historic resource with some success. Any additional work next year is pending review of all results, some of which were pending at the end of 2007. Ireland Keel, (Zinc, Lead) The Keel property is located in Longford County, Ireland. Drilling is focussed on testing the extent of the deposit and to determine if satellite orebodies exist in the area. One of three holes drilled intersected significant mineralization within two zones adjacent to the known extent of the deposit. Drilling will continue in 2008. West Limerick, (Zinc, Lead) The license is located approximately 80 km west of the Galmoy Mine. Four holes have been completed to date with no significant mineralization detected. Drilling will continue on additional targets in Q1 2008. Sweden Bergslagen Regional Exploration, (Zinc, Lead, Silver) Systematic testing of prospective geology is being done in this host district to Zinkgruvan with the objective of finding additional feed for the mill. Significant Zn-Pb-Ag mineralization has been intersected at the Tvistbo project area, approximately 150 km north of Zinkgruvan. Drilling will continue to determine the northern and depth extent of this Zn-Pb-Ag mineralization. At the Palahöjden project, additional drilling in first quarter 2008 will follow up an ore grade intercept made earlier in the year. Skellefte Regional Exploration, (Copper, Zinc) An evaluation of this northern program led to the termination of exploration in the district in the third quarter 2007. A partner is being sought of further the exploration program there. The application for a test mine at Norra Norrliden has been submitted to the authorities and after the expected granting of the application a test mining operation is expected to begin by the third quarter 2008. Strategic Partnerships
Lundin Mining recognizes the importance of acquiring interests in, and providing financial and technical support to, successful junior exploration and prospecting companies. Lundin Mining believes the formation of strategic partnerships with such companies is the best approach to participating in rewarding new exploration opportunities and discoveries. Consequently, Lundin Mining Exploration is organised and increasingly staffed to focus on this significant corporate development role.
Sunridge Gold Corporation Sunridge Gold is focused on actively exploring copper-zinc-gold volcanic-hosted massive sulphide deposits and prospects in Eritrea, in northeastern Africa. Sanu Resources Ltd. Sanu Resources is focused on actively exploring copper-zinc-gold volcanic-hosted massive sulphide deposits and prospects in Eritrea. Sanu Resources also has exploration properties in Morocco and Burkina Faso. Mantle Resources Ltd. Mantle Resources is developing high-grade zinc-lead-silver resources at its advanced stage Akie project in northern British Columbia, Canada. The company has a large exploration land holding covering much of this very prospective belt and is setting up a pipeline of exploration targets. Chariot Resources Limited Chariot Resources is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project at Marcona is scheduled to be a mid-tier copper producer by 2009. Union Resources Limited Union Resources owns 38% of the world's largest undeveloped zinc deposit, Mehdiabad in central Iran. |
| Quarterly Exploration Update Second Quarter June 30, 2008 First Quarter March 31, 2008  2008 Exploration Program 
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