Lundin Mining Corporation

Reserves & Resources


Mineral Reserves

 Contained Metal 000's (Ounces millions)
Category 000's Cu Zn Pb Ag Ni Co Cu Zn Pb Ag Ni Co Lundin
    Tonnes       % % % g/t % % T T T Oz T T Interest
Copper
Neves-Corvo Proven 21,176 3.6 1.0 0.3 43 770 210 65 29 100%
Probable 2,071 2.7 0.6 0.5 48 57 13 10 3 100%
Total 23,246 3.6 1.0 0.3 43     827 222 74 32     100%
                   
Zinkgruvan Proven 2,790 2.6 0.4 32 73 11 3 100%
Probable 80 2.4 0.4 29 2 - - 100%
Total 2,870 2.6 0.4   32     74 11   3     100%
               
Tenke Proven 49,755 3.4 0.4 1,675 199 24.75%
Fungurume Probable 84,869 3.0 0.3 2,538 245 24.75%
  Total 134,624 3.1         0.3 4,213         444 24.75%
 
Zinc
Neves-Corvo Proven 34,319 0.4 6.7 1.6 64 131 2,312 550 70 100%
Probable 8,232 0.3 7.7 1.9 56 27 635 156 15 100%
Total 42,552 0.4 6.9 1.7 62     159 2947 706 85     100%
                   
Zinkgruvan Proven 8,311 9.2 4.8 105 765 399 28 100%
Probable 2,655 8.6 3.1 63 228 82 5 100%
Total 10,966   9.1 4.4 95       993 481 33     100%
                   
Galmoy Proven 464 18.5 6.6 52 86 31 1 100%
Probable 4 10.0 1.3 11 - - - 100%
  Total 468   18.4 6.6 52       86 31 1     100%
 
Nickel
Aguablanca Proven 6,867 0.5 0.6 32 43 100%
Probable 530 0.3 0.3 1 2 100%
  Total 7,397 0.5       0.6   34       45   100%
          Lundin's share 2,136 4,260 1,292 154 45 110  

Mineral Resources - inclusive of reserves

 Contained Metal 000's (Ounces millions)
Category 000's Cu Zn Pb Ag Ni Co Cu Zn Pb Ag Ni Co Lundin
    Tonnes % % % g/t % % T T T Oz T T Interest
Copper                              
Neves-Corvo Measured 36,995 3.4 1.2 0.4 50 1,239 440 141 59 100%
Indicated 3,895 2.4 1.0 0.6 53 94 39 22 7 100%
Inferred 26,319 1.9 1.0 0.3 41     487 250 87 35     100%
Zinkgruvan Measured 4,114 2.6 0.4 31 107 16 4 100%
Indicated 238 2.3 0.3 27 5 1 - 100%
Inferred 988 2.2 0.3   33     22 3   1     100%
Tenke Measured 79,865 3.0 0.4 2,434 293 24.75%
Indicated 271,058 2.5 0.2 6,672 641 24.75%
  Inferred 200,412 2.0         0.2 3,969         457 24.75%
Zinc
Neves-Corvo Measured 58,047 0.4 6.2 1.4 61 209 3,616 801 114 100%
Indicated 13,929 0.3 6.9 1.5 53 47 965 209 24 100%
Inferred 26,791 0.4 4.9 1.0 53     96 1,323 268 45     100%
Zinkgruvan Measured 9,253 10.5 5.3 114 972 490 34 100%
Indicated 5,189 10.2 4.9 94 529 254 16 100%
Inferred 5,121   9.4 3.3 70       481 169 12     100%
Galmoy Measured 958 18.2 4.7 37 174 45 1 100%
Indicated 132 10.5 0.8 7 14 1 - 100%
  Inferred 8   9.5 1.3 19       1 - -     100%
Nickel
Aguablanca Measured 12,131 0.5 0.6 61 70 100%
Indicated 1,820 0.2 0.3 4 6 100%
  Inferred 822 0.1       0.3   1       2   100%
          Lundin's share 4,020 6,767 1,963 258 76 231  
          not including Inferred Resources              

Notes on Mineral Reserves and Resources Table

Mineral reserves and resources are shown on a 100 percent basis for each mine. Mineral resources for all operations are inclusive of reserves and all estimates, with the exception of Tenke Fungurume, are prepared as at June 30, 2010. The Tenke Fungurume estimate is dated December 31, 2009.

Estimates for all 100% owned operations are prepared by or under the supervision of a Qualified Person as defined in National Instrument 43-101. Tenke Proven and Probable mineral reserves are estimated by the operator Freeport-McMoRan Copper & Gold Inc. ("Freeport"), and are prepared to SEC standards and are reviewed by Lundin Mining's independent Qualified Persons.

Neves Corvo
The mineral resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc. The copper mineral reserves are reported above a cut-off of 1.6% while for zinc mineral reserves a cut off of 4.3% is used for orebodies above the 550 level and 6.0% for the deeper Lombador orebody below the 550 level. Mineral reserves and resources for Neves-Corvo were estimated by the mine's geology and engineering department under the guidance of Nelson Pacheco, Chief Geologist and Fernando Cartaxo, Mine Planning Engineer. Qualified Persons are Graham Greenway, Corporate Resource Geologist, employed by Lundin Mining and John Andreatidis, General Manager, employed by Neves-Corvo mine.

Zinkgruvan
The zinc mineral resources and reserves are reported above a 3.1% zinc equivalent cut off. The Copper mineral resources and reserves are reported above cut-off grades of 1.5% copper and 2.0% copper respectively. The Qualified Person responsible for the 2010 Zinkgruvan mineral resource and reserve estimate is Lars Malmström, Resource Manager, employed by Zinkgruvan mine.

Aguablanca
The mineral resources are reported above a 0.2% nickel cut off and the mineral reserves above a 0.25% nickel cut off. Mineral resources for Aguablanca were estimated by Graham Greenway, Lundin Mining. Mineral reserves were calculated by Aden Munoz, Chief Mine Engineer, Aguablanca. Qualified Persons are Graham Greenway and Steve Gatley, Director Technical Services, both employed by Lundin Mining.

Galmoy
The mineral resources are reported above a cut-off of 4.5% zinc equivalent. The mineral reserves are those tonnes above a 6.0% zinc equivalent cut off that are amenable to mining and treatment at an adjacent mine. The Qualified Person responsible for the Galmoy mineral resource and reserve estimate is Paul McDermott, Technical Services Superintendent, an employee of Galmoy mine.

Tenke Fungurume
The mineral resources are based on a cut off of 1.30% copper equivalent and a cobalt to copper factor of 4.00. The 2009 mineral reserves are based on pit limits defined in the current mine plan, use a cut off grade of 1.52% (acid soluble) copper equivalent and a cobalt to copper equivalency factor of 4.4. The mineral reserve estimates for Tenke have been reviewed by John Nilsson, P.Eng. of Nilsson Mine Services Ltd on behalf of Lundin Mining. The mineral resource estimates have been prepared by John Nilsson, P.Eng., and Ron Simpson P.Geo. of GeoSim Services Inc. who are independent consultants and Qualified Persons.