Lundin Mining Corporation

Reserves & Resources

June 30, 2011


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 23,235 3.6 1.0 0.3 44     737 230 75 33 100%
Probable 4,508 2.3 0.5 0.4 45     105 25 17 7 100%
  Total 27,744 3.0 0.9 0.3 44     842 254 92 39     100%
   
Zinkgruvan Proven 2,768 2.6 0.4 32     72 11   3 100%
Probable 78 2.4 0.4 29     2 -   - 100%
  Total 2,846 2.6 0.4   32     74 11   3     100%
   
Tenke Proven 58,717 3.1   0.4 1,822 206 24%
Fungurume Probable 78,040 2.8   0.3 2,215 219 24%
  Total 136,757 3.0         0.3 4,038         408 24%
 
Zinc
Neves-Corvo Proven 19,361 0.4 7.1 1.6 67     70 1,380 316 42 100%
Probable 3,769 0.4 8.0 12.1 64     14 301 80 8 100%
  Total 23,130 0.4 7.3 1.7 66     84 1,680 396 49     100%
 
Zinkgruvan Proven 8,212 9.3 4.8 103     764 394 27 100%
Probable 2,442 9.0 2.9 60     220 71 5 100%
  Total 10,654   9.2 4.4 93       983 465 32     100%
 
Galmoy Proven 201   16.5 6.2 56     33 12 0 100%
Probable 3   11.0 1.2 10     - - - 100%
  Total 204   16.4 6.1 55       33 12 0     100%
 
Nickel
Aguablanca Proven 6,214 0.4       0.6   25 37 100%
Probable 332 0.2       0.3   1 2 100%
  Total 6,546 0.4       0.6   26       38   100%
          Lundin's share 1,994 2,963 966 124 38 102  

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 37,621 3.2 1.2 0.4 49     1,193 451 147 59 100%
  Indicated 7,688 2.3 0.9 0.5 49     175 68 36 12 100%
  Inferred 28,490 1.8 0.9 0.4 40     524 259 100 37     100%
Zinkgruvan Measured 5,304 2.2 0.5   29     117 27   5 100%
  Indicated 172 2.5 0.3   35     4 1   - 100%
  Inferred 772 2.2 0.2   36     17 2   1     100%
Tenke Measured 119,349 3.0       0.3 3,530 376 24%
  Indicated 336,361 2.6       0.2 8,594 777 24%
  Inferred 218,172 2.0         0.2 4,287         500 24%
Zinc
Neves-Corvo Measured 61,252 0.4 6.1 1.4 59     221 3,724 833 117 100%
  Indicated 18,094 0.4 6.5 1.7 53     63 1,172 300 31 100%
  Inferred 32,985 0.4 4.9 1.2 55     119 1,610 386 58     100%
Zinkgruvan Measured 8,464   11.0 5.5 119       931 466 32 100%
  Indicated 5,494   10.4 4.6 93       571 253 16 100%
  Inferred 5,572   9.6 3.2 69       535 178 12     100%
Galmoy Measured 689   15.6 3.1 26       107 21 1 100%
  Indicated 131   10.5 0.8 7       14 1 - 100%
  Inferred 7   9.2 0.4 8       1 - -     100%
Nickel
Aguablanca Measured 11,320 0.5       0.6   55 65 100%
  Indicated 1,210 0.2       0.3   2 4 100%
  Inferred 442 0.1       0.3   1       3   100%
  Lundin's share 4,739 7,066 2,057 273 69 277  
  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, 2011. The Tenke Fungurume estimate is dated December 31, 2010.

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.

Except as noted below, Mineral Reserves have been calculated using assumed long-term average prices of US$2.50/lb copper, US$1.00/lb zinc, US$0.90/lb lead, US$8.50/lb nickel and exchange rates of EUR/USD 1.35 and USD/SEK 7.50. Reserves at Tenke Fungurume have been calculated using assumed long-term average prices of US$2.00/lb copper and US$10.00/lb cobalt.

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 1.4% while for zinc Mineral Reserves a cut-off of 5.0% is used for orebodies other than Lombador. For the Lombador Phase 1 a zinc cut-off of 6.0% was applied for Mineral Reserve reporting. Mineral Reserves and Resources for Neves-Corvo were estimated by the mine's geology and mine engineering departments under the guidance of Nelson Pacheco, Chief Geologist and Fernando Cartaxo, Chief Mine Planning Engineer. Qualified Persons are Graham Greenway, Group Resource Geologist and Stephen Gatley, Director Technical Services, both employed by Lundin Mining.

Zinkgruvan

The zinc Mineral Resources and Reserves are reported above a 3.7% zinc equivalent cut-off. The Copper Mineral Resources and Reserves are reported above cut-off grades of 1.0% copper and 1.8% copper respectively. The Zinkgruvan Mineral Resource and Reserve estimates are prepared by the mine's geology and mine engineering department under the guidance of Lars Malmström, Resource Manager, employed by Zinkgruvan mine. Qualified Persons are Graham Greenway and Stephen Gatley.

Aguablanca

The Mineral Resources and Reserves are reported above a 0.18% nickel cut off. Mineral Resources and Reserves for Aguablanca were estimated by the mine's geology and mine engineering departments under the guidance of César Martinez and Jorge Llidó. Qualified Persons are Graham Greenway and Stephen Gatley.

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 2010 mineral resources are based on a cutoff of 1.30% copper equivalent and a cobalt-to-copper factor of 4.00. The 2010 mineral reserves are based on pit limits defined in the current mine plan, use a cutoff grade of 0.99% copper equivalent and a cobalt-to-copper equivalency factor of 4.00. The mineral resources and mineral reserves were prepared by staff of Freeport. 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 reviewed by John Nilsson, P.Eng, and Ron Simpson, P.Geo of GeoSim Services Inc. who are independent consultants and Qualified Persons. In addition to the mineral reserves, work-inprogress stockpiles at Tenke Fungurume are estimated to contain 8.4 million tonnes grading 0.96% copper and 0.47% cobalt.