TORONTO, ONTARIO–(Marketwired - Jan. 23, 2014) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) (“Lundin Mining” or the “Company”) reports the following production results for the fourth quarter and full year 2013:

Paul Conibear, President and CEO, commented, “We are very pleased, once again, with our performance as we have exceeded the high-end of our annual production guidance targets for copper and nickel while meeting our overall zinc and lead targets in 2013. At Tenke an annual production record was set once again in 2013, and looking forward we expect the operation will continue to provide significant cash distributions back to the Company.

For 2014, we remain very well positioned to deliver another year of strong operating results at all our operations and we continue to look forward to bringing the high grade Eagle Project into production in the fourth quarter.”

2014 production guidance1 has been updated to reflect recent guidance from Freeport on Tenke production and costs, but remains otherwise unchanged from that presented in our “Lundin Mining Provides Operating Outlook for 2014-2016” news release dated December 4, 2013 and is as follows:

Operational Commentary

• Neves-Corvo: Total copper production exceeded the original guidance for the year, largely as a result of higher than expected throughput.
• Mining of the Lombador ore bodies commenced, as planned during 2013, resulting in higher zinc grades and record annual zinc production. With a full year of production from Lombador in 2014, zinc metal production is expected to reach 60,000-65,000 tonnes.
• Zinkgruvan: Zinc and lead production were slightly below guidance levels largely as a result of lower than planned throughput levels caused by paste backfill and local ground control issues particularly early in the year. Despite steady production at rates of over 18kt of zinc production per quarter in the last three quarters of 2014, the mine was not able to catch up by the end of the year on the shortfall resulting from poor first quarter production.
• Aguablanca: Excellent production performance from the Aguablanca open pit throughout the year resulted in throughput, nickel and copper grades and metallurgical recoveries all being above expectations. Production of copper and nickel were well above guidance as a result.
• Eagle: At Eagle, the project is proceeding well and remains on schedule, on budget, for commissioning and first concentrate sales during the fourth quarter of this year.
• Tenke: During 2013, Tenke achieved record mining and production rates facilitated by new Phase II expansion facilities that outperformed above design tonnage of 14,000 tpd. Throughput averaged approximately 14,900 metric tonnes of ore per day over the year, with November and December exceeding 16,000 metric tonnes of ore per day. As a result, attributable copper production was above guidance. During the third quarter of 2013, Tenke experienced power interruptions, which impacted operating rates. Power availability improved during the fourth quarter and Tenke continues to work with its power provider and authorities to establish more consistent and reliable power availability.

2013 Operating Statistics

Details of operating statistics by mine, by quarter and for the year follow in the attached table:

Further information will be published in the Company’s report on operating and financial results for year which is scheduled for release on February 20, 2014.

About Lundin Mining

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and the United States, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.

On Behalf of the Board,

Paul Conibear, President and CEO

Forward-Looking Statements

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the Ontario Securities Act. This release includes, but is not limited to, forward-looking statements with respect to the Company’s estimated full year metal production and C1 cash costs, as noted in the Segmented Guidance section and elsewhere in this document. These estimates and other forward-looking statements are based on a number of assumptions and are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the estimated cash costs, the timing and amount of production from the Eagle Project, the cost estimates for the Eagle Project, foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company’s Business in the Company’s Annual Information Form and in each management’s discussion and analysis. Forward-looking information may also be based on other various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, zinc, lead and nickel; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.