TORONTO, ONTARIO--(MARKET WIRE)--Dec 5, 2008 -- Lundin Mining Corporation (Toronto:LUN.TO - News)(NYSE:LMC - News)(OMX: LUMI) ("Lundin Mining" or the "Company") reports that a non-binding agreement in principle has been reached for the sale of its subsidiary Pirites Alentejanas SA ("PA") owner of the Aljustrel Mine in Portugal to MTO SGPS, SA ("MTO").
The agreement is subject to the final approval of the boards of Lundin Mining and MTO, to the completion of certain contractual obligations, final due diligence and a favorable decision from the Portuguese Securities Market Commission ("CMVM") to withdraw PA from public status.
The agreement is expected to be finalized in the last week of December upon which time further details of the transaction will be available. The Company does not consider this to be a material transaction in the context of its overall business operations.
ABOUT LUNDIN MINING
Lundin Mining Corporation is a rapidly growing, diversified base metals mining company with operations in Portugal, Spain, Sweden and Ireland, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in international mining and exploration ventures.
On Behalf of the Board,
Phil Wright, President and CEO