TORONTO, ONTARIO -- (Marketwire) -- 09/04/12 -- Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin" or the "Company") today reported its Mineral Resource and Reserve estimates as at June 30, 2012.
Reserves and Resources Highlights
-- Exploration programs have been successful in replacing mined material with Mineral Resources at all key operations. Copper contained in Measured and Indicated Resources at Neves-Corvo and Zinkgruvan have increased by 8% and 12%, respectively. Zinc contained in Measured and Indicated Resources at both Neves-Corvo and Zinkgruvan stayed essentially the same as 2011 despite depletion from record production levels in Sweden. -- Surface exploration drilling at the Semblana deposit has increased the total Inferred Resource by 0.5 Mt to 7.1 Mt at 2.8% copper and 26 g/t silver. Further expansion of the Semblana resource will require exploration primarily from underground and an internal exploration ramp is advancing from existing underground workings to facilitate this with a high priority. -- At Tenke Fungurume, as per our previously filed (28 February 2012) press release, Measured and Indicated Resources increased by 3% for copper and 9% for cobalt. Proven and Probable Reserves increased by 6% for copper and 21% for cobalt above the prior year's estimates, for which Lundin's attributable share through equity ownership is 24%. -- The change at Neves-Corvo, between the ratio of Measured to Indicated Mineral Resources is the result of a review of the classification methodology to align with accepted practice. The new methodology is considered to better reflect the confidence in the geological modeling and grade estimation and results in no change to the Measured plus Indicated contained metal total. Historically, additional geological information gained from further infill drilling and actual stope development has confirmed and often exceeded initial Mineral Resource and Reserve estimates. -- Mineral Reserves at Neves-Corvo and Zinkgruvan have been reported using variable Net Smelter Return (NSR) values rather than the fixed cut off grades used in the past, for a more consistent assessment of profit margin potential from zone to zone throughout the mine.