Lundin Mining Announces 2017 Mineral Resource and Mineral Reserve Estimates
NEWS RELEASE
Lundin Mining Announces 2017 Mineral Resource and Mineral Reserve Estimates
Toronto, September 5, 2017 (TSX : LUN; OMX : LUMI) Lundin Mining Corporation (“Lundin Mining” or the
“Company”) today reported its Mineral Resource and Mineral Reserve estimates as at June 30, 201 7. On a
consolidated and attributable basis, contained metal in the Proven and Probable Mineral Reserve categories
totaled 3,232 kt of copper, 3,415 kt of zinc and 130 kt of nickel.
Commenting on the update, Mr. Paul Conibear, President and CEO of Lundin Mining said “We are pleased that our
exploration efforts continue to add great value to o ur assets. Exploration success at Candelaria has resulted in
further significant increases in underground Mineral Resources and Mineral Reserves that will allow us to continue
to advance mine plan optimization and mine life extension in Chile. Study work and approval of the Zinc Expansion
Project at Neves-Corvo and the Eagle East development at Eagle during the last year have contributed to increased
Mineral Reserves at both mines. In the light of improved market conditions, we plan to accelerate exploratio n at
all our mine sites in 2018 as well as advance at least two new copper-focused greenfield exploration projects”.
Highlights
• Total Candelaria Measured and Indicated Mineral Resources have increased by approximately 7.5% to
740.9 Mt at 0.70% Cu, from 689.0 Mt at 0.64% Cu reported as of June 30, 2016 , reflecting the continued
success of the exploration campaigns.
• Total Candelaria Proven and Probable Mineral Reserves have increased by approximately 3% to 497.5 Mt
at 0.56 % Cu , despite mining depletion. The open pit Proven and Probable Mineral Reserves, excluding
stockpiles, have decreased to 315.9 Mt at 0.53% Cu, from 337.6 Mt at 0.54% Cu reported as of June 30,
2016, reflecting 12 months of depletion by mining.
• Total Candelaria Underground Proven and Probable Miner al Reserves now stand at 89.3 Mt at 0.88% Cu.
This is a significant increase of 38.1 Mt over last year reflecting continued exploration success, particularly
in the Candelaria Norte underground mine.
• An initial Eagle East Probable Mineral Reserve was reported on April 10, 2017 containing 1.5 Mt at 3.7% Ni
and 3.0% Cu. The total combined Eagle and Eagle East Proven and Probable Mineral Reserves now stand
at 4.7 Mt at 2.7% Ni and 2.3% Cu.
• Copper Proven and Probable Mineral Reserves at Neves-Corvo increased to 29.1 Mt at 2.4% Cu from 26.1
Mt at 2.7% Cu reported as of June 30, 2016, despite mining depletion. Zinc Proven and Probable Mineral
Reserves have increased to 30.4 Mt at 7.7% Zn from 23.4 Mt at 7.2% Zn reported as of June 30, 2016,
reflecting approval of the Zinc Expansion Project.
• Total copper Measured and Indicated Mineral Resources at Neves -Corvo has been reduced by mining
depletion and geological re-interpretation to stand at 61.7 Mt at 2.4% Cu compared to 70.0 Mt at 2.7% Cu
reported as of June, 2016. However, the total zinc Measured and Indicated Mineral Resources remain
almost unchanged at 106.5 Mt at 6.1% Zn.
• At Zinkgruvan, the zinc Proven and Probable Mineral Reserves have increased to 11.9 Mt at 7.2% Zn and
2.9% Pb and copper Proven and Probable Mineral Reserves have increased to 5.3 Mt at 1.8% Cu.
Corporate Office
150 King Street West, Suite 1500
P.O. Box 38
Toronto, ONM5H 1J9
Phone: +1 416 342 5560
Fax: +1 416 348 0303
UK Office
Ground Floor Hayworthe House,
2 Market Place, Haywards Heath
West Sussex, RH16 1DB
United Kingdom
Phone: +44 (0) 1444 411 900
Fax: +44 (0) 1444 456 901
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The tables attached to this release summarize the Mineral Reserve and Mineral Resource estimates for each of the
Company’s mines as of June 30, 2017.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the United States of
America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an
indirect 24% equity stake in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola,
Finland.
This is information that Lundin Mining Corporation is oblige d to make public pursuant to the EU Market Abuse
Regulation. The information was submitted for publication, through the agency of the contact persons on
September 5, 2017 at 5:00 p.m. Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1-416-342-5565
Sonia Tercas, Senior Associate, Investor Relations: +1-416-342-5583
Robert Eriksson, Investor Relations Sweden: +46 8 545 015 50
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained in this news release (including, but not limited to, the
attached “ Mineral Resources and Mineral Reserves – June 30, 2017” tables and notes thereto) is “forward -looking
information” within the meaning of the Canadian securities laws . Forward-looking statements include, but are not
limited to, statements with respect to the estimation of Mineral Reserves and Mineral Resource s, planned production
increases, exploration, mine plan optim ization, mine life extension, and project study and development . Forward -
looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ
from those reflected in t he forward-looking statements, including, without limitation, risks and uncertainties relating to
foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or
unexpected geological formations, gr ound 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 consist ent 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 me tallurgical 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 and maintain necessary governmental permits; and other risks and
uncertainties, including those described under “ Risk and Uncertainties” section of the Company’s most recently filed
Annual Information Form and the “Managing Risks” section of each of its M anagement’s Discussion and A nalysis.
Forward-looking information is in addition based on various assumptions including, without limitation, the expectations
and beliefs of management, the assumed long term price of copper, nickel, lead and zinc; 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 ope ration 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, there can be n o assurance that forward -looking
information will prove to be accurate, and so readers are advised not to place undue reliance on forward -looking
statements. The Company does not undertake to update such forward -looking information unless required under
applicable laws.
Cautionary Notes to Investors – Mineral Resource and Reserve Estimates
In accordance with applicable Canadian securities regulatory requirements, all Mineral Reserve and Mineral Resource
estimates of the Company disclosed or incorporated by reference in this news release have been prepared in
accordance with Canadian National Instrument 43 -101 - Standards of Disclosure for Mineral Projects adopted by the
Canadian Securities Administrators (“NI 43 -101”) and are classified in accordance with the Canadian Institute of Mining
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Metallurgy and Petroleum’s “CIM Definition Standards for Mineral Resources and Mineral Reserves” adopted on May
10, 2014 (the “CIM Standards”).
Mineral Resources which are not Mineral Reserves do not have demonstrated ec onomic viability. Pursuant to the CIM
Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as
their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or I ndicated Mineral
Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred
Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
Pursuant to NI 43 -101, Inferred Mineral Resources may not form the basis of any economic analysis, including any
feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will
ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered.
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Mineral Resources and Mineral Reserves – June 30, 2017
Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Co Cu Zn Pb Au Ag Ni Co Lundin
Tonnes % % % g/t g/t % % t t t oz oz t t Interest
Copper
Candelaria Proven 295,012 0.5 0.1 2 1,591 1.2 17 80%
Open Pit Proven (Stockpile) 92,316 0.3 0.1 1 313 0.3 4 80%
Probable 20,880 0.5 0.1 2 94 0.1 1 80%
Total 408,208 0.5 0.1 2 1,998 1.5 22 80%
Candelaria Proven 54,967 0.9 0.2 3 491 0.4 5 80%
Underground Proven (Stockpile) 70 0.9 0.2 2 1 - - 80%
Probable 34,240 0.9 0.2 3 296 0.2 3 80%
Total 89,277 0.9 0.2 3 787 0.6 9 80%
Neves-Corvo Proven 6,188 3.6 0.9 0.2 38 223 55 12 7 100%
Probable 22,892 2.1 0.7 0.2 34 473 157 44 25 100%
Total 29,079 2.4 0.7 0.2 35 696 212 56 32 100%
Zinkgruvan Proven 4,375 1.8 0.2 25 78 9 4 100%
Probable 877 2.0 0.2 29 18 2 1 100%
Total 5,252 1.8 0.2 26 96 11 4 100%
Zinc
Neves-Corvo Proven 5,249 0.3 9.0 2.3 79 16 474 123 13 100%
Probable 25,160 0.3 7.4 1.7 62 86 1,863 437 50 100%
Total 30,409 0.3 7.7 1.8 65 101 2,337 560 64 100%
Zinkgruvan Proven 8,100 7.4 3.0 68 602 241 18 100%
Probable 3,801 6.7 2.7 51 253 101 6 100%
Total 11,901 7.2 2.9 63 855 342 24 100%
Nickel
Eagle Proven 1,235 2.5 0.3 3.0 0.1 31 - 37 1 100%
Probable 1,955 1.7 0.2 1.8 0.1 33 - 36 1 100%
Probable Eagle East 1,544 3.0 0.4 11 3.7 0.1 46 - 1 57 2 100%
Total 4,734 2.3 0.3 3 2.7 0.1 111 0 1 130 4 100%
Note: totals may not summate correctly due to rounding 3,232 3,415 958 2 150 130 4
Mineral Resources - inclusive of Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Co Cu Zn Pb Au Ag Ni Co Lundin
Tonnes % % % g/t g/t % % t t t oz oz t t Interest
Copper
Candelaria Measured 389,374 0.6 0.1 2 2,154 1.6 22 80%
Open Pit Measured (Stockpile) 92,316 0.3 0.1 1 313 0.3 4 80%
Indicated 28,942 0.4 0.1 1 122 0.1 1 80%
Inferred 5,976 0.3 0.1 1 16 - - 80%
Underground Measured 147,914 1.1 0.3 4 1,694 1.2 17 80%
Measured (Stockpile) 70 0.9 0.2 2 1 - - 80%
Indicated 82,279 1.1 0.2 3 869 0.6 8 80%
Inferred 17,851 1.0 0.2 2 185 0.1 1 80%
Neves-Corvo Measured 12,362 3.6 0.9 0.3 46 441 113 32 18 100%
Indicated 49,314 2.1 0.9 0.3 44 1,054 448 158 70 100%
Inferred 10,114 1.8 1.1 0.3 35 181 110 32 11 100%
Semblana Inferred 7,807 2.9 25 223 6 100%
Zinkgruvan Measured 4,357 2.3 0.3 32 100 13 4 100%
Indicated 619 2.1 0.4 36 13 2 1 100%
Inferred 193 2.3 0.3 25 4 1 - 100%
Zinc
Neves-Corvo Measured 14,929 0.3 7.4 1.7 66 47 1,099 249 32 100%
Indicated 91,582 0.3 5.9 1.2 56 318 5,360 1,109 165 100%
Inferred 14,171 0.3 4.3 1.0 50 47 603 147 23 100%
Zinkgruvan Measured 7,269 10.0 3.8 86 727 276 20 100%
Indicated 8,399 8.7 3.7 82 731 311 22 100%
Inferred 9,431 8.5 3.5 81 802 330 25 100%
Nickel
Eagle Measured 1,408 2.8 0.3 3.4 0.1 40 48 1 100%
Indicated 1,748 2.2 0.2 2.4 0.1 38 43 1 100%
Indicated Eagle East 1,293 4.2 0.5 15 5.2 0.1 54 - 1 67 1 100%
Inferred 77 0.9 0.1 1.0 0.0 1 - 1 - 100%
Inferred Eagle East 290 1.4 0.2 6.0 1.7 4 - - 5 - 100%
6,229 8,493 2,134 3 374 158 4
Note: totals may not summate correctly due to rounding not including Inferred Resources
Lundin Mining's share
Contained Metal 000's (Ounces millions)
Contained Metal 000's (Ounces millions)
Lundin Mining's share
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Notes on Mineral Resource and Mineral Reserve Table
Mineral Resources and Mineral Reserve estimates are shown on a 100 percent basis for each mine. The Measured and
Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves. All
estimates are prepared as at June 30, 2017.
Estimates for all operations are prepared by or under the supervision of a Qualified Person as defined in National
Instrument 43-101, or have been audited by independent Qualified Persons on behalf of Lundin Mining.
Mineral Reserves have been calculated using metal prices of US$2.75/ lb copper, US$1.00/lb zinc, US$1.00/lb lead,
US$8.00/lb nickel, US$1,000/oz gold and exchange rates of EUR/US$ 1.25, US$/SEK 7.00 and Chilean Peso/US$ 550.
Candelaria and Ojos
Open pit Mineral Resources are reported within a conceptual pit shell based on metal prices of US$3.16/lb copper and
US$1,000/oz gold and are reported at a cut -off grade of 0.2% copper. Underground Mineral Resources are reported at a
cut-off grade of 0.6% copper. Mineral Reserves for the open pit and underground for the Candelaria property are
reported at cut -off grades of 0.28% and 0.6% copper, respectively. Underground Mineral Reserves for the Ojos del
Salado property (Santos and Alcaparrosa mines) are reported at cut -off grades of 0.63% and 0.66% copper, respectively.
Mineral Resources and Mineral Reserves for Candelaria a nd Ojos del Salado were estimated by mine technical staff at
Candelaria and Ojos, respectively. Patricio Calderón, Superintendent Resource Estimation, Yerko Peralta, Open Pit Mine
Engineer and Cristian Erazo, Underground Mine Engineer , each of whom is a Registered Member , Chilean Mining
Commission, employed by the Candelaria mining complex and a Qualified Person as defined under NI 43 -101,
supervised the preparation of the Mineral R esource, open pit Mineral Reserve and underground Mineral Reserve
estimates respectively, and the scientific and technical information on Candelaria contained in this news release .
For further information, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining
Complex, Atacama Province, Region III, Chile dated January 17, 2017, which is available on the Company’s SEDAR profile
at www.sedar.com.
Neves-Corvo and Semblana
The Mineral Resources are reported above cut -off grades of 1.0% for copper and 3.0% for zinc. The copper and zinc
Mineral Reserves have been calculated using variable Net Smelter Return (NSR) values based on area and mining
method. The NSR is calculated o n a recovered payable basis taking in to account copper, lead, zinc and silver grades,
metallurgical recoveries, prices and realization costs. The copper Mineral Reserves are reported above a site average
cut-off grade equivalent to 1.3%. For zinc Mineral Reserves an average cut -off grade equivalent to 5.5% is used. Mineral
Reserves and Mineral Resources for Neves -Corvo were estimated by the mine geology and mine engineering
departments at Neves-Corvo under the guidance of David Nicholls, Technical Service s Manager, Nelson Pacheco, Chief
Geologist, and Fernando Cartaxo, Chief Mine Planning Engineer , each of whom is employed by the Neves-Corvo mine.
Nelson Pacheco EurGeol, prepared the Neves Corvo Mineral Resource estimate and Antonio Salvador, CEng MIMMM,
Group Mining Engineer, Lundin Mining , reviewed and approved the Mineral Reserve estimate, and the scientific and
technical information for Neves -Corvo contained in this news release. Both are Qualified Person s as defined under NI
43-101.
The Mineral Resources at Semblana are reported above a cut -off grade of 1.0% copper. The Mineral Resource estimate
contained in this news release was prepared by Graham Greenway, Pr.Sci.Nat., Group Resource Geologist, Lundin
Mining, who is a Qualified Person as defined under NI 43-101.
For further information, refer to the T echnical Report entitled NI 43- 101 Technical Report for the Neves -Corvo Mine,
Portugal dated June 23, 2017, which is available on the Company’s SEDAR profile at www.sedar.com.
Zinkgruvan
The zinc Mineral Resources and Mineral Reserves are reported above a site average cut -off grade of 3.7% zinc
equivalent. The copper Mineral Resources and Reserves are reported above cut -off grades of 1.0% and 1.5%
respectively. The zinc Mineral Reserves ha ve been calculated using variable NSR values based on area and mining
method. The NSR is calculated on a recovered payable basis taking in to account copper, lead, zinc and silver grades,
metallurgical recoveries, prices and realization costs. The Zinkgr uvan Mineral Resource and Mineral Reserve estimates
are prepared by the mine’s geology and mine engineering department under the guidance of Anja Hagerud, Resource
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Manager, and Jan Kläre, Mine Manager, both employed by Zinkgruvan mine. Graham Greenway , Pr.Sci.Nat., Group
Resource Geologist, Lundin Mining and David Allison, CEng MIMMM, Group Mining Engineer, Lundin Mining , each of
whom is a Qualified Person as defined under NI 43 -101, reviewed and approved the Mineral Reserves and Mineral
Resource estimates and the scientific and technical information for Zinkgruvan contained in this news release.
For further information, refer to the Technical Report entitled NI 43- 101 Technical Report for the Zinkgruvan Mine,
Central Sweden dated January 18, 2013, which is available on the Company’s SEDAR profile at www.sedar.com.
Eagle and Eagle East
The Eagle Mineral Resources and Mineral Reserves are reported above a fixed NSR cut -off of US$116/t. The Eagle East
Mineral Resources and Reserves are reported above a fixed NSR cut-offs of US$142/t and US$160/t respectively. The
NSR is calculated on a recovered payable basis taking in to account nickel, copper, cobalt, gold and PGM grades,
metallurgical recoveries, prices and realization costs. The Eagle Mineral Resource and Mineral Reserve estimates are
prepared by the mine’s geology and mine engineering department under the guidance of Robert Mahin, CPG, Chief
Geologist and Josh Lam, Senior Mine Engineer, both of whom are employees of the Eagle mine. The Eagle East Mineral
Resource estimate was prepared by Graham Greenway, Pr.Sci.Nat., Group Resource Geologist, Lundin Mining. Robert
Mahin prepared the Eagle Mineral Resource estimate and reviewed and approved the Eagle East Mineral Resource
estimate and David Allison , CEng M IMMM, Group Mining Engineer, Lundin Mining, reviewed and approved the Eagle
and Eagle East Mineral Reserve estimates and the scientific and technical information on Eagle and Eagle East contained
in this news release. Both are Qualified Person as defined under NI 43-101.
For further information, refer to the T echnical Report entitled Technical Report on the Eagle Mine, Michigan, U.S.A.
dated April 26, 2017, which is available on the Company’s SEDAR profile at www.sedar.com.