Lundin Mining Announces 2018 Mineral Resource and Mineral Reserve Estimates
NEWS RELEASE
Lundin Mining Announces 2018 Mineral Resource and Mineral Reserve Estimates
Toronto, September 6, 2018 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) today reported its Mineral Resource and Reserve estimates as at June 30, 2018.
On a consolidated and attributable basis, estimated contained metal in the Proven and Probable Mineral
Reserve categories totalled 3,672 kt of copper, 3,374 kt of zinc and 108 kt of nickel.
Commenting on the June 2018 Mineral Reserve and Resource estimates, Mr. Paul Conibear, President and CEO
of Lundin Mining said , “We are once again pleased that our exploration investments continue to add high
returns and significant value to our asset base. Exploration success at Candelaria has identified a new surface
deposit close to the mill called Española, amenable to open pit mining . Infill and step out drilling and mine
planning is underway. Subject to exploitation economics and permitting, the target is to bring Española ore
into the mill to further improve the Candelaria production profile in the next few years.
The Candelaria underground total Mineral Reserve estimate is now ten times the size of that at acquisition,
allowing us to extend underground mine lives and to further enhance medium and long-term copper output.
Zinkgruvan exploration success is highlighted by significant expansion of the Dalby deposit Inferred Mineral
Resource estimate. Eagle East and Eagle regional drilling is advancing, and we are increasing our exploration
efforts at Neves-Corvo targeting potential expansion of the copper and zinc Mineral Resource base.”
2018 Mineral Reserves and Resources Highlights
• Total estimated Candelaria Measured and Indicated Mineral Resources have increased by approximately
29% to 952.5 Mt at 0.65% Cu (from 740.9 Mt at 0.70% Cu reported as of June 30, 2017). This increase
reflects the continued success of the exploration campaigns both in the underground mines and at the
newly discovered Española surface deposit, which con tains an estimated Measured and Indicated
Mineral Resource of 51.4 MT at 0.41% Cu.
• Total estimated Candelaria Proven and Probable Mineral Reserves have increased by approximately 27%
to 634.0 Mt at 0.53% Cu (from 497.5 Mt at 0.56% Cu reported as of June 30, 2017).
• Total Estimated open pit Proven and Probable Mineral Reserves, excluding stockpiles, have increased by
approximately 21% to 383.7 Mt at 0.49% Cu (from 315.9 Mt at 0.53% Cu reported as of June 30, 2017)
reflecting additional drill information, re vised pushback plans and lower cut off grades, offset by 12
months of depletion by mining.
• Maiden Proven and Probable Mineral Reserves of 31.7 MT at 0.42% Cu have been estimated on the
Española deposit. This deposit, which has been recently discovered is located approximately 3.3 km
south west of the Candelaria primary crusher , with a relatively short downhill haul to the mill . It is
amenable to open pit mining methods from a new open pit that measures approximately 90 0 m by
600 m and has an overall strip ratio of 2.6. It is anticipated that, subject to permitting and economic
evaluation, waste stripping on Española is targeted to commence in 2022 and first ore forecast to be
delivered to the plant in 2024.
Corporate Office
150 King Street West, Suite 2200
P.O. Box 38
Toronto, ON M5H 1J9
Phone: +1 416 342 5560
Fax: +1 416 348 0303
• Total estimated Candelaria Underground Proven and Probable Mineral Reserves now stand at
134.0 Mt at 0.85% Cu. This is a further significant increase of approximately 50% or 44.7 Mt over last
year estimate reflecting continued exploration success in all the underground mines and particularly
in the Candelaria North Sector.
• Cut off grades for both Mineral Resource and Mineral Reserve estimates at Candelaria have been
lowered from those used last year as a re sult of improved operational efficiencies and significantly
lower contracted future energy costs. Resulting operating cost reductions have had a positive impact
on both estimates. Please see the “Notes on Mineral Resource and Reserve Table” in this news release.
• The total combined estimated Eagle and Eagle East Proven and Probable Mineral Reserves now stand
at 4.1 Mt at 2.6% Ni and 2.3% Cu with the reduction from June 2017 due to mining depletion offset by
minor infill drilling discovery. The Eagle East Probable Mineral Reserve estimate remains unchanged
from that reported in April 2017 at 1.5 Mt at 3.7% Ni and 3.0% Cu.
• Both total estimated copper and zinc Measured and Indicated Mineral Resources at Neves-Corvo are
broadly in line to those reported as of June 2017 and stand at 62.0 Mt at 2.4% Cu and 103.5 Mt at 6.0%
Zn respectively.
• Copper Proven and Probable Mineral Reserve estimates at Neves-Corvo increased to 30.3 Mt at 2.3%
Cu from last year’s 29.1 Mt at 2.4% Cu despite mining depleti on. Zinc Proven and Probable Mineral
Reserve estimates have remained unchanged from last year at 30.4 Mt at 7.7% Zn with infill drilling
offsetting mining depletion.
• At Zinkgruvan, drilling in the new Dalby area has increased total estimated zinc Inferre d Mineral
Resources to 16.3 MT at 7.4% Zn and 3.3% Pb, and further exploration and infill drilling from surface
and underground will continue on Dalby during the remainder of 2018 and throughout 2019. Deposit
mineralization is open in several directions and conceptual feasibility work has commenced.
• Zinkgruvan estimated zinc Proven and Probable Mineral Reserves have decreased to 10.3 Mt at 7.9%
Zn and 2.9% Pb and estimated copper Proven and Probable Mineral Reserves to 3.2 Mt at 1.9% Cu.
The table attached to this news release summarizes the Mineral Reserve and Mineral Resource estimates for
each of the Company’s mines as of June 30, 2018.
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 obliged to make public pursuant to the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact
persons set out below on September 6, 2018 at 5:30 p.m. Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1-416-342-5565
Robert Eriksson, Investor Relations Sweden: +46 8 545 015 50
Cautionary Statement in Forward-Looking Information
All statements, other than statements of historical fact, made and information contained or incorporated by
reference in this news release are "forward-looking information" within the meaning of applicable Canadian
securities legislation . Forward -looking i nformation includes but is not limited to Mineral Resource and Mineral
Reserve estimates and inventory (including without limitation the attached “Mineral Resource and Mineral Reserve
Estimates - June 30, 2018” tables and notes thereto), production profiles and mine life. Forward-looking statements
may be identified by terminology such as, without limitation, “assumption”, “advancing”, “conceptual”, “estimate”,
“expansion”, “expectation”, “exploration”, “feasibility”, “forecast”, “intent”, “planning”, “potential” and “targeting”,
and similar such words and phrases or statements that certain actions, events or results may, can, could, would,
should, might, indicates, or will be taken, and any similar expressions Forward-looking statements are subject t o 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 fluctuations in foreign
currency and metal and other commodity prices; 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 Mineral Reserves and the geology, grade , metallurgy 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 a nd 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/or maintain
necessary governmental approvals and/or permits; and other risks and uncertainties, including those described in
the “Risks and Uncertainties” section of the Company’s most recently filed Annual Information Form and in the
“Managing Risks” section of the Company’s full-year 2017 and 2018 interim Management’s Discussion and Analysis.
In addition, f orward-looking information is based on various assumptions , expectations, estimates, forecasts and
projections including, without limitation, the those contained in the note s to the attached “ Mineral Resource and
Mineral Reserve Estimates - June 30, 2018” tables ”, 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 operation of min ing 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 no
assurance that forward-looking information will prove to be accurate, and readers should not to place undue reliance
on forward-looking statements. The Company disclaims any intention or obligation to update or revise forward‐
looking statements or to explain any mat erial difference between such and subsequent actual events, except as
required by applicable law.
Cautionary Notes to Investors – Mineral Resource and Reserve Estimates
In accordance with applicable Canadian securities laws, all Mineral Reserve and Minera l Resource estimates of the
Company disclosed or reference d in this news release have been prepared in accordance with Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-
101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s “ Definition Standards
for Mineral Resources and Reserves” (the “CIM Standards”). The definitions of Mineral Reserves and Mineral
Resources are set out in our disclosure of our Mineral Reserve and Mineral Resource estimates in our most recently
Annual Information Form available under the Company’s profile on www.sedar.com.
Pursuant to the CIM Standards, Mineral Resource estimates have a higher degree of uncertainty than Mineral
Reserve estimates as to their existence as well as their economic and legal feasibility. Inferred Mineral Resource
estimates, when compared with Measured or Indicated Mineral Resource estimates, have the least certainty as to
their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource estimate will be
upgraded to an Indicated or Measured Mineral Resource estimate as a result of continued exploration. Pursuant to
NI 43-101, Inferred Mineral Resource estimates 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 Minera l Resource
estimate exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable
or recovered.
Mineral Resource and Mineral Reserve Estimates – June 30, 2018
Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Co Cu Zn Pb Au Ag Ni Co Lundin Mining
Tonnes % % % g/t g/t % % t t t Oz Oz t t Interest
Copper
Candelaria Proven 357,302 0.5 0.1 2 1,760 1.3 18 80%
Open Pit Proven (Stockpile) 84,460 0.3 0.1 1 278 0.2 4 80%
Probable 26,448 0.4 0.1 1 101 0.1 1 80%
Total 468,209 0.5 0.1 2 2,139 1.6 23 80%
Candelaria Proven 19,014 0.4 0.1 0 82 0.1 0 80%
La Espanola Probable 12,704 0.4 0.1 0 53 0.0 0 80%
Total 31,719 0.4 0.1 0 135 0.1 0 80%
Candelaria Proven 71,876 0.9 0.2 3 634 0.5 8 80%
Underground Proven (Stockpile) 44 1.2 0.2 3 1 - - 80%
Probable 62,130 0.8 0.2 2 504 0.4 5 80%
Total 134,050 0.8 0.2 3 1,139 0.8 12 80%
Neves-Corvo Proven 5,742 3.6 0.9 0.2 39 208 52 11 7 100%
Probable 24,607 1.9 0.7 0.2 34 477 165 50 27 100%
Total 30,349 2.3 0.7 0.2 35 685 217 61 34 100%
Zinkgruvan Proven 2,932 1.9 0.3 32 57 8 3 100%
Probable 313 1.6 0.5 33 5 2 - 100%
Total 3,245 1.9 0.3 32 62 10 3 100%
Zinc
Neves-Corvo Proven 5,076 0.3 8.8 2.2 78 15 446 113 13 100%
Probable 25,309 0.3 7.4 1.7 63 87 1,885 436 51 100%
Total 30,384 0.3 7.7 1.8 65 102 2,331 549 64 100%
Zinkgruvan Proven 5,059 8.1 3.4 78 409 172 13 100%
Probable 5,255 7.7 4.2 89 407 218 15 100%
Total 10,314 7.9 3.8 84 816 390 28 100%
Nickel
Eagle Proven 1,711 2.1 0.2 2.1 0.1 35 - 37 1 100%
Probable 833 1.3 0.1 1.7 0.0 11 - 14 0 100%
Probable Eagle East 1,544 3.0 0.4 11 3.7 0.1 47 - 1 57 1 100%
Total 4,088 2.3 0.3 4 2.6 0.1 93 0 1 108 3 100%
Note: totals may not summate correctly due to rounding 3,672 3,374 1,000 2 158 108 3
Mineral Resources - inclusive of Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Co Cu Zn Pb Au Ag Ni Co Lundin Mining
Tonnes % % % g/t g/t % % t t t Oz Oz t t Interest
Copper
Candelaria Measured 444,914 0.5 0.1 2 2,121 1.6 22 80%
Open Pit Measured (Stockpile) 84,460 0.3 0.1 1 278 0.2 4 80%
Indicated 37,725 0.4 0.1 1 138 0.1 2 80%
Inferred 6,617 0.2 0.1 1 16 - - 80%
Candelaria Measured 23,325 0.4 0.1 0 99 0.1 - 80%
La Espanola Indicated 28,031 0.4 0.1 0 113 0.1 - 80%
Inferred 27,801 0.4 0.1 0 112 0.1 - 80%
Underground Measured 222,957 1.0 0.2 3 2,330 1.7 23 80%
Measured (Stockpile) 44 1.2 0.2 3 1 - - 80%
Indicated 111,018 1.0 0.2 3 1,066 0.8 10 80%
Inferred 18,301 1.1 0.2 2 196 0.1 1 80%
Neves-Corvo Measured 9,931 3.4 1.1 0.3 49 338 109 30 16 100%
Indicated 52,046 2.2 0.8 0.3 44 1,145 416 156 74 100%
Inferred 10,463 1.9 1.0 0.3 38 199 105 31 13 100%
Semblana Inferred 7,807 2.9 25 223 6 100%
Zinkgruvan Measured 4,540 2.2 0.3 35 98 12 5 100%
Indicated 428 2.1 0.8 42 9 3 1 100%
Inferred 424 1.8 0.3 27 8 1 - 100%
Zinc
Neves-Corvo Measured 15,302 0.3 7.1 1.6 64 46 1,086 245 31 100%
Indicated 88,214 0.4 5.8 1.2 56 353 5,116 1,059 159 100%
Inferred 14,083 0.4 4.3 0.9 52 56 606 127 24 100%
Zinkgruvan Measured 7,056 8.7 3.4 79 616 237 18 100%
Indicated 8,095 8.1 3.6 80 654 287 21 100%
Inferred 16,329 7.4 3.3 76 1,208 539 40 100%
Nickel
Eagle Measured 1,868 2.4 0.3 2.6 0.1 44 48 1 100%
Indicated 820 1.8 0.2 2.4 0.1 15 20 1 100%
Indicated Eagle East 1,293 4.2 0.5 15 5.2 0.1 54 - 1 67 1 100%
Inferred 23 0.9 0.1 1.0 0.0 - - - - 100%
Inferred Eagle East 290 1.4 0.2 6 1.7 4 - - 5 - 100%
7,018 8,014 2,014 4 374 135 3
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
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 Resource estimates are inclusive of those Mineral Resource estimates modified to produce
the Mineral Reserve estimates. All estimates are prepared as at June 30, 2018.
Estimates for all operations are prepared by or under the supervision of and verified by a Qualified Person as defined
in NI 43-101 or have been audited and verified by independent Qualified Person s on behalf of Lundin Mining. The
technical information in this news release has been prepared in accordance NI 43 -101 and has been reviewed and
verified by Stephen Gatley, BSc (Eng), C.Eng. Vice President - Technical Services of the Company, who is a "Qualified
Person" under NI 43-101.
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
Candelaria open pit Mineral Resource estimates 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 estimated at a cut -off grade of 0.15% copper. La Española open
pit Mineral Resource estimates 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 estimated at a cut -off grade of 0.20% copper. Underground Mineral Resources are
estimated at a cut-off grade of 0.55% copper. Mineral Reserves for the Candelaria open pit, Española open pit and
underground for the Candelaria property are estimated at cut -off grades of 0.17%, 0.21% and 0.57% copper,
respectively. Underground Mineral Reserves for the Ojos del Salado property (Santos and Alcaparrosa mines) are
estimated at cut-off grades of 0.59% and 0.64% copper, respectively. Patricio Calderón, Superintendent Resource
Estimation, Patricio Vega, 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 is a Qualified
Person as defined under NI 43-101, supervised the preparation of and verified the Mineral Resource estimate, open
pit Mineral Reserve and unde rground 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 T echnical Report for the Candelaria Copper Mining
Complex, Atacama Province, Region III, Chile dated November 30, 2017, which is available on the Company’s SEDAR
profile at www.sedar.com.
Neves-Corvo and Semblana
The Mineral Resources are estimated above cut-off grades of 1.0% for copper and 3.0% for zinc. The copper and zinc
Mineral Reserve estimates have been calculated using variable Net Smelter Return (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 copper Mineral Reserves are estimated above a
site average cut‐off of EUR 39/t (grade equivalent to 1.3% copper). For zinc Mineral Reserve estimates a site average
cut‐off of EUR 47/t (grade equivalent to 5.5% zinc) 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
Nelson Pacheco, EurGeol, 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 M ining Engineer, Lundin Mining, reviewed and verified the Mineral
Reserve estimate and the scientific and technical information for Neves -Corvo contained in this news release. Both
Messrs. Pacheco and Salvador are Qualified Persons as defined under NI 43-101.
The Mineral Resources at Semblana are estimated 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 Technical 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 are estimates within geological volumes based at a n ominal NSR cut -off of SEK335/t
(equivalent to 3.7% zinc) and a minimum mining width of 5 m. The copper Mineral Resource is estimated above a
cut-off grades of 1.0% Cu. The zinc and copper Mineral Reserves are estimated above a site average NSR cut -off
grade of SEK445/t (equivalent to 5.2% zinc and 1.4% copper respectively). 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 Zinkgruvan Mi neral Resource and Mineral Reserve estimates are prepared by the mine’s geology and
mine engineering department under the supervision of Anja Hagerud, Resource Manager, and Angelique Bohm,
Section Manager Mine Planning, both employed by Zinkgruvan mine. The estimates were reviewed and verified by
Graham Greenway, Pr.Sci.Nat., and David Allison, Group Mining Engineer, CEng MIMMM, Lundin Mining . Both
Messrs. Greenway and Allison are Qualified Persons as defined under NI 43-101.
For further information, refer to the Technical Report entitled NI 43 -101 Technical Report for the Zinkgruvan Mine,
Sweden dated November 30, 2017, which is available on the Company’s SEDAR profile at www.sedar.com.
Eagle and Eagle East
The Eagle Mineral Resources and 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 Reserve estimates are
prepared by the mine’s geology and mine engineering department under the guidance of Robert Mahin, Chief
Geologist and Josh Lam, PEng , Senior Mine Engineer, both of whom are employees of Eagle Mine. The Eagle East
Mineral Resource estimate was prepared by Graham Greenway, Pr.Sci.Nat., Group Resource Geologist, Lundin
Mining. Robert Mahin, CPG, prepared the Eagle Mineral Resource estimate and reviewed and verified the Eagle East
Mineral Resource estimate . Josh Lam, PEng, reviewed and verified the Eagle and Eagle East Mineral Reserve
estimates and the scientific and technical information on Eagle and Eagle East contained in this news release. Messrs.
Greenway, Mahin and Lam are Qualified Persons as defined under NI 43-101.
For further information, refer to the Technical 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.