Equinox Rejects a Bid That Appears Substantially More Favourable Than Its Offer to Lundin Mining Shareholders

Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company")
today commented on Equinox Minerals Limited's ("Equinox") reaction to the
announcement by Minmetals Resources Limited ("MMR"), of their intention to make
an all cash offer of C$7.00 per share for Equinox.


On April 3, 2011 MMR announced its intention to make an all cash takeover offer
for Equinox of C$7.00 per share, being a 33% premium to the 20 trading day VWAP
of Equinox Shares on the TSX to April 1, 2011.


This offer was described by Equinox as being "opportunistic" and "Such a low
premium is a fraction of premiums paid in recent acquisitions of base metal
mining companies".


Commenting on this, Mr. Phil Wright, Chief Executive Officer of Lundin Mining,
said, "This response by Equinox seems very hypocritical seeing that they are
urging Lundin Mining shareholders to accept an offer that is significantly worse
than what has been offered to Equinox's shareholders by MMR."


"MMR is offering a much better economic proposition than Equinox is offering
Lundin Mining shareholders and without the significant risks involved in the
Equinox bid, which include a huge debt burden, an overhang from significant
equity issuance and prospect of further dilution through issuance of convertible
debt," Mr. Wright said.


Equinox's offer to Lundin Mining shareholders purported to represent a premium
of around 16% compared to the 20-day VWAP of Lundin Mining shares ending
February 25, 2011, the last day of trading prior to the announcement by Equinox.
This had fallen to around 3% immediately prior to the MMR bid.


Lundin Mining is actively engaged in a strategic review process and continues to
recommend shareholders reject the Equinox offer as being completely inadequate.


Lundin Mining Position

The Board recommends to Lundin Mining shareholders that they REJECT the
Unsolicited Offer and DO NOT TENDER their Lundin Mining shares for the following
reasons:




--  The Unsolicited Offer is inadequate from a financial point of view to
    Lundin Mining shareholders;
--  The pro-forma debt-to-equity ratio of the combined Equinox and Lundin
    Mining is excessive and will present increased financial risk and a more
    highly leveraged capital structure than Lundin Mining and peer group
    companies. In addition, the lenders to Equinox will have considerable
    influence over the business decisions of a combined Equinox and Lundin
    Mining;
--  Substantially all of Equinox's and Lundin Mining's existing cash
    balances and projected near-term cash flow will be utilized to pay for:
    lenders' fees; interest charges; and the principal repayments of the
    debt incurred to fund the cash portion of the consideration payable
    under the Unsolicited Offer;
--  The Unsolicited Offer would result in a company with increased exposure
    to geopolitical risks due to the location of Equinox assets in Zambia
    and Saudi Arabia;
--  The Unsolicited Offer is highly opportunistic. Equinox's shares were
    trading at or near the all-time high share price when Equinox announced
    the Unsolicited Offer, which followed a news release made earlier in
    February 2011 on its strategy to expand the Lumwana project. The
    proposed Lumwana expansion plan is not supported by mineral reserves or
    mineral resources and is not based on pre-feasibility or feasibility
    studies. To date the Lumwana mine has significantly under-performed
    original feasibility study projections disclosed by Equinox;
--  There are no strategic benefits for Lundin Mining shareholders under the
    Unsolicited Offer. The acquisition results in a company with high Africa
    and Middle East concentration and few, if any synergies with Lundin
    Mining's business;
--  The Board has reservations about the experience of the management of
    Equinox to operate a multi-mine company with projects and mines spread
    across seven countries;
--  The Unsolicited Offer is highly conditional and has a substantial risk
    regarding completion without additional compensation for such risk.
    Conditions are subject to Equinox's lenders discretion resulting in
    Equinox, in many instances, not being the ultimate decision-maker;
--  The Unsolicited Offer may be a violation of Section 5 of the U.S.
    Securities Act of 1933, as amended;
--  Lundin Mining's directors, officers and certain shareholders have
    confirmed that they will not tender their Common Shares to the
    Unsolicited Offer.



Shareholders do not need to take any action in response to Equinox's proposed
offer at this time.


About Lundin Mining

Lundin Mining Corporation is a diversified base metals mining company with
operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead
and nickel. In addition, Lundin Mining holds a development project pipeline
which includes an expansion project at its Neves-Corvo mine along with its
equity stake in the world class Tenke Fungurume copper/cobalt mine in the
Democratic Republic of Congo.


On Behalf of the Board,

Phil Wright, 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
or "forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act of 1934 of the United States. 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 the 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,
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 discussion and analysis. 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 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.