FOR:  LUNDIN MINING CORPORATION

TSX SYMBOL:  LUN

NOVEMBER 2, 2004 - 10:53 ET

NAN Third Quarter Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2004) - (LUN - TSX,
LUMI - Nya Marknaden) Lundin Mining Corporation ("Lundin Mining" or the
"Company") is pleased to report highlights from North Atlantic Natural
Resources AB's ("NAN") recently announced Third Quarter Report for the
period ended September 30, 2004. Lundin Mining holds approximately 11.58
million shares of NAN which trades on the Stockholm Stock Exchange at
current price of 11.5 SEK (or Cdn $1.98 based on an exchange rate of
5.8076).

NAN's pre-tax operating profit for the nine months period 2004 amounted
to MSEK 28.3 or Cdn $4.87 million (MSEK 48.1 in 2003).

- Operating cash flow amounted to MSEK 49.7 or Cdn $8.6 million for the
nine months period (MSEK 76.0 for 2003).

- Exploration Drilling Started in Skellefte District

/T/

3rd Quarter 2004
Operations:
- Ore treated: 69,759 tonnes (72,077 in 2003)
- Copper metal production: 1,823 (3,209) tonnes in concentrates
- Zinc metal production: 4,900 (7,721) tonnes in concentrates
- Average copper price: USD 2,848 (1,773) per tonne
- Average zinc price: USD 965 (818) per tonne

Financials:
- Revenue MSEK 55.7 or Cdn $9.59 million (MSEK 67.8 in 2003).
- Operating cash flow MSEK 11.6 or Cdn $2.0 million (MSEK 27.0 in
   2003).
- Pre-tax operating profit MSEK 6.0 or Cdn $1 million (MSEK 19.1 in
   2003).
- Net post-tax operating profit MSEK 4.3 or Cdn $0.74 million (MSEK
   13.7 in 2003).
- Earnings per share after tax SEK 0.14 or Cdn $ 0.02 (SEK 0.44 in
   2003).

First Nine Months 2004
Operations:
- Ore treated: 218,279 tonnes (245,741 in 2003)
- Copper metal production: 5,858 (9,568) tonnes in concentrates
- Zinc metal production: 15,402 (25,817) tonnes in concentrates
- Average copper price: USD 2,788 (1,696) per tonne
- Average zinc price: USD 1019 (793) per tonne

Financials:
- Revenue MSEK 183.8 or Cdn $31.6 million (MSEK 203.7 in 2003).
- Operating cash flow MSEK 49.7 or Cdn $8.6 million (MSEK 76.0 in
   2003).
- Pre-tax operating profit MSEK 28.3 or Cdn $4.9 million (MSEK 48.1
   in 2003).
- Net post-tax operating profit MSEK 20.4 or Cdn $3.5 million (MSEK
   34.6 in 2003).
- Earnings per share after tax SEK 0.66 or Cdn $0.11 (SEK 1.11 in
   2003).

/T/

Lundin Mining is a Canadian mining and exploration company with a
primary focus in Scandinavia. The main asset of the company is the
Zinkgruvan mine, located about 200 kilometres southwest of Stockholm,
Sweden. The mine has been producing zinc, lead and silver on a
continuous basis since 1857. Current production amounts to about 64,000
tonnes of zinc, 32,000 tonnes of lead and 1.8 million ounces of silver
per year. Lundin Mining holds approximately 37 percent of the shares of
North Atlantic Natural Resources AB (NAN), a mining and exploration
company listed on the Stockholm Stock Exchange under the ticker symbol
NAN. North Atlantic's primary asset is the Storliden copper and zinc
mine in the Skellefte District of northern Sweden, which has been in
production since 2001.Lundin Mining also holds a large copper/gold
exploration project in the prolific Norrbotten Mining District in
northern Sweden.

ON BEHALF OF THE BOARD

Edward F. Posey, President

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