ARCON/Lundin Merger Update

RNS Number:5079L
Arcon International Resources PLC
26 April 2005


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, THE UNITED STATES,
AUSTRALIA, SOUTH AFRICA OR JAPAN

                                                                   26 April 2005

  Recommended Merger Offer by Lundin Mining Corporation ("Lundin Mining") for
                 ARCON International Resources P.l.c. ("ARCON")
                   Extension of Merger Offer until 9 May 2005

The Directors of Lundin Mining announce that as at 3:00 p.m. (Dublin time), on
Monday, 25 April 2005, valid acceptances of the Merger Offer had been received
in respect of 159,354,205 ARCON Shares. This represents, in aggregate,
approximately 91.61 per cent. of ARCON's current issued share capital.

The Merger Offer has been extended for a further 14 days and will remain open
for acceptance until 3:00 p.m. (Dublin time), on Monday, 9 May 2005.

The Offeror has commenced the compulsory acquisition procedures provided for in
Section 204 of the Companies Act, 1963 to acquire any ARCON Shares in respect of
which valid acceptances are not received under the terms of the Merger Offer.
Notices to non-accepting ARCON Shareholders were posted on 25 April 2005.

To ensure that ARCON Shareholders who have not yet accepted the Merger Offer
receive their proceeds of the Merger Offer at the earliest possible date, they
should complete and return the Form of Acceptance so as to be received as soon
as possible and by no later than 3:00 p.m. (Dublin time), on Monday, 9 May 2005.

The consideration due under the Merger Offer in respect of acceptances that have
been received and are complete in all respects will be dispatched within 14 days
of receipt. The consideration due under the Merger Offer in respect of further
acceptances received up to 9 May, 2005 that are complete in all respects will be
dispatched within 14 days of receipt.

ARCON has applied to the relevant authorities for ARCON Shares to be delisted
and to the Irish and London Stock Exchanges for trading in ARCON Shares to be
cancelled, each with effect from the commencement of trading on 12 May 2005.

Neither Lundin Mining nor any person deemed to be acting in concert with Lundin
Mining owned or controlled any ARCON Shares (or rights over such shares)
immediately before the commencement of the Offer Period or during the Offer
Period; and neither Lundin Mining nor any person deemed to be acting in concert
with Lundin Mining has acquired or agreed to acquire ARCON Shares (or rights
over such shares) during the Offer Period.

The terms of the Merger Offer remain the same as set forth in the Offer Document
and related acceptance materials previously distributed to ARCON Shareholders.
Terms used in this announcement have the same meaning as those contained in the
Offer Document.

For further information, contact:
Lundin Mining Corporation        ARCON International Resources P.l.c.
Karl-Axel     +46 705 104 239    Peter Kidney          +353 1 667 3063
Waplan
Sophia        +1 604 689 7842    (Independent Director)
Shane
                                 James McCarthy        +353 1 283 7144
                                 (Director)
Macquarie Bank Limited           Davy Corporate Finance Limited
(Financial Adviser to Lundin     (Financial Adviser to the Independent
Mining)                          Directors of ARCON)
Richard Gannon +44 20 7065 2173

                                 Eugenee Mulhern       +353 1 679 6363

                                 Murray Consultants
                                 (Public Relations Adviser to ARCON)
                                 Pauline  McAlester +353 1 498 0300
                                

Macquarie Bank Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Lundin Mining and
no one else in connection with the Merger Offer for ARCON and will not be
responsible to anyone other than Lundin Mining for providing the protections
afforded to clients of Macquarie Bank Limited or for giving advice in relation
to the Merger Offer, the contents of this Announcement or any transaction or
arrangement referred to herein.

Davy Corporate Finance Limited, which is regulated in Ireland by the Irish
Financial Services Regulatory Authority, is acting for the Independent Directors
and for no one else in relation to the matters described in this Announcement
and will not be responsible to anyone other than the Independent Directors for
providing the protections afforded to clients of Davy Corporate Finance Limited
or for giving advice in relation to the matter referred to in this Announcement.

The Directors of Lundin Mining accept responsibility for the information
contained in this Announcement. To the best of the knowledge and belief of the
Directors of Lundin Mining, who have taken all reasonable care to ensure that
such is the case, the information contained in this Announcement for which they
accept responsibility is in accordance with the facts and, does not omit
anything likely to affect the import of such information.

This Announcement does not constitute an offer or an invitation to purchase or
subscribe for any securities and does not constitute an offer of Lundin Mining
Securities.

Unless otherwise determined by Lundin Mining, the Merger Offer has not been, and
is not being, made directly or indirectly in, into or from Australia, Japan,
South Africa, the United States or any other jurisdiction where it would be
unlawful to do so, or by the use of the mails, or by any means or
instrumentality (including, without limitation, telephonically or
electronically) of interstate or foreign commerce, or by any facility of a
national securities exchange of Australia, Japan, South Africa, the United
States or any other jurisdiction where it would be unlawful to do so, and the
Merger Offer is not capable of acceptance by any such means, instrumentality or
facility from within Australia, Japan, South Africa, the United States or any
jurisdiction where it would be unlawful to do so. Accordingly, unless otherwise
determined by Lundin Mining, neither copies of this Announcement nor any other
documents related to the Merger Offer are being, or may be, mailed or otherwise
distributed or sent in, into or from Australia, Japan, South Africa, the United
States or any other jurisdiction where it would be unlawful to do so and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from Australia, Japan, South Africa, the
United States or any other jurisdiction where it would be unlawful to do so, as
doing so may invalidate any purported acceptance of the Merger Offer.

Notwithstanding the foregoing restrictions, Lundin Mining reserves the right to
permit the Merger Offer to be accepted, if in its sole discretion, it is
satisfied that the transaction in question is exempt from or not subject to the
legislation or regulation giving rise to the restrictions in question.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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