Sources: the web-site of the company.

OJSC MMC Norilsk Nickel today reacted favourably to LionOre Mining International Ltd.’s determination that Norilsk Nickel’s all-cash offer to acquire the outstanding common shares of LionOre constitutes a “superior proposal”.

Norilsk Nickel’s General Director, Denis Morozov, said: “We are very pleased that our all-cash offer of Cdn$21.50 per common share has been recognized by LionOre’s Board of Directors as a superior proposal. Through this offer, we are able to provide LionOre shareholders an attractive opportunity to realize substantial gains.”

On May 3, 2007, Norilsk Nickel announced its intention to make an all-cash offer to acquire all of the outstanding common shares of LionOre for aggregate cash consideration of approximately Cdn$5.3 billion. The offer documents are being mailed to LionOre shareholders today. The offer is open for acceptance until 8:00pm (Toronto time) on Monday, June 18, 2007, unless extended or withdrawn.

Full particulars of the offer are set out in the offer and offering circular filed by Norilsk Nickel. These documents are available on the Canadian Securities Administrators' website at www.sedar.com under LionOre's company profile, and on the Norilsk Nickel website at www.nornik.ru/en.