Norilsk Nickel and LionOre Announce That They Have Entered into a Support Agreement for Norilsk Nickel's Cdn$27.50 per Share All-Cash Offer



    MOSCOW and TORONTO, June 15 /CNW/ - OJSC MMC Norilsk Nickel ("Norilsk
Nickel") and LionOre Mining International Ltd. ("LionOre") (Toronto Stock
Exchange symbol: "LIM"; London Stock Exchange symbol: "LOR"; Botswana Stock
Exchange symbol: "LIONORE") today announced that they have entered into a
support agreement in connection with Norilsk Nickel's previously announced
offer to acquire all of LionOre's outstanding common shares in a friendly,
all-cash transaction for total consideration of approximately Cdn$6.8 billion,
or Cdn$27.50 per common share. LionOre's Board of Directors, after
consultation with its financial and legal advisers, has unanimously approved
entering into the support agreement and recommends that LionOre shareholders
tender into Norilsk Nickel's offer.
    The support agreement between Norilsk Nickel and LionOre provides for,
among other things, a non-solicitation covenant on the part of LionOre,
subject to customary "fiduciary out" provisions and a right in favor of
Norilsk Nickel to match any superior proposal.
    Denis Morozov, Norilsk Nickel's General Director, stated that, "This
agreement with LionOre supports the process of bringing together two companies
with a strong strategic fit that will enhance Norilsk Nickel's position
amongst the largest diversified mining companies in the world."
    Colin Steyn, President and CEO of LionOre, said, "LionOre's Board of
Directors unanimously supports Norilsk Nickel's offer and is working with
Norilsk Nickel to complete this important transaction."
    On May 23, 2007, Norilsk Nickel announced its increased all-cash offer to
acquire all of the outstanding common shares of LionOre. On June 11, 2007,
LionOre's Board of Directors filed a notice of change to its directors'
circular filed on May 18, 2007 with a recommendation for the shareholders to
accept Norilsk Nickel's offer.
    Full particulars of the offer are set out in the offer and offering
circular (as amended) filed by Norilsk Nickel and the directors circular and
notice of change relating thereto filed by LionOre. These documents are
available on the Canadian Securities Administrator's web site at www.sedar.com
under LionOre's company profile, and on Norilsk Nickel's website at
www.nornik.ru/en and LionOre's website at www.lionore.com.

    About Norilsk Nickel

    Norilsk Nickel, a corporation incorporated under the laws of the Russian
Federation, is the largest mining and metals company in Russia and is the
world's largest producer of nickel and palladium and one of the world's
largest producers of platinum and copper. In addition to this, Norilsk Nickel
produces a large number of by-products, including cobalt, rhodium, silver,
tellurium, selenium, iridium and ruthenium. The Norilsk Nickel group is
involved in prospecting, exploration, extraction, beneficiation and
metallurgical processing of minerals; and in production, marketing and sales
of base and precious metals. Norilsk Nickel is headquartered in Moscow,
Russia, with sales and distribution activities managed through its Moscow
headquarters and international sales network. Norilsk Nickel's Russian
operations include the operations of the Polar Division on the Taimyr
Peninsula in the Krasnoyarsk region and the Kola Mining and Metallurgical
Company ("KMMC") located on the Kola Peninsula in the Murmansk region. Norilsk
Nickel's international operations include Norilsk Nickel Harjavalta Oy, a
nickel refinery in Finland, Norilsk Nickel Cawse Pty. Ltd., a mine and high
pressure acid leaching ("HPAL") plant in Australia, as well as a 20%
shareholding in MPI Nickel Pty. Ltd., which operates the Black/Silver Swan
mines and owns the Honeymoon Well project in Australia. The remaining 80% of
MPI Nickel Pty. Ltd. is held by a wholly-owned subsidiary of LionOre. Norilsk
Nickel also operates a research and development institute, LLC "Gipronickel",
located in St Petersburg with branches at the Polar Division and KMMC. Norilsk
Nickel is the majority shareholder in Stillwater Mining Company, the largest
producer of platinum group metals in North America, whose shares are traded on
the New York Stock Exchange.
    Norilsk Nickel's shares are listed in Russia on both the Russian Trading
System Stock Exchange (GMKN RU) and the Moscow Interbank Currency Exchange
(GMKN RM). In 2001 Norilsk Nickel launched a Level-1 ADR program. These ADRs
are traded over the counter in the United States (NILSY US); on the
International Order Book section of the London Stock Exchange (under the
symbol "MNOD LI") and on Freiverkehr, Berlin-Bremen Stock Exchange (under the
symbol "NNIA GR").

    About LionOre

    LionOre is an international nickel and gold producer with mining
operations located in Australia, Botswana and South Africa. LionOre's nickel
production is supported by significant by-product credits in the form of
copper, cobalt, platinum group metals and gold. LionOre also owns the
proprietary Activox(R) technology for the hydrometallurgical treatment of
metal concentrates. LionOre shares are listed on the Toronto, London and
Botswana stock exchanges.

    INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE OFFER DOCUMENTS AND ANY
OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER FOR
LIONORE COMMON SHARES. These documents will be available without charge under
LionOre's profile on the SEDAR web site at www.sedar.com. Free copies of the
documents can also be obtained by directing a request to Georgeson Shareholder
Communications Canada Inc., 100 University Avenue, 11th Floor, South Tower,
Toronto, ON, Canada, M5J 2Y1, by telephone to 1-866-682-6148 (North American
Toll Free) or 1-212-440-9800 - call collect (Overseas), or by email to:
inquiries@georgeson.com.

    Forward Looking Statements

    This press release includes "forward-looking statements" that are subject
to a number of risks and uncertainties, many of which are beyond Norilsk
Nickel's control, that could cause actual results to differ materially from
those set forth in, or implied by such forward-looking statements. All
statements other than statements of historical facts included in this press
release are forward-looking statements. Although Norilsk Nickel believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be correct. All
forward-looking statements speak only as of the date of this press release and
Norilsk Nickel undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise. There can be no assurance that any transaction between
Norilsk Nickel and LionOre will occur, or will occur on the timetable
contemplated hereby.
    For a discussion of risks and uncertainties regarding Norilsk Nickel's
business, which could cause actual results to differ form those contained in
the forward-looking statements contained herein, please refer to the section
entitled "Risk Factors" contained in Norilsk Nickel's Annual Report for the
fiscal year ended December 31, 2006.

    Norilsk Nickel's website is www.nornik.ru/en; LionOre's website is
www.lionore.com.





For further information:

For further information: Norilsk Nickel Contacts: Dmitry Usanov, Head of
Investor Relations, Tel: +7 (495) 786 8320, E-mail: usanovda@nornik.ru; For
media outside Russia: Toronto: Lisa Merrithew, Tel: (416) 645-8204; New York:
Sean Healy, Tel: (212) 453-2438; United Kingdom: David Hart, Tel: +44 (0)20
7395 7131, Mobile: +44 (0) 7951 574 137; South Africa: Elian Wiener, Tel: +27
(0) 21 421 6783, Mobile: +27 (0)82 460 8755; Australia: Belinda Yeats, Tel:
+612 8905-6316; LionOre Contact: Alex Buck, Tel: +44 (0) 7932 740 452, Email:
alex@buckbias.com

Organization Profile

NORILSK NICKEL

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LIONORE MINING INTERNATIONAL LTD.

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