Norilsk Nickel Offer for LionOre Receives Norwegian Approval; Norilsk Extends its Cdn$27.50 All-Cash Offer



    MOSCOW and TORONTO, June 15 /CNW/ - OJSC MMC Norilsk Nickel ("Norilsk
Nickel" or the "Company") today announced that Norilsk Nickel's proposed
acquisition of control of LionOre Mining International Ltd. ("LionOre")
(Toronto Stock Exchange symbol: "LIM"; London Stock Exchange symbol: "LOR";
Botswana Stock Exchange symbol: "LIONORE"), which was notified in Norway on
May 21, 2007, has been approved under the Norwegian Competition Act of 5 March
2004 (the "Act"). The period for review of the offer by the Norwegian
Competition Authority has expired on June 12, 2007, without an order from the
Authority to submit further information and accordingly, the offer is deemed
to be approved and is not subject to further review under the Act.
    Norilsk Nickel continues to work closely with other applicable regulatory
authorities in connection with their review of the pending acquisition. Today,
Norilsk Nickel announced the extension of the expiration time for its all-cash
offer to acquire all of the issued and outstanding shares of LionOre for
Cdn$27.50 per share from Monday, June 18, 2007 to 8:00pm (Toronto time) on
Thursday, June 28, 2007. Norilsk Nickel expects to mail a formal notice of
extension to all LionOre shareholders on or about June 16, 2007.
    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 Administrator's website at www.sedar.com under LionOre's
company profile, and on the Company's website at www.nornik.ru/en.

    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. The Company 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 the Company 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").

    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.





For further information:

For further information: 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

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NORILSK NICKEL

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LIONORE MINING INTERNATIONAL LTD.

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