OREANDA-NEWS. OJSC MMC Norilsk Nickel (“Norilsk Nickel” or the “Company”) today reacted favourably to LionOre Mining International Ltd.’s (“LionOre”) (Toronto Stock Exchange and Australian Securities Exchange symbol:  “LIM”; London Stock Exchange symbol:  “LOR”; Botswana Stock Exchange symbol: “LIONORE”) determination that Norilsk Nickel’s all-cash offer to acquire the outstanding common shares of LionOre constitutes a “superior proposal”.

According to the press service of the company, Norilsk Nickel’s General Director, Denis Morozov, said:  “We are very pleased that our all-cash offer of Cdn$21,5 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 The offer is open for acceptance until 8.00pm (Toronto time) on Monday, June 18, 2007, unless extended or withdrawn.