OREANDA-NEWS. On May 23, 2007 OJSC MMC Norilsk Nickel (“Norilsk Nickel” or the “Company”) announced that a Notice of Variation increasing Norilsk Nickel’s all cash offer to acquire all of the issued and outstanding common shares of LionOre Mining International Ltd. (“LionOre”) (Toronto Stock Exchange and Australian Securities Exchange symbol:  “LIM”; London Stock Exchange symbol:  “LOR”; Botswana Stock Exchange symbol: “LIONORE”) to a price of Cdn$27,5 per common share was filed with Canadian securities regulators and will shortly be mailed to LionOre shareholders.  Norilsk Nickel’s offer will be open until 8.00pm (Toronto time) on Monday, June 18, 2007, unless extended or withdrawn, reported the press-centre of  OJSC MMC Norilsk Nickel.

Norilsk Nickel also announced today that it has received clearance from the Australian Competition and Consumer Commission (the “ACCC”) confirming that it has no objection to Norilsk Nickel’s all cash offer for LionOre.  As previously announced, Norilsk Nickel received a no-action letter and waiver from notification from the Canadian Competition Bureau and its offer has been approved under the German Act Against Restraints on Competition (as amended). 

Norilsk Nickel continues to work closely with other applicable regulatory authorities in connection with their review of the pending acquisition.

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