OREANDA-NEWS. May 31, 2007. OJSC MMC Norilsk Nickel (“Norilsk Nickel” or the “Company”) today announced that it has received a decision from the Finnish Competition Authority that Norilsk Nickel’s proposed acquisition of control 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”) which was notified in Finland on 16 May, 2007,  has been approved under the Finnish Competition Act (as amended) (the “Act”). The Finnish Competition Authority concluded that Norilsk Nickel’s all-cash offer to the shareholders of LionOre was not likely to create or strengthen a dominant position as a result of which competition would be significantly impeded in the Finnish market and, therefore, Norilsk Nickel’s offer is not subject to further review under the Act. 

Norilsk Nickel is very pleased to have received approval in Finland within such a short timeframe.

On May 23, 2007, Norilsk Nickel announced its intention to make an increased all-cash offer to acquire all of the outstanding common shares of LionOre for aggregate cash consideration of approximately Cdn$6.8 billion.  The offer is open for acceptances until 8:00 p.m. (Toronto time) on Monday, June 18, 2007, unless extended or withdrawn.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 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