OREANDA-NEWS. On June 15, 2007 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") 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, reported the press-centre of  MMC Norilsk Nickel.

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