Norilsk Nickel Offer for LionOre Receives Norwegian Approval

OJSC MMC Norilsk Nickel announced that Norilsk Nickel's proposed acquisition of control of LionOre Mining International Ltd. ("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. 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.