May 30, 2002

News Release: Closes C$100 Million Financing

LIONORE MINING INTERNATIONAL LTD ("LIM-T;LMGGF-0") -
LionOre Mining International Ltd. ("LionOre") is pleased to announce that the offering of 27.5 million special warrants, described in LionOre's news release dated May 16, 2002, was closed this day. The total gross proceeds of the offering amounted to $100.4 million and it was led by RBC Capital Markets and Haywood Securities Inc. LionOre is an international mining company headquartered in Toronto, Ontario, Canada and its common shares trade on The Toronto Stock Exchange under the symbol "LIM". TEL: (416) 777-1670 Mr. Ted Mayers, CFO & Secretary FAX: (416) 777-1320 Website: www.lionore.com

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