Re: International Musto Successful Take Over Bid

Business Wire, June 2, 1995

VANCOUVER, British Colombia--(BUSINESS WIRE)--June 2, 1995--THE LUNDIN GROUP On April 27, 1995, Rio Algom Limited ("Rio") and North Limited ("North") made a public tender offer of C$14.99 cash per share for all of the common shares of the International Musto Explorations Limited ("Musto"). On May 29, 1995, RN Galaxy Inc. (a company formed by North Limited and Rio Algom Limited) announced that it had acquired 33,372,641 or 98.1% of the outstanding common shares of Musto and that it intends to acquire the remaining outstanding shares using the compulsory acquisition provisions under the Canada Business Corporations Act. Payment for the shares was made on May 29, 1995. As a result of the success of the takeover bid, the officers and directors of Musto resigned on June 1, 1995 and were replaced by nominees of RN Galaxy Inc.

Lukas H. Lundin and the former Board members of Musto extend their gratitude to President Menem, the President of Argentina, Dr. Angel Maza, the Secretary of Mines, Dr. Domingo Cavallo, the Minister of Economy, Senor Arnoldo Castillo, the Governor of Catamarca Province, Dr. Luis Manuel Alvarez, President of Yacimientos Mineros de Agua de Dionisio ("YMAD") and to the directors and personnel of YMAD. Their enthusiastic backing of the project and their determination to revamp the laws pertaining to mineral development have been crucial in allowing the development of the Bajo de la Alumbrera project to proceed.

Mr. Lundin and the former members of the Board also extend their thanks all those employees, consultants and contractors, as well as our joint venture partner, M.I.M. Holdings Limited, for enabling Musto to achieve its objectives in a very short time period and for ensuring the development of the Bajo de la Alumbrera project into a world-class copper/gold deposit.

Lukas H. Lundin

CONTACT: The Lundin Group

Lukas H. Lundin, 604/689-7842