Equinox Offer Remains the Clear and Compelling Choice for Lundin Shareholders

TORONTO, March 30 /CNW/ --
TORONTO, March 30 /CNW/ - Equinox Minerals Limited (TSX:EQN) (ASX:EQN) ('Equinox' or the 'Company') today commented on the
announcement by Lundin Mining Corporation ('Lundin') and Inmet Mining
Corporation ('Inmet') on March 29, 2011 that Lundin and Inmet have
mutually terminated the merger of equals agreement dated January 12,
2011.  The reason for termination as per Mr Phil Wright's comments
(President and CEO of Lundin) 'We have however agreed to mutually terminate the agreement on the grounds that
we could not reach a position that we thought would be supported by
both companies' shareholders' provides further support that the Equinox offer to acquire Lundin (the
Equinox 'Offer') is, by any measure, the most attractive alternative
for Lundin shareholders.

Equinox also notes Lundin's announcement on March 29, 2011 that its
Board of Directors has adopted a Shareholder Rights Plan (the 'Rights
Plan').  This is a common delay tactic adopted by recipients of
unsolicited acquisition approaches in North America.  Equinox notes
that, as disclosed in Lundin's and Inmet's notice of meeting and joint
information circular dated February 9, 2011, Lundin conducted a
strategy session in September 2010, almost six months ago, during which
a number of strategic alternatives were discussed.  The outcome of this
strategy session was the approach and ultimate agreement to a
nil-premium merger with Inmet, which was announced on January 12,
2011.  However,  Mr Wright has today said that he wants to again 'explore all alternatives to bring value to Lundin shareholders' and that 'the Rights Plan ensures that [Lundin] can do this in a considered and
structured way and get the best result for [Lundin] shareholders'.  Equinox believes that Lundin has already had every opportunity to do
just this in the months leading up to the execution of its agreement
with Inmet.

During the eleven weeks that have followed the announcement of the
Inmet-Lundin proposal, Equinox's Offer is the only alternative that has
emerged.  Equinox does not believe that Lundin's proposed further
review process at this point in time can be considered likely to result
in a superior proposal to Equinox's Offer, which remains the only clear
and compelling offer available to Lundin shareholders.

Equinox's President and Chief Executive Officer, Craig Williams,
commented, 'Our offer has always been and remains the clear and compelling choice
for Lundin shareholders. It provides them with the flexibility to
receive significant value in cash now or to benefit over the long term
by participating in the potential of a leading pure-play copper company
with a portfolio of world-class assets and a strong growth profile.'

Clear Choice for Lundin Shareholders: Superior Value and Flexibility

Since it was announced, Equinox's Offer has been the superior
alternative for Lundin shareholders. During this period, Lundin shares
have traded in line with the implied value of the Equinox Offer on the
TSX.  Equinox's Offer of C$8.10 per share, based on Equinox's share
price prior to announcement of the Offer, reflects a 26% premium to the
closing price of Lundin shares on the TSX of C$6.45 per share on
February 25, 2011 (the last trading day before the announcement of the
Offer).  Moreover, with the flexibility to choose between Equinox
shares or cash, the Equinox Offer provides Lundin shareholders with the
opportunity to select the consideration that best suits their
individual preferences.

As previously disclosed, the Equinox Offer is now open to Lundin
shareholders who are residents of Sweden.  The Offer will remain open
to all Lundin shareholders until 6:00pm on April 14, 2011 unless
withdrawn or extended. Equinox intends to list its shares on the OMX
and looks forward to welcoming Swedish investors onto its register.

Combined Company Well-Positioned to Create Long-Term Value for
Shareholders

Together Equinox and Lundin will have a geographically diverse portfolio
of expandable copper assets with a production growth target of 500,000
tonnes per annum of copper.  Equinox will be able to leverage its
considerable experience in both exploration and construction to pursue
both the expansion potential of this high-quality portfolio and the
considerable exploration potential surrounding these operations.

Those Lundin shareholders who elect to receive Equinox shares will be
able to participate in the value created through this combination
through exposure to one of the most attractive, lower-risk copper
growth profiles in the sector with confidence that this increased
copper production will be delivered into the expected near term
strength in copper prices.

How to Tender Your Shares to the Equinox Offer

A copy of the Equinox bid circular and related documents has been mailed
to all Lundin shareholders. Equinox encourages Lundin shareholders to
read the formal offer and take-over bid circular, which contain the
full terms and conditions of the offer as well as detailed instructions
on how Lundin shareholders can tender their common shares to the
offer.  Copies of the Offer, take-over bid circular and related
documents as well as a presentation summarizing the benefits of the
Offer are available online at www.equinoxminerals.com.

For assistance in depositing Lundin shares to the Offer, Lundin
shareholders should contact Kingsdale Shareholder Services Inc., the
information agent for the Offer, at 1-888-518-1558 (North American Toll
Free Number) or 1 416 867 2272 (Outside North America).

About Equinox

Equinox Minerals Limited is an international mining company dual-listed
on the Canadian (Toronto) and Australian stock exchanges.

The Company is currently focused on operating its 100% owned large scale
Lumwana Copper Mine in Zambia and construction of the Jabal Sayid
Copper-Gold project in the Kingdom of Saudi Arabia.

Equinox acquired the Lumwana project in 1999 and following nearly 10
years of feasibility, financing and construction, commissioned the
mine, plant and infrastructure in December 2008. Situated 220
kilometres northwest of the Zambian Copperbelt, Lumwana is now a major
copper mine which has established Equinox as one of the world's top 20
copper producing companies.

Equinox recently acquired the Jabal Sayid project as the project entered
the construction phase with first production scheduled for 2012. Jabal
Sayid is located within the Arabian Shield minerals province, 350
kilometres north-east of the Red Sea port city of Jeddah, the
commercial capital of Saudi Arabia, and 120 kilometres south-east of
Medina.

For information on Equinox and technical details on the Lumwana and
Jabal Sayid projects please refer to the company website at www.equinoxminerals.com

Cautionary Notes

Forward-Looking Statements

Certain information contained or incorporated by reference in this press
release include forward-looking statements, which may include, but is
not limited to, statements with respect to the future financial or
operating performances of Equinox, its subsidiaries and their
respective projects, the timing and amount of estimated future
production, estimated costs of future production, capital, operating
and exploration expenditures, costs and timing of the expansion of the
Lumwana copper mine in Zambia and development of the Jabal Sayid
copper-gold project in the Kingdom of Saudi Arabia, the future price of
copper and uranium, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve estimates, the costs of
Equinox's hedging policy, costs and timing of future exploration,
requirements for additional capital, government regulation of
exploration, development and mining operations, environmental risks,
reclamation and rehabilitation expenses, title disputes or claims, and
limitations of insurance coverage. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements can often, but not always, be identified by
the use of words such as 'plans', 'expects', 'budget', 'scheduled',
'estimates', 'forecasts', 'intends', 'anticipates', 'predicts',
'potential', 'continue' or 'believes', or variations (including
negative variations) of such words; or statements that certain actions,
events or results 'may', 'could', 'would', 'should', 'might',
'potential to', or 'will' be taken, occur or be achieved or other
similar expressions concerning matters that are not historical facts.
The purpose of forward-looking statements is to provide the reader with
information about management's expectations and plans.  Readers are
cautioned that forward-looking statements are not guarantees of future
performance.

Forward-looking statements are necessarily based on a number of factors,
estimates and assumptions that, while considered reasonable by Equinox
as of the date of such statements, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Such factors, estimates and assumptions of the Company
contained in this news release include, but are not limited to,
anticipated financial or operating performances of Equinox, its
subsidiaries and their respective projects; future prices of copper and
uranium; the estimation of mineral reserves and resources; the
realization of mineral reserve estimates; the timing and amount of
estimated future production; estimated costs of future production; the
grade, quality and content of the concentrate produced; the sale of
production and the performance of offtakers; capital, operating and
exploration expenditures; costs and timing of development and expansion
of Lumwana and Jabal Sayid; the costs of Equinox's hedging policy; the
costs and timing of future exploration; requirements for additional
capital; government regulation of exploration, development and mining
operations; environmental risks; reclamation and rehabilitation
expenses; title disputes or claims; that Equinox will acquire 100%
interest in Lundin through the Offer; management's assessment of the
successful integration of the combined companies upon completion of the
Offer; management's expectations of growth and production upon
completion of the Offer; the viability of Lundin's assets and projects
on a basis consistent with the management's current expectations; there
being no significant risks relating to the Company's or Lundin's mining
operations, including political risks and instability and risks related
to international operations; and limitations of insurance coverage.
While the Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect.

Readers are cautioned that forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Equinox and/or its
subsidiaries to differ materially from those expressed or implied in
the forward-looking statements, including the risk that the Offer will
not be completed for any reason. Certain of these risks and
uncertainties are described in more detail in the section entitled
'Risks Factors' in the Company's Annual Information Form dated March
15, 2010 and in the Company's most recently filed Management's
Discussion and Analysis, to which readers are referred and which are
incorporated by reference in this news release. The Company's Annual
Information Form and its most recently filed Management's Discussion
and Analysis are available on SEDAR at www.sedar.com and on the Company's website at www.equinoxminerals.com.

Although Equinox has attempted to identify statements containing
important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. Forward-looking
information contained herein are made as of the date of this document
based on the opinions and estimates of management on the date
statements containing such forward looking information are made, and
Equinox disclaims any obligation to update any forward-looking
information, whether as a result of new information, estimates or
opinions, future events or results or otherwise, except as required by
law. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward looking information.

The information in this announcement concerning Lundin and Lundin's
assets and projects is based on publicly available information and has
not been independently verified by Equinox.

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