MOSCOW and TORONTO, June 29 /PRNewswire/ --     OJSC MMC Norilsk Nickel ("Norilsk Nickel" or the "Company") today
announced that 201,089,154 common shares of LionOre Mining International Ltd
("LionOre") (Toronto Stock Exchange symbol: "LIM"; London Stock Exchange
symbol: "LOR"; Botswana Stock Exchange symbol: "LIONORE"), representing
approximately 90% of the LionOre common shares outstanding, were deposited to
Norilsk Nickel's offer to acquire all of the outstanding common shares of
LionOre for Cdn$27.50 in cash per share by the expiry time of the offer on
June 28, 2007. All of the conditions of the offer having now been satisfied,
Norilsk Nickel, through its wholly-owned subsidiary, has taken up all of the
LionOre shares that were deposited to the offer. "We are pleased by this
strong response from LionOre shareholders to our offer and will now proceed
to complete this transaction and bring LionOre into the Norilsk Nickel Group.
This addition to the Group brings growth in nickel, further diversifies our
international presence, and will generate important synergy contributions to
Norilsk Nickel's long term development," said Norilsk Nickel's General
Director, Denis Morozov. In order to provide LionOre shareholders who have
not yet accepted the offer with more time to do so, Norilsk Nickel has
extended the expiry time of the offer to 8:00p.m. (Toronto time) on Tuesday,
July 10, 2007. A second notice of extension will be mailed to shareholders as
soon as practicable and will be made available on SEDAR at www.sedar.com. On
May 23, 2007, Norilsk Nickel announced its increased all-cash offer to
acquire all of the issued and outstanding common shares of LionOre for
aggregate cash consideration of approximately Cdn$6.8 billion. Full
particulars of the offer are set out in the offer and offering circular as
amended by the notice of variation and notices of extension, each as filed by
Norilsk Nickel. These documents are available on the Canadian Securities
Administrator's website at www.sedar.com under LionOre's company profile, and
on the Company's website at www.nornik.ru/en.

About Norilsk Nickel

Norilsk Nickel, a corporation incorporated under the laws of the Russian
Federation, is the largest mining and metals company in Russia and is the
world's largest producer of nickel and palladium and one of the world's
largest producers of platinum and copper. In addition to this, Norilsk Nickel
produces a large number of by-products, including cobalt, rhodium, silver,
tellurium, selenium, iridium and ruthenium. The Norilsk Nickel group is
involved in prospecting, exploration, extraction, beneficiation and
metallurgical processing of minerals; and in production, marketing and sales
of base and precious metals. The Company is headquartered in Moscow, Russia,
with sales and distribution activities managed through its Moscow
headquarters and international sales network. Norilsk Nickel's Russian
operations include the operations of the Polar Division on the Taimyr
Peninsula in the Krasnoyarsk region and the Kola Mining and Metallurgical
Company ("KMMC") located on the Kola Peninsula in the Murmansk region.
Norilsk Nickel's international operations include Norilsk Nickel Harjavalta
Oy, a nickel refinery in Finland, Norilsk Nickel Cawse Pty. Ltd., a mine and
high pressure acid leaching ("HPAL") plant in Australia, as well as a 20%
shareholding in MPI Nickel Pty. Ltd., which operates the Black/Silver Swan
mines and owns the Honeymoon Well project in Australia. The remaining 80% of
MPI Nickel Pty. Ltd. is held by a wholly-owned subsidiary of LionOre. Norilsk
Nickel also operates a research and development institute, LLC "Gipronickel",
located in St Petersburg with branches at the Polar Division and KMMC.
Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the
largest producer of platinum group metals in North America, whose shares are
traded on the New York Stock Exchange. Norilsk Nickel's shares are listed in
Russia on both the Russian Trading System Stock Exchange (GMKN RU) and the
Moscow Interbank Currency Exchange (GMKN RM). In 2001 the Company launched a
Level-1 ADR program. These ADRs are traded over the counter in the United
States (NILSY US); on the International Order Book section of the London
Stock Exchange (under the symbol "MNOD LI") and on Freiverkehr, Berlin-Bremen
Stock Exchange (under the symbol "NNIA GR").

INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE OFFER DOCUMENTS AND ANY
OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER FOR
LIONORE COMMON SHARES. These documents will be available without charge under
LionOre's profile on the SEDAR web site at www.sedar.com. Free copies of the
documents can also be obtained by directing a request to Georgeson
Shareholder Communications Canada Inc., 100 University Avenue, 11th Floor,
South Tower, Toronto, ON, Canada, M5J 2Y1, by telephone to 1-866-682-6148
(North American Toll Free) or 1-212-440-9800 - call collect (Overseas), or by
email to: inquiries@georgeson.com.

Forward Looking Statements

This press release may include "forward-looking statements" that are
subject to a number of risks and uncertainties, which are beyond Norilsk
Nickel's control, that could cause actual results to differ materially from
those set forth in, or implied by such forward-looking statements. All
statements other than statements of historical facts included in this press
release are forward-looking statements. Although Norilsk Nickel believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be correct. All
forward-looking statements speak only as of the date of this press release
and Norilsk Nickel undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise. There can be no assurance that any transaction between
Norilsk Nickel and LionOre will occur, or will occur on the timetable
contemplated hereby. For a discussion of risks and uncertainties regarding
Norilsk Nickel's business, which could cause actual results to differ form
those contained in the forward-looking statements contained herein, please
refer to the section entitled "Risk Factors" contained in Norilsk Nickel's
Annual Report for the fiscal year ended December 31, 2005. Norilsk Nickel's
website is www.nornik.ru/en.