Company Information for London Mining Plc

www.londonmining.co.uk

Company Statement

London Mining; Independent supplier of iron and coal to the Global Steel and Energy Industries

Following GBP220m return of funds to shareholders in 2008 London Mining retains significant funds to develop its iron and coal divisions

Iron Division- First production targeted 2009 and building significant concentrate and DR pellet production toward a 20mtpa target
Coal division- Developing complementary metallurgical coal supply to the steel industry and taking advantage of regional thermal coal opportunities

With proven mine development expertise London Mining has wholly owned operations and partnerships with groups looking to unlock value from iron and coal assets in the Middle East, China, Africa, Europe and South America. London Mining is the viable long term alternative to reliance on industry majors or vertical integration for international steel companies looking to secure the bulk commodities needed for steel production.

London Mining is listed on the Axess market of the Oslo Stock Exchange trading under the Reuters symbol LOND.OL and Bloomberg symbol LOND:NO.

Current Operations

IRON DIVISION
First production targeted 2009 and building significant raw and processed iron supply for 2012.

Saudi Arabia (50%) JV Partnership
London Mining Plc has formed a joint venture company, Saudi London Iron Ltd ('SLI'), with Saudi-based National Mining Company ('National Mining'), owned 50% each, to develop the Wadi Sawawin iron ore project near the west coast of Saudi Arabia. Saudi London Iron plans to create a 3 million tonne per annum iron ore mining and pelletizing operation to produce high grade pellets.
Feasibility and market study completed February 2009:

First phase (5mtpa DR pellet) Wadi Sawawin project proved feasible
Project economics indicate NPV of USD 1.6 billion, with capex of USD 1.8 billion
Early funding commitment from Saudi partners would allow production in 2012
External market study commissioned on Middle East region indicates significant supply gap for DR pellets over the next 10 years and strong long term economic growth prospects supporting potential project expansion up to 20 mtpa.

Greenland
The Isua project (sometimes referred to as the Isukasia project) is located approximately 140km northeast of Nuuk (the capital city of Greenland) and about 155km south of the Arctic Circle, at latitude 65O12’N and longitude 49O 47W. It is about one hour’s helicopter flying time from Nuuk and one and half hour’s helicopter flying time from Kangerlussuaq.

The Isua deposit is made of a magnetite-rich banded iron formation, intruded by basaltic and dolerite dykes and sills, with agreenstone schist on the footwall and quartzite on the hanging wall. In January 2006, IMC Group Consultants Ltd (IMC) estimated JORC indicated-inferred resources of 955Mt averaging 34% Fe, including an indicated-inferred open pit resource of 181Mt averaging 33.43% Fe.

A feasibility study on a 15Mtpa open pit mining operation (including waste), 11Mtpa concentration plant producing 5Mtpa of high grade pellet feed concentrates, transported 110km by slurry pipeline to ice-free deepwater port location and onward shipment by 150-300,000DWT bulk carriers to third party pelletising plants. Examination under way regarding co-development of Isua with LM’s Saudi Arabia project. London Mining is examining the economics of shipping iron from Isua to the Saudi pelletising plant due to be established there under existing JV conditions with National Mining Company of Saudi Arabia.

China – Iron Ore Joint Venture
London Mining has entered into an agreement with Wits Basin Precious
Minerals Inc ("Wits Basin") to become a joint venture partner for iron ore projects in the People’s Republic of China ("PRC"). Under the subscription agreement it has agreed to subscribe USD 39.25 million for 50% of the shares in the joint venture company, China Global Mining Resources (BVI) Limited ("CGMR BVI"). CGMR intends to complete an acquisition of an operating iron ore mine and processing facilities near Ma’anshan with significant expansion and operating cost reduction potential. The mine sells to multiple steel customers from the mine gate.

Sierra Leone
London Mining intends to commence beneficiation operations at the Marampa mine in 2009 to produce sinter feed concentrate for export from approximately 50Mt of iron ore tailings left from previous mining from 1933 to the mid 1970’s. In addition the Company plans to re-commence open pit mining operations on approximately 100Mt of resources remaining in the area. Barge transport to offshore floating cranes to load Capesize ships is available by river approximately 40km from the minesite.

COAL DIVISION
Developing complementary metallurgical coal supply to the steel industry and taking advantage of long term thermal coal supply shortfall.

South Africa - interest in near term coal production and development
Agreement with Delta Mining Consolidated (Pty) Ltd ("DMC") to subscribe for 28% (with the ability to purchase more) of DMC Energy (Pty) Ltd ("DMC Energy"), a subsidiary of DMC.
DMC Energy will own the following interests in South African mining assets:

70% of Ashante Mineral Resource (Pty) Ltd, which holds the Rietkuil coal project ("Rietkuil") (Inferred In-Situ Resource of up to 288 million tonnes of coal) with BFS expected in June 2009.
30.35% (to increase to 69.65% upon completion of London Mining investment and DMC
Energy reorganisation) of DMC Coal Mining (Pty) Ltd ("DMC Coal"), which holds the Limpopo coal project ("Limpopo") and the Pixley Ka Seme (“PKS”) coal and torbanite project. The potential resource of the Limpopo project is 426 million tonnes in situ resource of metallurgical and thermal coal.

Colombia - interest in near term coal production and development
London Mining owns 20% of International Coal Company Ltd (“ICC”) which has operations in Colombia, South America. The company’s focus has been on acquiring concession interests in metallurgical coal districts in Colombia with good logistics and access to transportation infrastructure for the seaborne market. ICC provides London Mining with the combination of near term cash flow from coking coal and coke production as well as certain opportunities to acquire export logistics and operating coal mines.

Geographical Spread

Sierra Leone
Greenland
Saudi Arabia
China
South Africa
Colombia

Board of Directors and Key Management

Dr Colin Knight	Non Executive Chairman
Graeme Hossie	Managing Director
Luciano Ramos	COO of London Mining's Iron Ore division
Rachel Rhodes	Finance Director
Dr Hans Kristian Schønwandt	Non Executive Director
Sir Nicholas Bonsor	Non Executive Director
Malcolm Groat	Non Executive Director

Company Address

39 Sloane Street
London, United Kingdom SW1X 9LP


Telephone:	+44 (0) 20 7201 5000
Facsimile:	+44 (0) 20 7201 5050
Email:	info[at]londonmining.co.uk
Website:	http://www.londonmining.co.uk

Additional Address/Key Contact

Press Enquiries:
UK
Threadneedle Communications
Phone: +44 (0)20 7653 9855
Email: Laurence.read@threadneedlepr.co.uk

Norway
Crux Kommunikasjon:
Phone: +47 40 00 28 55

Year End

31 December

Nominated Brokers

Kaupthing (Oslo)

Nominated Advisors