Mining - LONDON MINING - ADMISSION TO AIM AND PLACING OF EXISTING ORDINARY SHARES

London Mining today announces its admission to the AIM market of the London Stock Exchange. Liberum Capital Limited is nominated adviser and joint broker along with GMP Securities Europe LLP as joint broker. The Company is also listed on the Oslo Axess market of the Oslo Børs. The Company will review the status of the Oslo Axess listing after an appropriate period of time.

In conjunction with the admission to AIM, 37,239,225 existing Ordinary Shares have been placed at GBP1.924 (NOK18) per Ordinary Share with over 30 recognised institutions. The placing was conducted by Liberum Capital Limited and GMP Securities Europe LLP. The Company did not receive any proceeds from the placing. In connection with the placing, Sir Nicholas Bonsor (a non-executive director of London Mining) and Benjamin Lee (Head of Corporate Development) have, with effect from 6 November 2009, acquired Ordinary Shares. Sir Nicholas Bonsor acquired 15,000 Ordinary Shares taking his total holding in London Mining to 47,000 Ordinary Shares and Benjamin Lee acquired 5,000 Ordinary Shares. Following the acquisition, Benjamin Lee has 5,000 Ordinary Shares, options over 250,000 Ordinary Shares pursuant to the London Mining plc No.1 Share Option Plan and a nil-cost option award over 100,000 Ordinary Shares pursuant to the London Mining Long-Term Incentive Plan.

Further details of the placing are set out in the AIM admission document. The admission document is available on London Mining's website (www.londonmining.co.uk) and the Oslo Axess website (www.newsweb.no).

London Mining is focused on identifying, developing and operating scaleable mines to become a mid-tier supplier to the global steel industry. The Company was founded in 2005 and is headquartered in London. The Group's principal assets have actual or anticipated production and the ability for further expansion through either upgrading or acquisition.

The Group currently has four principal projects in iron ore, which it is either developing or operating on its own or through joint ventures. The Directors believe that the total iron ore concentrate production capacity of the Group's four principal projects (on a 100% basis) has the potential to rise from 0.4Mtpa in 2009 to 14Mtpa in 2014 and to in excess of 20Mtpa in 2018. This can be broken down as follows:

* Sierra Leone - sinter feed: 1.5Mtpa in 2011 to in excess of 3Mtpa in 2013 * Saudi Arabia - DR pellets: 5Mtpa in 2013 to 10Mtpa in 2017 * Greenland - DR pellet feed: 5Mtpa in 2014 to 10Mtpa in 2018 * China - magnetite concentrate: 0.4Mtpa in 2009 to 1Mtpa in 2011

(Company estimates)

The Company is currently undertaking resource definition programmes to ensure that all principal projects will have JORC standard resources in accordance with the timeframes set out in this announcement. The Company also has a small number of investments in other iron ore and coal development opportunities.

The ability to develop projects rapidly into efficient producing mines, utilising its experienced technical and operating team, is an important part of the Group's capabilities and strategy. The Company successfully and rapidly scaled up production at its Brazilian operations prior to selling those operations to ArcelorMittal for USD810 million in August 2008. During its 16 month period of ownership, the Company invested USD32 million and increased the resource from 268Mt grading 47% Fe to 1.1Bt grading 38% Fe, expanded capacity from 0.5Mtpa to 4Mtpa, completed construction of a 3.5Mtpa sinter feed plant in less than 9 months and negotiated both long term offtake agreements and a short-term domestic sales agreement with Vale. (These resource estimates were not prepared in accordance with an internationally recognised standard, are based on historical data and are included for information only.).

GBP219 of the proceeds from the sale of the Company's Brazilian operations was returned to shareholders with USD68 million of the proceeds used to redeem bonds issued by the Company to finance the acquisition of the Brazilian operations. The balance after costs was retained by the Company for re-investment. As at 30 September 2009, the Company had consolidated Group cash of USD230 million (unaudited), which it has principally allocated for the development of its existing projects through to key milestones.

Further details of the Company's assets and management team are set out in the Appendix to this announcement.

Commenting today Graeme Hossie, Chief Executive, of London Mining said: "London Mining's admission to AIM, combined with today's placing of shares into the market from pre-existing shareholders gives us both the liquidity and exposure we need in a market that understands mining. We are fully funded to reach all of our key milestones, including full development of the Marampa Mine in Sierra Leone next year to its first phase of production. As we move our principal projects forward and progress our JORC delineation programme we expect to be able to communicate operational progress regularly to the market. Our objective is to become a mid-tier supplier of bulk commodities to the global steel industry, with a particular focus being directed towards iron ore."

Please see the full announcement including the Appendix and the AIM admission document enclosed.

For more information, please contact:

London Mining Graeme Hossie, Chief Executive Officer 44 20 7201 5000 Rachel Rhodes, Finance Director Thomas Credland, Head of Investor Relations

Liberum Capital (Broker/Nomad) Clayton Bush/Ellen Francis 44 20 3100 2000

GMP Securities Europe (Broker) Jeremy Wrathall 44 20 7647 2800

Crux Kommunikasjon AS (Norway media) Charlotte Knudsen 47 97 56 19 59

Threadneedle Communication (UK media) Laurence Read/ Graham Herring 44 20 7653 9850

About London Mining London Mining Plc is a UK-based company that is developing mines for the steel industry. The company owns 100% of the Marampa hematite iron ore mine in Sierra Leone, 100% of the Isua magnetite iron ore project in Greenland, a 50% stake in on the Wadi Sawawin joint venture in Saudi Arabia and a 50% stake in the China Global Mining Resources joint venture. It also has minority interests in South Africa and Colombia. The Company listed on the Oslo Axess, a marketplace regulated by the Stock Exchange, on 9 October 2007. It trades under the symbol LOND.NO.

Disclaimer The Company is not offering any new Ordinary Shares or any other securities in connection with the Admission. The Ordinary Shares have not been nor will they be, registered under the US Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan, South Africa or the Republic of Ireland. Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Australia, Canada, Japan, South Africa or the Republic of Ireland or to or for the account or benefit of any national, resident or citizen of Australia, Canada, Japan, South Africa or the Republic of Ireland or any person located in the United States.

This announcement does not constitute an offer of, or the solicitation of an offer to subscribe for or buy, any Ordinary Shares to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation in such jurisdiction and is not for distribution in, or into, the United States, Australia, Canada, Japan, South Africa or the Republic of Ireland. The distribution of this announcement in other jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves of and observe such restrictions.

Liberum Capital Limited ("Liberum") is regulated by the Financial Services Authority and is acting exclusively for the Company and for no one else in connection with the placing of existing Ordinary Shares (the "Placing") and Admission. Liberum will not be responsible to anyone other than the Company for providing the protections afforded to customers of Liberum or for advising any other person on the contents of this announcement or the Placing and Admission. The responsibility of Liberum as nominated adviser and joint broker to the Company is owed solely to the London Stock Exchange and is not owed to the Company or the Directors or any other person. No representation or warranty, express or implied, is made by Liberum as to the contents of this announcement. No liability whatsoever is accepted by Liberum for the accuracy of any information or opinions contained in this announcement or for the omission of any material information for which it is not responsible.

GMP Securities Europe LLP ("GMP") is regulated by the Financial Services Authority and is acting exclusively for the Company (as joint broker) and for no one else in connection with the Placing and Admission. GMP will not be responsible to anyone other than the Company for providing the protections afforded to customers of GMP or for advising any other person on the contents of this announcement or the Placing and Admission. The responsibility of GMP as joint broker to the Company is owed solely to the London Stock Exchange and is not owed to the Company or the Directors or any other person. No representation or warranty, express or implied, is made by GMP as to the contents of this announcement. No liability whatsoever is accepted by GMP for the accuracy of any information or opinions contained in this announcement or for the omission of any material information for which it is not responsible.

This announcement, including information included or incorporated by reference in this announcement, may contain 'forward-looking statements'. Generally, the words 'will', 'may', 'should', 'could', 'would', 'can', 'continue', 'opportunity', 'believes', 'expects', 'intends', 'anticipates', 'estimates' or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements. London Mining assumes no obligation and does not intend to update these forward-looking statements, except as required pursuant to applicable law or regulation.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.