TORONTO, ONTARIO -- (MARKET WIRE) -- 06/28/2006 -- LionOre Mining International Ltd. ("LionOre") (TSX: LIM)(LSE: LOR)(ASX: LIM)(BSE: LIONORE) is pleased to report the successful restructuring of the LionOre Australia Pty Ltd ("LionOre Australia") A$150.0 million ($110.1 million) credit facility previously announced on September 13, 2005. The credit facility is provided by an international banking syndicate led by Australia and New Zealand Banking Group Limited and includes the Bank of Scotland International and BNP Paribas.

The original credit facility principal repayment schedule required the repayment of A$100.0 million ($73.4 million) during 2006, including A$75.0 million ($55.1 million) at June 30, 2006, and A$25 million ($18.4 million) at December 31, 2006.

The restructured facility provides a revised principal repayment schedule requiring quarterly repayments commencing in March 2007 and concluding in December 2008. This schedule more accurately reflects the timing of cash flows anticipated to be generated by LionOre Australia's current expansion projects. The other terms, conditions, and fees of the new facility correspond in most material respects to the prior facility.

In addition to the restructured credit facility, LionOre Australia has secured an A$30 million ($22.0 million) short-term working capital facility to meet short term working capital demands in Australia during 2006.

For further information, please visit www.lionore.com.

Forward-Looking Statements

Certain statements contained herein are forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: exploration, development and operating risks, uninsurable risks, ore reserve and resource estimates, additional funding requirements, foreign countries and regulatory requirements, and environmental regulation and liability. For further information concerning certain such factors, see the Company's most recent annual information form filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com. The Company disclaims any intent or obligation to update any forward-looking statements. Investors are cautioned that forward looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.