London Mining - Amendment of Performance condition and Share option plan

2009-11-03 08:39:01 -
London, November , 03, 2009
London Mining announces certain changes to a share award granted to
Graeme Hossie (Chief Executive and a primary insider) under the terms
of the London Mining Long-Term Incentive Plan (the "Award"  and the
"LTIP") and the terms of the London Mining plc No.2 Share Option Plan
(the "Share Option Plan").

The Remuneration Committee has approved an amendment to the terms of
a performance condition attaching to the Award granted under the
terms of the LTIP to Graeme Hossie on 13 August 2007 over 4,718,884
Ordinary Shares, which provides for vesting on 13 August 2010. The
performance condition has been amended so that, subject to continued
employment with the Company, the Award will vest on 13 March 2010, or
if earlier, on a change of control of the Company.

The amendment of the Award has not had an impact on Graeme Hossie's
interests in the Company's Ordinary Shares. These are as follows:
together with his close associates, he will continue to have options
over 3,000,000 Ordinary Shares pursuant to the Company's share option
plans, 4,718,884 Ordinary Shares pursuant to the LTIP and a
beneficial interest in 3,750,000 Ordinary Shares.

The Remuneration Committee has also approved an amendment to the
terms of the Share Option Plan to allow options to be transferred,
with the Board's prior consent.

Further details of the LTIP and the Share Option Plan are set out in
the Prospectus dated 24 September 2007 which is available on the
Company's website (www.londonmining.co.uk).


For more information, please contact:
London Mining Plc
Thomas Credland, Head of Investor Relations +44 20 7201 5000

Crux Kommunikasjon AS
Charlotte Knudsen                           +47 9756 1959

Threadneedle Communication (UK)
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.

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