Lincoln Mining closes private placement of $4 million

Not for distribution to United States wire services or for dissemination in the United States.

Vancouver, June 3 - CNW - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased to announce that it has closed the previously announced private placement.

The Company issued a total of 12,045,395 units at a price of $0.22 per unit ("Units") for total proceeds of $2.65 million in connection with the brokered private placement, under which Casimir Capital LP acted as agent with Bolder Investment Partners Ltd. involved as a significant member of the agent's selling group. Each Unit is comprised of one common share of the Company and one half of one non-transferable common share purchase warrant. Each whole purchase warrant entitles the holder to acquire one additional common share of the Company at a price of $0.35 per share until June 1, 2012.

Concurrent with the brokered private placement, the Company also closed a non-brokered private placement of 6,088,454 Units at the same price and having the same terms as the Units under the brokered private placement, for total proceeds of $1.33 million.

As compensation, the agent's selling group in the brokered private placement, and certain finders involved in the non-brokered private placement received an aggregate (i) cash commission of 7% of the total proceeds raised and (ii) non-transferable warrants ("Broker Warrants") to acquire common shares of the Company equal to 7% of the total number of Units sold. Each such warrant will entitle the holder to acquire one common share of the Company at a price of $0.35 per share until June 1, 2012. At the closing of the private placement, the Company issued a total of 1,142,415 Broker Warrants and paid a total of $251,269.28 in cash commissions.

All securities issued under the private placement will be subject to a four month hold period in Canada expiring on October 2, 2010, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Lincoln intends to use the net proceeds raised to advance development of its mineral properties and for general working capital purposes.

Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property in Nevada, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under its wholly-owned subsidiary Lincoln Gold US Corp., a Nevada corporation.

On behalf of Lincoln Mining Corporation

"Paul Saxton"

Paul Saxton, President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.

Neither the TSX Venture not its regulation service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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General Disclosure:

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.