LUXEMBOURG, LUXEMBOURG--(Marketwired - Dec. 20, 2013) - Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) - (together with its subsidiaries "Northland", "NRSA" or the "Company") announces that Johan Balck, 52, has been appointed CEO of the Northland group.
Johan Balck has most recently worked as CEO of Ferruform, a major production company in the Scania group, located in Luleå. Previously, Johan Balck has worked as CEO of Scania Peter LLC in St. Petersburg and as head of production at Scania AB. Johan Balck has also held leading operational positions at Electrolux and several other industrial firms in various sectors in Sweden. He holds an MSc degree in engineering.
"I'm very pleased that Johan Balck will be joining Northland, and that he has agreed to take on the task of directing the company. We will get a CEO with broad industrial and operational experience, often from demanding situations," said Olav Fjell, chairman of the board.
"It will be exciting to take on a big undertaking in a new industry. Much of my earlier experience aligns with Northland's needs, and I look forward to working towards clear goals for the continued development of the group," commented Johan Balck.
Johan Balck will assume the role of CEO no later than July 1, 2014. Peter Pernlöf, acting CEO since June 2013, turns 67 this summer and will retire.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland.
This announcement may include "forward-looking" information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland's actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland's results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.