Northland Resources S.A.

Northland Resources S.A.

June 10, 2013 04:26 ET

Northland Announces New Boards of Directors in Subsidiaries

LUXEMBURG, LUXEMBURG--(Marketwired - June 10, 2013) - Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) - (together with its subsidiaries, "Northland", "NRSA" or "the Company") announces that new board members of its Swedish and Norwegian subsidiaries have been appointed to reflect the nominated board of the listed company, NRSA.

The Company announced in a press release issued on May 31, 2013, that new Directors of the board of NRSA were nominated to be elected at the Extra General Meeting to be held on June 28. All nominated Directors will be invited and accepted as observer members at each NRSA board meeting until these nominated members are appointed by the shareholders.

To facilitate the transition, the current board of NRSA has agreed to make its best effort, within all relevant legal framework, to vote in favor of and act in accordance with the advice put forward by the board members nominated. Such a step is to align the boards of all Swedish and Norwegian wholly-owned subsidiaries, directly or indirectly held by NRSA, including Northland Sweden AB, Northland Resources AB, Northland Exploration Sweden AB, Northland Logistics AB and Northland Logistic AS. As of June 7, 2013, the boards of these companies are set up as follows: Mr. Olav Fjell (Chair), Ms. Elisabeth Nilsson, Mr. Olli Vaartimo, Mr. Lars Stefan Månsson, Ms. Sissel Danielsen, Mr. Leif Chr. Salomonsen and Mr. Runar Nilsen. Further details of each nominated director are available in the press release dated May 31, 2013.

"Karl-Axel Waplan"
President & CEO, Northland Resources S.A.

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 produces high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company will 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 and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant.

Forward-Looking Information

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 ability to meet its continuous disclosure and MCTO obligations, the likelihood of Northland rectify its default under Canadian Securities laws, 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.

Contact Information

  • Northland Resources S.A.
    Karl-Axel Waplan
    President and CEO
    +46 705 104 239

    Northland Resources S.A.
    Eva Kaijser
    +46 709 320 901

    Northland Resources S.A.
    Petter Brunnberg
    Investor Relations
    +46 727 244 109