Northland Resources S.A.

Northland Resources S.A.

November 13, 2013 10:00 ET

Northland Postpones its Third Quarter Results

LUXEMBOURG, LUXEMBOURG--(Marketwired - Nov. 13, 2013) - Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) (together with its subsidiaries "Northland", "NRSA" or the "Company") announces that it postpones the release of its Financial Statement and Management's Discussions and Analysis for the third quarter ending on September 30, 2013, collectively: ("Third Quarter Results") due to the complexity in valuation of certain financial instruments within the scope of IAS 32 and IAS 39. The Third Quarter Results will now be released at November 28, 2013.

The restructuring of the group which was finalized during the summer 2013 relating to the issuance of the USD 335 million first lien bond and the warrants, changes in terms and conditions on the second lien bond which became convertible into shares in Northland Resources S.A. and the trade payables reclassified as long term liabilities bearing a 4% nominal interest rate leads to technically complex accounting and valuation impact on the financial statements of the Group as at September 30, 2013. The Company and the Board has today taken the decision to postpone the Third Quarter Result to enable for further judgments and review procedures together with its auditors.

Northland will release an operational update including production figures for the third quarter on November 14, 2013, to inform the market of the latest progress at the Kaunisvaara mine site.

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 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 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.
    Eva Kaijser
    +46 709 320 901

    Northland Resources S.A.
    Petter Brunnberg
    Investor Relations
    +46 727 24 41 09