Northland Resources Inc.
TSX VENTURE : NAU

Northland Resources Inc.

March 20, 2006 11:58 ET

Northland Resources Plans Financing and Listing on Oslo Stock Market

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2006) - Mr. Buck Morrow, the President of Northland Resources Inc. (TSX VENTURE:NAU), is pleased to announce that Northland has signed a Mandate Agreement with Pareto Private Equity ASA of Oslo, Norway ("Pareto") whereby Pareto will assist the Company in a share issuance and listing on the Oslo Stock Exchange during 2006.

The proposal, which is subject to regulatory approval, outlines a two step approach, with an initial funding and share issuance in April with the Company's shares trading on the Oslo OTC market. This funding will be marketed to institutional and professional investors in London and Oslo. The pricing and size of this financing will be fixed once Pareto has completed its due diligence on Northland: this is currently underway. A full listing on the Oslo Stock Exchange is planned for the third quarter of 2006.

Management anticipate that the proceeds of the placement will be used to advance the exploration and development of Northland's projects in Sweden and Finland, in particular for 1) additional resource drilling and a scoping study on Northland's Barsele gold project and the Stora Sahavaara magnetite project, both located in Sweden; 2) advancing Northland's iron-oxide-copper-gold target at Hannukainen in Finland, and 3) for work on the regional exploration portfolio of iron-oxide-copper-gold targets.

Pareto Private Equity ASA, is a part of the Pareto Group, which was founded in 1986, and is a Norwegian independent investment bank focused primarily on oil and gas, oil services and shipping. Its institutional sales focus is Scandinavia and London. Pareto recently acted as the strategic and financial advisor to Crew Gold and has raised close to US$450-million for Crew between 2003 to 2005, overseeing its development into an intermediate gold producer.

Buck Morrow, the President of Northland said: "We're delighted to be working with Pareto. Together with them we've laid the foundations for Northlands' corporate development over the coming year. Recent investor relations work by management in Sweden and Norway has identified a strong interest in the Company, particularly in the iron-ore prospects. Once the listing in Oslo is complete investors in northern Europe will have a more convenient exchange on which to trade in shares of the Company."

Background

Northland Resources Inc. is a well-structured, debt free junior exploration company with a portfolio of high quality iron, gold, and base metal exploration projects in Sweden and Finland.

ON BEHALF OF THE BOARD

Buck Morrow, President

NORTHLAND RESOURCES INC.


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