Northland Resources Inc.
TSX VENTURE : NAU
FRANKFURT : NBS

Northland Resources Inc.

October 23, 2006 09:15 ET

Northland Resources Starts Trading on Oslo Bors, Norway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Mr. Buck Morrow, President of Northland Resources Inc. ("Northland") (TSX VENTURE:NAU)(FWB:NBS)(NOTC:NAUR), is pleased to announce that, effective today, the Company's shares are trading on the SMB list of the Oslo Stock Exchange (Oslo Bors) in Norway, under the ticker symbol NAUR. The minimum lot size of Northland's shares is 1,000 and the ISIN Code is CA6665271061.

As of today, all shares of Northland that have been trading on the Norwegian OTC list will now trade on the Oslo Bors.

Over the last 6 months, Northland has raised approximately C$47-million (approximately NOK292-million) via the sale of 41.23-million shares (see Northland News Releases dated May 3, 2006 and October 11, 2006). Pareto Private Equity acted as the lead agent in selling the offerings. The proceeds from both offerings will be used to advance the exploration and development of Northland's projects in Sweden and Finland.

Together with the financings, the listing on the Oslo Bors completes the corporate side of Northland's business development strategy for 2006. The Company now has sufficient cash in its treasury to advance its projects over the coming 2 to 3 years and has provided its shareholders with access to liquid markets in North America and Europe.

Buck Morrow, the President of Northland, said, "Today's listing completes what we set out to accomplish for this year with Pareto, our Oslo-based advisors. I'd like to thank everyone involved for their hard work and efforts in bringing us on to the Oslo Bors. My job, as President of the Company, is now to focus on unlocking the tremendous potential value in our projects for our shareholders and I am looking forward to providing the market with regular progress updates on our work programs as we move towards 2007."

Background

Northland is a well-financed, debt-free Vancouver-based junior, listed on the TSX-Venture Exchange and the Oslo Bors, focused on exploring and developing its portfolio of copper, gold and iron projects in Sweden and Finland. The Company aims to establish itself as a mining company with iron, copper and gold production on the doorstep of the major industrial manufacturing regions of Europe. Infrastructure in Northland's project areas is excellent with a rail head to the middle of its main project area straddling the Finland/Sweden border.

The Company's key projects are:

- The Hannukainen copper-gold-iron project in northern Finland. Northland recently released the results from 13 drill holes at Hannukainen (see press release dated September 13, 2006) and is currently drilling additional holes and re-assaying historic drill core stored in the Finnish government core archives. A NI43-101 compliant resource estimate is expected in the first half of next year. Historically, Hannukainen produced 4.6-million tonnes of ore at a grade of 1g/t Au + 0.9% Cu + 43% Fe.

- The Stora Sahavaara iron-copper project on northern Sweden. Northland published the first NI43-101 compliant resource for Stora Sahavaara in Q2 2006 (see Northland News Release dated May 18, 2006). Drilling of large diameter core samples for metallurgical test work is currently underway and Northland has contracted Corus Consulting to plan and supervise the test work (see Northland News Release dated June 29, 2006).

- The Barsele gold project in central Sweden. Northland has been steadily expanding the gold resource at Barsele and published its most recent update in March 2006 (see Northland News Release dated March 1, 2006). A drill rig is currently on site at Barsele. Northland hopes through the current drilling to expand to resources to approximately 20-22Mt of ore grading between 1.5 to 1.7g/t Au.

- An extensive portfolio of early stage Cu-Au targets in northern Sweden and Finland, of which the Palotieva Cu-Au target is just one example (see Northland news release dated June 26, 2006.)

Other News

Since the start of August 2006, 497,175 share purchase warrants have been exercised for proceeds of $298,287.

Qualified Person

Vance V. Thornsberry, P.Geol., Vice President of Exploration for Northland Resources, is the Qualified Person as defined in NI43-101, responsible for overseeing the design and execution of Northland's exploration programs in Sweden and Finland and verifying that the results presented in this news release are an accurate summary of the project results.

ON BEHALF OF THE BOARD

Buck Morrow, NORTHLAND RESOURCES INC.


The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.

Contact Information

  • Northland Resources Inc.
    Buck Morrow
    President
    Toll Free: 1-866-719-8962
    or
    Northland Resources Inc.
    Ralph Rushton
    Investor Relations
    Toll Free: 1-866-719-8962
    Website: www.northlandresourcesinc.com