Necessary permits granted for gold project in Laiva. Continued exploration shows
further gold zones. Share issue beginning of 2010 over subscribed
* Investments were made with Tkr 48 448 (Tkr 67 310)
* Earnings after financial entries amounted to Tkr -11 686 (Tkr -139)
In November 2009, Nordic Mines was granted environmental permission for its
planned gold mine at Laiva in Finland, one of the biggest gold deposits ever
discovered in the Nordic region. This means that the building of infrastructure
could be initiated, while the financing of the project was intensified. The
financing includes a share issue, which was carried out at the beginning of
2010.
The environmental permission from the Finnish Environmental permit authorities
was the last, decisive permission to be granted before the construction of the
Laiva site could be initiated.
As part of financing the exploitation of the Laiva deposit, Nordic Mines carried
out a share issue at the beginning of 2010. It was performed as a combined
preferential rights share issue - which was over subscribed - and a share issue
directed at a limited number of institutional and other major investors. Through
the issue, the company raised around Mkr 240, before the expenses.
The final mapping out of the Laiva deposit was reported during the first half
2009. The examination showed measured and indicated mineral resources of 14.4
million tons containing 2.2 grams gold per ton, of which 4,890,000 tons are
measured and 9,500,00 tons indicated. This corresponds to 31,800 kilos gold
(1,022,000 ounces).
During 2009, Nordic Mines conducted intense field exploration around the planned
gold mine in Laiva with the object to further expand the mineral reserves.
Results show that the gold zones continue both downwards and on the surface.
Furthermore, new gold mineralized areas have been discovered, which was reported
in a press release August 18, 2009.
The land deposit was increased during the year to 845 hectares.
Meanwhile, the gold price continued to climb during the year to the highest
levels recorded so far in EUR and SEK as well as USD, with a new all-time-high
of just over 1,200 USD/ounce in December.
- Several pieces that were crucial in order to get started in Laiva fell into
place in 2009. Now we will focus, among other things, on finalizing the bank
financing of the project, says Michael Nilsson, CEO Nordic Mines.
A short version of the full year report in English is available on Nordic Mines
web site, www.nordicmines.se.
For further information, please contact:
Michael Nilsson, Chief Executive Officer, Tel: +46 18 84 34 501 E-mail:
mille@nordicmines.se <mailto:mille@nordicmines.se>
Hannu Vehmanen, Chief Financial Officer, Tel: +46 18 84 34 504 E-mail:
hannu@nordicmines.se
Nordic Mines is a Nordic company, focusing its operation on exploring for gold.
The company has six project areas, three in Finland and three in Sweden. At the
moment, Nordic Mines is concentrating on developing the gold deposit in Laiva,
near Brahestad in central Finland. The Laiva deposit is one of the biggest gold
deposits discovered so far in the Nordic region and production start is planned
for 2010. Nordic Mines vision is to become one of the leading gold producers in
Europe as well as role model in respecting the environment. The share is traded
on the NASDAQ OMX Nordic Exchange.
[HUG#1385940]
