New English version: correction in translation The Laiva mine produced 130 kilos of gold Q1, 2012

During the first quarter 2012 a total of 130 kilos of gold was produced at the Laiva mine. More than half of this, 68 kilos, was produced in March. However, as this is still less than predicted, the Board has decided to strengthen the liquidity of the company primarily through further forward sales of gold. During the first two months of the year, an average of 1 kilo of gold was produced per day...

During the first quarter 2012 a total of 130 kilos of gold was produced at the Laiva mine. More than half of this, 68 kilos, was produced in March. However, as this is still less than predicted, the Board has decided to strengthen the liquidity of the company primarily through further forward sales of gold.

During the first two months of the year, an average of 1 kilo of gold was produced per day. At the end of February, the high-grade leach circuit was taken into operation and after this the production has increased.

At the end of March, the production level was around 3 kilos of gold per day - compared to the planned capacity of the plant of around 10 kilos per day.

- The trend is positive and we are now working intensely on reach a production level that corresponds with our long-term production goal, says Michael Nilsson, CEO of Nordic Mines.

According to existing project loan agreements with the bank syndicate Standard Bank, UniCredit Bank and Finnvera, the company has paid MEUR 6.3 in amortization and MEUR 1.0 in interest as of March 30. As the gold price was higher than the price of the existing sales contract, the company also had to pay the difference of MEUR 2.5 in accordance with the loan agreement.

As a consequence of these payments, a major part of the net liquidity from the recent share issue has been used.

The present production level generates around MSEK 30 per month of income and the Board estimates that the production will continue to increase successively. Despite this, the Board estimates that the liquidity of the company has to be strengthened, primarily through further forward sales of gold.

For further information contact:

Michael Nilsson, CEO of Nordic Mines, phone. +46 18 84 345 01

 

Nordic Mines is a Nordic mining and exploration company whose goal is to be one of the leading gold producers in Europe and a role model in respecting the environment. In 2011, the company started mining gold in Laiva, Finland. These gold deposits are among the largest in the Nordic region. Exploration is also in progress in other areas of Finland and Sweden. Nordic Mines has 86 employees and its head office is in Uppsala. The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in Stockholm. For more information, go to nordicmines.se

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