Northland Files Exploitation Concession Application and Environmental Impact Assessment Programme for Hannukainen Project
(Thomson Reuters ONE) -
Luxembourg, January 3, 2011 Northland Resources S.A. (TSX: NAU, OSE: NAUR,
Frankfurt: NPK - "Northland" or "the Company") is pleased to announce that on
December 20, 2010, the Company submitted an Exploitation (Mining) Concession
application to the Finnish Ministry of Employment and the Economy for the
Hannukainen iron Oxide-Copper-Gold ("IOCG") project.
The area applied for in the Exploitation Concession covers approximately 5,400
hectares. Northland management have applied the same rigour as they used when
the exploitation concession was requested for the Tapuli and Sahavaara mines.
The exploitation concession application is a critical step in obtaining the
right to mine.
At the same time, the Company started the Environmental Impact Assessment
("EIA") process for the Hannukainen project by submitting the EIA programme to
the Finnish Centre for Economic Development, Transport and the Environment on
December 22, 2010. The objective of the EIA process is to ensure that the
environmental and social aspects of the project are thoroughly assessed and that
information on the potential impact is made available so that they can be taken
into consideration during project planning and decision making. In addition,
throughout the process, interested and affected local stakeholders will be
provided with relevant information on the project, and they will have the
opportunity to participate by providing feedback.
Northland expects to complete a Definitive Feasibility Study ("DFS") for the
Hannukainen IOCG project during 2011. The EIA process will be undertaken in
parallel and in close cooperation with the preparation of the Hannukainen DFS.
In May 2010, Northland released the results of a Preliminary Economic Assessment
for Hannukainen that found the project technically feasible and financially
positive. The results included a NPV of 471 MUSD and IRR of 32.5% based on a
long-term prices of USD 1.10/dtmu Fe, USD 2.20/pound copper and USD 850/ounce
gold. The project has a very competitive OPEX of USD 26.36 per tonne for the
first ten years. With production capacity of 2 million tonnes per annum,
production is scheduled to begin in 2014/2015.
"Karl-Axel Waplan"
President & CEO
- and -
"Jukka Jokela"
Vice President - Finnish Operations
Northland is a development-stage mining company with a portfolio of iron
projects in northern Sweden and Finland. Northland's Kaunisvaara Project
contemplates the staged development of magnetite iron ore deposits that would
provide feed to a single, multi-line processing facility in Sweden, producing a
high-grade, high-quality magnetite iron concentrate. The results of the
Feasibility Study on the Kaunisvaara Project were released September 27, 2010.
For more information, please contact:
Northland
Karl-Axel Waplan, President and CEO: +46 705 104 239
Anders Hvide, Executive Chairman: +47 92 88 98 58
Eva Kaijser, Chief Financial Officer: +46 70 932 09 01
Marguerite Manshreck-Head, Investors Relations, Canada: + 1 647 224 7882
Or visit our website: www.northland.eu
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Northland Resources S.A. via Thomson Reuters ONE
[HUG#1476618]
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Datum: 03.01.2011 - 09:11 Uhr
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News-ID 50169
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