NORTHLAND REORGANIZES SENIOR EXECUTIVES IN RESPONSE TO IMPROVED
MARKET CONDITIONS
(Thomson Reuters ONE) - October 13, 2009 In response to better than expected ironconcentrate market conditions, Northland Resources Inc. (Northland)has reorganized its senior management to expedite the development ofits key projects in Sweden and Finland.Northland recently announced the results of a positive PEA on itsKaunisvaara Iron Concentrate Project located in northern Sweden,which is now the subject of a Definitive Feasibility Study (DFS) tobe completed mid-2010. The DFS contemplates the production of up to5 Mtpa of a high-grade, high-quality magnetite iron concentrate.Northland is in dialogue with international project finance banks, aswell as prospective customers for its iron concentrate. Effectiveimmediately, Karl-Axel Waplan will assume the position of ExecutiveVice President of Northland Resources Inc., and Managing Director ofNorthland's Swedish subsidiary, Northland Resources AB, and will beresponsible for all operational and development activities inSweden. This includes all responsibilities related to theKaunisvaara Project, including negotiations with partners on rail,ports as well as landowners and authorities in Sweden and Finland.William S. Wagener will assume the position of Executive VicePresident of Northland Resources Inc. with the mandate of developingNorthland's Finnish assets. Our goal in Finland is to evaluate thepotential of our Hannukainen and Kuervitikko iron-copper-goldprojects, with respect to the production of iron concentrate or otherdownstream products. Hannukainen currently has measured andindicated resources of 82.6 Mt grading 34.6% Fe, .20% Cu and .09 g/tAu and inferred resources of 81.63 Mt grading 35.7% Fe, 0.13% Cu and.04 g/t Au, at a 15% cut-off (NI 43-101 compliant). Exploration atthe nearby Kuervitikko project has returned promising results, andHannukainen and Kuervitikko have the potential to be developedtogether.Manfred Lindvall will assume the position of Vice President,Environment, Health and Safety for Northland Resources Inc. and willhave oversight into the permitting of Northland's projects in bothSweden and Finland.FOR MORE INFORMATION, CONTACT:Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58Deborah Craig, Vice President, Northland Resources AB, Stockholm:Tel. +46 70 638 4300This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.10.2009 - 11:21 Uhr
Sprache: Deutsch
News-ID 6849
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