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Management at Northland had hoped that the PEA could have been published during the summer, but due to the existing economic climate, vendors and engineering companies have been asked to provide more detailed quotations for services and equipment that reflect the current world financial environment. Management believes that the time required to receive updated quotes warrants the slight delay in publication of the PEA.
The Kaunisvaara Project consists of three iron ore projects: Tapuli, Stora Sahavaara and Pellivuoma. In light of the economic climate and promising drilling, metallurgical and engineering results, management decided to fast-track the Kaunisvaara Project, mainly because of its expected low capital and operating costs, and because its production capacity fits the existing infrastructure.
The PEA is one step in the engineering design process that outlines the key design parameters and costs for the projects. A full Bankable Feasibility Study (BFS), which provides a detailed engineering plan for construction of the mines, is a likely next step and a complex undertaking. The PEA findings will provide important input to the BFS.
FOR MORE INFORMATION, CONTACT:
Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58 Deborah Craig, Vice President, Northland Resources AB, Stockholm: Tel. +46 70 638 4300
Northland Resources Inc. in brief
Northland is preparing to supply iron, copper and gold to Europe's metal-hungry markets. In Sweden and Finland, Northland controls one of the continent's last major undeveloped iron ore provinces. Iron ore is essential to steel fabrication, a key element of European heavy industry.
Visit our website: www.northlandresourcesinc.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
SOURCE: Northland Resources Inc.
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