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The strategic review has been initiated by the Board of Northland in order to determine how best to realize the significant value of Northland's non-ferrous projects, through a cooperation or sale of the assets. There was been significant interest in these assets and Pareto Securities AS has been retained as financial advisors with respect to potential transactions.
Mr. Buck Morrow, President and CEO of Northland, commented, "The Board of Northland believes that the non-ferrous projects have significant value. Barsele has a NI 43-101 compliant resource estimate and a valid Exploitation (Mining) Concession, and Northland has performed extensive drilling, metallurgy, geochemical and geophysical studies on the projects over the last years. However, as Northland is very focused on developing its iron ore projects in Kaunisvaara and Hannukainen in Sweden and Finland, the Board of Northland believe that the value will be better reflected through a cooperation with, or outright sale to, an entity that can devote its resources to developing the Swedish non-ferrous assets into mining operations. Northland will evaluate proposals from mining companies with a focus on maximizing shareholder value. Northland will through these potential transactions be better able to focus its efforts on developing the Kaunisvaara and Hannukainen projects into long term mining operations in stable EU countries."
A further announcement regarding the strategic review will be made in due course.
Background on Barsele
On April 12, 2006, Northland completed a NI 43-101 compliant resource calculation for the Barsele gold project (see press release dated March 1, 2006). Using a 0.8g/t Au cut-off the resources are:
Indicated: 367,749 ounces of gold contained in 6,565,182 tonnes @ 1.74 g/t Au.
Inferred: 398,630 ounces of gold contained in 7,431,101 tonnes @ 1.67 g/t Au.
Gold mineralization at Barsele is predominantly within a granodiorite that ranges in width from 200 to 500 metres with a strike extent in excess of some 8 kilometres. The Central and Skirasen Zones have a combined strike length of 1.35 kilometres by some 250 metres wide. The Avan Zone has a strike length of 1,400 metres and a width varying from 200 to 500 metres.
Background on Norra
The Norra prospect is interpreted as a Skelleftea VMS-type precious metal-rich, base metal sulphide deposit that has subsequently been modified by metamorphism and deformation.
The footprint of the main mineralized body at Norra, based on drilling, is some 300 metres in strike length and 50 metres in width.
In June 2007, the Chief Mine Inspector of Sweden granted Exploitation (Mining) Concessions (see press release dated June 26, 2007) for the extraction of gold and silver at Barsele, including the Avan, Central and Skirasen zones, and for the extraction of gold, silver, lead and zinc at Norra. Granting of the Exploitation (Mining) Concessions, which are valid for 25 years, is subject to a standard consultation and appeals process with all interested stakeholders.
Qualified Person
Dr. Vladimir Benes, Vice-President of Exploration of Northland, is the Qualified Person as defined in National Instrument 43-101 responsible for overseeing company's exploration programs, and has verified that the information presented in this release is an accurate summary of the NI 43-101 Resource Report of April 12 2006 for the Barsele and Norra project as provided to Northland by Chlumsky, Armbrust & Meyer of Lakewood, Colorado USA.
FOR MORE INFORMATION, CONTACT:
Northland Resources Inc. Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58 Deborah Craig, Vice President, Northland Resources AB, Stockholm: Tel. +46 70 638 4300
Pareto Securities AS Kris Gram, Corporate Finance: Tel: +47 24 13 21 47/ +47 97 10 53 25 email: kris.gram@pareto.no
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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