Memorandum of Understanding with global energy services company
Nordic Mining has signed a Memorandum of Understanding ("MoU") with a global energy services company ("Company"). The purpose of the agreement is to investigate the possibility to develop suitable eclogite mineral products from the Engebø rutile project for use in specialty concrete applications.
Nordic Mining and the Company will cooperate to develop production process and corresponding logistics for eclogite mineral products according to the Company's requirements. Initial mineral tests have been done with good results and further mineral and material testing related to the Company's product specifications will be part of the forthcoming joint assessments.
Subject to a successful development of the Engebø project and establishment of product properties that meet the requirements of use in specialty concrete applications, the parties shall discuss terms and conditions for a supply agreement.
The cooperation agreement with the global energy services company is part of Nordic Mining's continued efforts to identify additional commercial application areas for its mineral resources at Engebø.
Nordic Mining ASA (www.nordicmining.com) is engaged in the business of exploration and production of high-end minerals and metals. Nordic Mining has a hard-rock rutile resource at Engebøfjellet in Naustdal municipality in Sogn og Fjordane in Norway, and is in the process of developing the resource with the intention to mine and produce high-grade rutile concentrate and develop application areas for various by-products. In addition, Nordic Mining has production of anorthosite in Gudvangen in Aurland municipality. Further, Nordic Mining is in the process of developing a lithium project in Finland with the intention to produce high-grade lithium carbonate.
For questions please contact CFO Lars K. Grøndahl, telephone + 47 - 901 60 941.
Oslo, 22 October 2009Nordic Mining ASA