Nordic Mining's Interim Report per 30 September 2011
Nordic Mining ASA is pleased to present the interim report per 30 September 2011 (see enclosure). The following important events since the second quarter 2011 report are high-lighted:
- Further progress on the Engebø rutile project Consideration of the industrial area plan for Engebø including a remark from the Directorate of Fisheries, as well as the application for waste disposal, are ongoing with the Ministry of the Environment. Naustdal and Askvoll municipalities approved the industrial area plan in May 2011. The county governor of Sogn and Fjordane has recommended to the Ministry that the plan is approved. On 15 November 2011 site visit and information meeting were arranged at Engebø in connection with the Ministry's considerations.
- Positive long-term market outlook for rutile
So far this year the market price for rutile has more than doubled. The Australian analyst institution TZMI expects the rutile price to increase further in 2012 to USD 2,000 per tonne. Demand for high-grade titanium feedstock is higher than production, and new projects that could possibly increase supply will be limited for several years. In a global context the Engebø project is substantial, and the industrial interest for the project is good.
- Significant progress for production of alumina from anorthosite
Nordic Mining has together with IFE and in lab-scale produced high-grade alumina from the Gudvangen anorthosite. The test production is considered to have industrially scalable parameters. The results might be a break-through in the efforts to realize the value potential in the anorthosite. Gross production value of the alumina content of Nordic Mining's anorthosite deposit is estimated to several billion NOK.
- Tests confirm ultrapure quartz deposit
Nordic Mining has received positive results in making high purity concentrates from the Company's quartz deposit at Nesodden in Hordaland county. The results confirm the deposit as world class, and indicate potential for several high-value applications and a significant commercial value. Dialogue with interested industrial companies is ongoing.
- Exiting results from geophysical measurements in the Øksfjord area
Geophysical measuring indicates interesting mineralization in the Øksfjord area in Troms and Finnmark. Further exploration is planned with ground geophysical measuring and drilling in spring 2012.
Nordic Mining ASA
Nordic Mining ASA ("Nordic Mining" or "the Company") is a resource company with operating activity and focus on high-end industrial minerals and metals in Norway and internationally. The Company's project portfolio is of high international standard and holds a significant economic potential. Nordic Mining has rights to advanced EM-applications (electro magnetic technology) for mineral and metals exploration onshore and offshore. The Company's assets are mainly in the Nordic region.
The Company has production of anorthosite products through its subsidiary Gudvangen Stein AS ("Gudvangen Stein"). Further, Nordic Mining is undertaking large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad municipality in Hordaland county. Through its subsidiary Keliber Oy ("Keliber") in Finland, Nordic Mining plans to start mining of lithium bearing spodumene and production of lithium carbonate.
Nordic Mining is listed on Oslo Axess.
For questions please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.
Oslo, 18 November 2011
Nordic Mining ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.