Luxemburg, May 24, 2013 – Northland Resources S.A. (OSE: NAUR, Frankfurt: NPK, First North/Nasdaq: NAURo – together with its subsidiaries, “Northland” or “the Company”) announces that Norsk Tillitsman, the (“Trustee”), acting on behalf of the bondholders of the USD 370 million senior secured bond (“the Bondholders”) has today decided to enforce on bank account pledges leaving the Company without access to its own funds.

As a consequence Northland lacks the liquidity to make any payments. The Board of Directors has therefore decided that as of today none of the companies in the Group shall order or receive any goods or services. The Company will over the weekend pursue all available options to try to find a solution for the short and long term funding.

The decision to block the bank accounts came after a meeting today between the Trustee, a few larger bondholders and their advisers where they also turned down the proposed USD 35 million short bridge facility which would have required...