NORTHLAND REORGANIZES SENIOR EXECUTIVES IN RESPONSE TO IMPROVED MARKET CONDITIONS
October 13, 2009 In response to better than expected iron concentrate market conditions, Northland Resources Inc. (Northland) has reorganized its senior management to expedite the development of its key projects in Sweden and Finland.
Northland recently announced the results of a positive PEA on its Kaunisvaara Iron Concentrate Project located in northern Sweden, which is now the subject of a Definitive Feasibility Study (DFS) to be completed mid-2010. The DFS contemplates the production of up to 5 Mtpa of a high-grade, high-quality magnetite iron concentrate. Northland is in dialogue with international project finance banks, as well as prospective customers for its iron concentrate. Effective immediately, Karl-Axel Waplan will assume the position of Executive Vice President of Northland Resources Inc., and Managing Director of Northland's Swedish subsidiary, Northland Resources AB, and will be responsible for all operational and development activities in Sweden. This includes all responsibilities related to the Kaunisvaara Project, including negotiations with partners on rail, ports as well as landowners and authorities in Sweden and Finland.
William S. Wagener will assume the position of Executive Vice President of Northland Resources Inc. with the mandate of developing Northland's Finnish assets. Our goal in Finland is to evaluate the potential of our Hannukainen and Kuervitikko iron-copper-gold projects, with respect to the production of iron concentrate or other downstream products. Hannukainen currently has measured and indicated resources of 82.6 Mt grading 34.6% Fe, .20% Cu and .09 g/t Au and inferred resources of 81.63 Mt grading 35.7% Fe, 0.13% Cu and .04 g/t Au, at a 15% cut-off (NI 43-101 compliant). Exploration at the nearby Kuervitikko project has returned promising results, and Hannukainen and Kuervitikko have the potential to be developed together.
Manfred Lindvall will assume the position of Vice President, Environment, Health and Safety for Northland Resources Inc. and will have oversight into the permitting of Northland's projects in both Sweden and Finland.
FOR MORE INFORMATION, CONTACT:
Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58Deborah Craig, Vice President, Northland Resources AB, Stockholm: Tel. +46 70 638 4300