Communique from EGM of Dannemora Mineral

COMMUNIQUE FROM EGM OF DANNEMORA MINERAL

At an extraordinary general meeting held on Wednesday 17 March 2010, Dannemora Mineral decided to grant the Board a mandate to issue new shares. This will allow the Company to bring forward certain time-critical investments - in particular transport ramps and mine exploration. The company  has initiated discussions with representatives of the Oslo Stock Exchange regarding listing the Company's B share.

The reason for proposing an option to derogate from preferential rights for shareholders (private placement) is to give the Board flexibility to exploit the keen interest new investor groups are showing in investing capital in iron-ore mining companies such as Dannemora Mineral.

The Board's mandate
The extraordinary general meeting decided to grant the Board a mandate to issue up to 4 million new class B shares on one or more occasions before the next annual general meeting, with or without preferential rights for shareholders. The aim of the mandate is to raise capital for the Company's continuing development of the Dannemora iron ore mine.

The communique can be downloaded from the link below: