IGE Nordic AB 2007 Fourth Quarter and Year-end results
Highlights during the fourth quarter 2007
• Significant new gold and copper discovery at Bidjovagge, Norway announced in October 2007.
• Board changes add experience to the IGE team. In October 2007, experienced mining industry personnel Erling Stensholt and Curt Järnfeldt joined the Board of IGE Nordic AB.
• In November 2007, IGE Nordic reported positive results from new bench scale beneficiation tests, which confirm the possibility of obtaining a very high grade nickel concentrate (26% Ni), and a conceptual study for a 15 million tonnes per year mine and mill operation at Rönnbäcken, Sweden.
• Rights issue and Initial Public Offering (IPO) concluded during December 2007 for a total amount of 88 MSEK after deduction of costs related to the IPO.
• The IGE Nordic AB share was listed on Oslo Axess Stock Exchange in December 2007.
Company Comments
Fredric Bratt, CEO of IGE Nordic comments on the achievements in 2007 and the priorities for 2008:
“In a transformational year for the company, IGE Nordic AB has been formed by spinning off the Scandinavian Projects of International Gold Exploration IGE AB on September 30, 2007. It has added experienced new management and board members, and completed a successful IPO raising over 88 MSEK at yearend. It is now listed on the Oslo Axess Stock Exchange under the ticker symbol IGENOR. We have a large and diversified portfolio of gold, nickel and copper-zinc-silver exploration projects in Sweden and Norway, which are low risk countries with a long tradition of mining. With our new team, financing and project portfolio IGE Nordic AB is well positioned to achieve its long term objective of becoming a leading exploration and mining company in the Nordic Countries, delivering value to its shareholders and the communities where it operates.”
In preparing the business plan for 2008 our aim has been to prioritize our activities and resources on the most advanced projects with the best resource potential and the highest probability of being successfully brought into profitable mine production. On the basis of currently available information, we have decided to focus on advancing Rönnbäcken and Bidjovagge to the next stage. The objective of each proposed work program is to establish through drilling and metallurgical testwork a mineral resource of sufficient size and grade to support a viable mining operation and warrant further exploration and development work.
In order not to leave other projects unattended, plans will be prepared in parallel to carry out further exploration work on less advanced projects such as Mjölkfjället and Solvik.
Other projects, which have a development potential but where we lack expertise, will be joint-ventured (e.g. uranium properties).
We will also continue to work to create strategic partnerships.
Coming reports
Ordinary shareholders meeting May 5. 2008
Interim report Jan-March, 2008 May 7, 2008
Interim report Jan-June, 2008 August 27, 2008
Interim report Jan-September, 2008 November 20, 2008
Interim report 2008 February 20, 2009
This interim report has not been the subject of special examination by the company’s auditors.
Stockholm February 25, 2008
Fredric Bratt
Chief Executive Officer
IGE Nordic AB (publ)