On 19 June 2008, the General Meeting of Nordic Mining resolved an incentive programme for leading employees and qualified resource persons. The board of directors was authorised to award options that in total gives the right to subscribe for up to 4.5 million new shares in Nordic Mining. For persons comprised by the former, now terminated, option programme, and that will get their options extended, the subscription price will remain the same, i.e. NOK 2.625 or NOK 3.15 per share. The subscription price for options awarded to employees and resource persons not comprised by the former option programme, and expansion of option programme for persons granted extension of the previous option programme, shall be equal to the share price in Nordic Mining's share issue in May 2008, i.e. NOK 1.50 per share, plus 6,67% which equals NOK 1.60 per share.

 

Today, a total of 3 090 000 options have been awarded to leading employees and resource persons. Further information of agreements and conditions is given in attachment to this press release. 

 

The following primary insiders in Nordic Mining have been awarded options:

 

Ivar S. Fossum, CEO, has option to buy in total 900 000 shares in Nordic Mining; 450 000 shares at a price of NOK 2.625 per share, and 450 000 shares at a price of NOK 1.60 per share. Fossum owns 502 172 shares in Nordic Mining in addition to the aforesaid options.

 

Lars K. Grøndahl, CFO, has option to buy in total 550 000 shares in Nordic Mining; 275 000 shares at a price of NOK 2.625 per share, and 275 000 shares at a price of NOK 1.60 per share. Grøndahl owns 1 867 000 shares in Nordic Mining in addition to the aforesaid options.

 

Ottar Nakken, VP Commercial, has option to buy in total 550 000 shares in Nordic Mining; 60 000 shares at a price of NOK 2.625 per share, 215 000 shares at a price of NOK 3.15 per share, and 275 000 shares at a price of NOK 1.60 per share. Nakken owns 765 000 shares in Nordic Mining in addition to the aforesaid options.

 

Paul I. Norkyn, VP Mining operations, has option to buy 275 000 shares in Nordic Mining at a price of NOK 1.60 per share. Norkyn does not own shares in Nordic Mining.

 

Mona Schanche, Geologist, has option to buy 150 000 shares in Nordic Mining at a price of NOK 1.60 per share. Schanche does not own shares in Nordic Mining.

 

 

One option can be converted into one share in Nordic Mining ASA. All options are fully vested on award and valid to 19 June 2010.

 

For questions please contact CFO Lars K. Grøndahl, telephone +47 - 901 60 941.

 

 

Oslo, 13 August 2008