Nordic Mining has completed the aquisition of a majority shareholding (85%) in Gudvangen Stein AS. Payment for the shares is NOK 15 million. The seller, Nannok Invest AS will until 2020 receive an additional payment per ton sold anorthosite, limited to a total of NOK 10 million.

 

Nannok Invest owns the remaining 15% in Gudvangen Stein, and Nordic Mining has an option to acquire these shares.

 

Gudvangen Stein produces anorthosite from its own mine in Gudvangen. In 2006 the production volume was around 220,000 tons. Production and sales are increasing, and the turnover in 2006 was around NOK 20 million. Gudvangen Stein's resource base for anorthosite is estimated to 500 - 700 million tons. Nordic Mining intends to develop Gudvangen Stein based on existing and new applications for anorthosite.

 

"The acquisition of Gudvangen Stein is a strategic milestone for Nordic Mining. In addition to operating activity Gudvangen Stein has valuable competence that will contribute positively also for development of other projects in Nordic Mining", CEO Ivar S. Fossum comments.

 

For questions please contact CEO Ivar S. Fossum, telephone + 47 - 22 94 77 90.

 

Oslo, 31 May 2007
Nordic Mining ASA