Nordic Mining has commenced preparations for environmental impact assessment (EIA) related to the Engebøfjellet rutile (TiO2) deposit in cooperation with NIVA (Norwegian Institute for Water Research). In addition, mine planning, investigation of solutions for mineral benefication and market studies for TiO2 and titanium will be executed. A detailed work plan has been developed and various external advisors have been contracted.

 

Nordic Mining will prepare and carry out geological exploration programs for the company's deposits of tungsten and thorium in order to achieve a better understanding of the geological structures and an improved definition of resources

 

Geologists are reviewing previous reports and documentation in order to establish a platform for efficient further exploration of Nordic Mining's gold concessions in Ecuador. The plan is to start physical on-site work on the Los Santos lisences in 2007. The outcome of the process may include both farm-in and farm-out options as well as more complex and detailed geological surveying.

 

Test program for EM-technology is currently being executed in cooperation with Store Norske Spitsbergen Kulkompani AS. Nordic Mining plans to progress with testing on other minerals in 2007 and 2008.

 

In order to secure financing to step up the progress with current projects and to be prepared for opportunities resulting from ongoing discussions regarding possible cooperation and/or acquisitions, the board of directors has called an extraordinary general assembly 15 March 2007 with proposal to increase the share capital.

 

The agenda for the meeting is share capital increase in favour of private and institutional investors, a share capital increase in favour of shareholders, authorization to the board of directors to issue shares, election of a new board member and adjustment of the company's share incentive program. The summons for the extraordinary general assembly is attached and available on www.nordicmining.com.

 

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

 

Oslo, 27 February 2007
Nordic Mining ASA