Nordic Mining has been granted 6 mineral claims for thorium, rare earth elements (REE) and gold at Bureberget in Västerbotten county in Sweden. The mineral claims cover an area of around 540 hectares.

 

Surface samples from Bureberget indicate thorium grades above similar samples from thorium deposits in Norway. Nordic Mining will initiate work to establish an exploration program for Bureberget. The purpose is to better understand geological structures and take samples for further analysis.

 

Extensive research and development are done with the aim to utilize thorium in energy production. USA, India, Russia as well as the European Organization for Nuclear Research, CERN are advancing in tests and development. Recently, Thorium Power Ltd., a US based technology company announced successful completion of thermal-hydraulic experiments, a significant step in the validation process of thorium-based nuclear fuel designs.

 

In Norway, the Ministry of Petroleum and Energy has initiated study on use of thorium in energy production. The purpose is to establish best possible information related to possibilities and risk related to use of thorium in a long term perspective. The study, which is coordinated by the Norwegian Research Council will be completed by end 2007.

 

Thorium is currently used in pilot reactors and tests on research scale basis. Generally, and compared with uranium which is the current main nuclear fuel, thorium has certain attractive properties i.a.:
- lower decaying time which facilitates storage of nuclear waste
- not suitable for hazardous usage (bombs and similar)
- reactors not exposed to melt-down
- thorium based energy has no CO2-emissions.

 

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

 

Oslo, 15 March 2007
Nordic Mining ASA