Nordic Mining and Dag Dvergsten AS have agreed that the management agreement which has been in force since the registration of Nordic Mining in May 2006, shall be terminated and replaced by a Business Service agreement. The management team of Nordic Mining consisting of CEO Ivar S. Fossum, CFO Lars K. Grøndahl and Ottar Nakken, vice president commercial, has been employed directly with Nordic Mining. Jan Sjølie, who has been member of the management team through the management agreement with Dag Dvergsten AS will no longer be permanently involved in the company.

 

Through the Business Service agreement Dag Dvergsten AS will continue its services related to offices and administrative services used by Nordic Mining, as well as strategic consulting according to specific agreement.

 

As the management agreement is terminated directly, and not according to the notice regulations in the agreement, Nordic Mining will compensate Dag Dvergsten AS with NOK 2 million.

 

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

 

Oslo, 5 July 2007
Nordic Mining ASA