Rights issue approved

On 15 December 2011, the board of directors of Nordic Mining ASA ("Nordic Mining" or "the Company") resolved to conduct a rights issue, based on authorization from the general meeting, with the following main terms:

* The Company's share capital is increased with up to NOK 4,000,000 by the issuance of up to 40,000,000 new shares.

* Shareholders in the Company as per the end of 15 December (as registered in the VPS as of 20 December 2011) shall have preferential rights to subscribe for and be allotted the new shares corresponding to their pro rata shareholding in the Company. Transferable subscription rights will be issued and listed on Oslo Axess.

* 3.63675228 shares in the Company will give one (1) subscription right. One (1) subscription right gives the right to subscribe one (1) share in the rights issue. Over-subscription is allowed. Possible shares not subscribed by owners of subscription rights may be subscribed by others.

* The subscription price is NOK 0.90 per new share. Based on the closing price for Nordic Mining's share on 15 December 2011 of NOK 1.51, the subscription price implies a discount of approximately 35% compared with the theoretical share price exclusive of subscription right.

* The subscription period shall commence on 9 January 2012 and end on 23 January 2012 at 17:30 hours (CET). The subscription period is subject approval by the Financial Supervisory Authority of Norway of the prospectus prepared in connection with the rights issue. Possible delay of the start and end of the subscription period will be communicated in separate stock exchange release.

Nordic Mining's shares will trade ex. subscription rights as from and included Friday 16 December 2011 (ex. date).

"Under the current circumstances with considerable uncertainty in the finance markets a rights issue is a good solution to secure the shareholders' interests and equal rights", says CEO Ivar S. Fossum. "The commercial terms for the rights issue represent an attractive opportunity for the shareholders. The rights issue will secure a financial base for the Company for 2012 and facilitates important milestones with significant value potential".

Further information about the rights issue will be included in the prospectus currently in preparation and expected to be published on or about 6 January 2012.

The proceeds from the rights issue will be used for development of the Company's projects as well as general corporate purposes.

Nordic Mining has received positive feedback from existing large institutional shareholders related to participation in the rights issue.

First Securities AS is appointed manager and Advokatfirma Kvale DA is legal advisor for the transaction.

For further information please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.

Oslo, 16 December 2011 Nordic Mining ASA
Nordic Mining ASA


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.