Subsequent Offering over-subscribed

Reference is made to press release dated 5 March 2010. Nordic Mining has during the period between 8 March 2010 and 22 March 2010 17:30 CET conducted a subsequent offering of up to 10,000,000 shares at a subscription price of NOK 1.00, directed at shareholders that owned shares in Nordic Mining on 4 February 2010 and who were not invited to participate in the placement that was completed 5 February 2010. The subscription period for the subsequent issue is now concluded, and the issue was over-subscribed. The subsequent issue will raise NOK 10 million in gross proceeds.

Allotment of the shares to be issued in the subsequent offering is expected to take place at the latest by 25 March 2010. Allocation letters will be distributed immediately following the allotment by the Board of Directors. The bank accounts of the subscribers will be debited on 26 March 2010.

The new shares to be issued in the subsequent offering will not be tradable until the shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises, expected to take place on or about 8 April 2010. Following this, the new share capital of Nordic Mining will be NOK 12,547,009.10 divided on 125,470,091 shares, each with a nominal value of NOK 0.10.

The subsequent offering followed a successful private placement of 20,000,000 shares on 5 February 2010, in which Nordic Mining raised NOK 20 million in gross proceeds. For further information about the concluded private placement, please see press release dated 5 February 2010.

Both the private placement and the subsequent offering are managed by Carnegie ASA.

For further enquiries please contact CFO Lars K. Grøndahl on telephone +47 90 16 09 41.

Oslo, 23 March 2010

Nordic Mining ASA

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)