Successful private placement in Nordic Mining ASA

Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce the successful completion of a private placement of 20,000,000 shares directed towards large existing shareholders and selected Norwegian and international institutional investors (the "Private Placement"). The Private Placement, which represents a share capital increase of approximately 20.9 per cent, was conducted after the close of Oslo Stock Exchange on Thursday 4 February 2010. The price in the bookbuilding was set at NOK 1.00 per share, resulting in gross proceeds of NOK 20,000,000. The net proceeds from the Private Placement will be used for the development of the Engebø, Keliber and Gudvangen projects.

The private placement was managed by Carnegie ASA.

CFO Lars K. Grøndahl of Nordic Mining commented: "We are pleased to have completed this issue which will strengthen our financial capabilities in the current phase of important development activities for the Company. In addition our objective to attract high quality investors for the issue has been fully reached."

The share capital increase was resolved by the Board of Directors following a resolution by the Annual General Meeting held 15 June 2009. The share capital of Nordic Mining will be increased by NOK 2,000,000 by the issue of 20,000,000 new shares. Following the completion of the Private Placement Nordic Mining's share capital will be NOK 11,547,009.10, consisting of 115,470,091 shares with a nominal value of NOK 0.10 per share. The new shares will be entitled to dividend from the time the share capital increase is registered with the Norwegian Register of Business Enterprises.

The subscribers in the Private Placement will partly receive new shares in Nordic Mining expected to be listed on Oslo Axess on or about 10 February 2010 (the "Tranche 1 shares"), and partly new shares which will not be tradable before the publication of a listing prospectus (the "Tranche 2 shares"). The Tranche 2 shares will be issued with a temporary ISIN number in VPS and will not be tradable on the stock exchange prior to the publication of a listing prospectus which is expected to take place on or about 1 March 2010. The split between Tranche 1 shares and Tranche 2 shares delivered to each subscriber will be approximately 48% Tranche 1 shares and 52% Tranche 2 shares. 

The Board of Directors will summon an Extraordinary General Meeting to be held on or about 1 March 2010 to resolve a subsequent share issue towards the shareholders in Nordic Mining as of close of the Oslo Axess on 4 February 2010 who were not invited to participate in the Private Placement. The shareholders will, pursuant to the proposal, be entitled to subscribe up to a total of 10,000,000 new shares at a subscription price of NOK 1.00 per share (total gross proceeds up to NOK 10,000,000).

The shares of Nordic Mining will be traded ex the right to participate in the subsequent issue as from today, 5 February 2010.

The Company will prepare a prospectus which will be filed with the Oslo Stock Exchange.

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

Oslo, 5 February 2010

Nordic Mining ASA