MANDATORY NOTICE OF TRADE
December 23, 2010 The following insider of Northland Resources S.A. (the "Company") has been granted incentive stock options in the Company, exercisable for five years, at an exercise price of CAD 3.27. The exercise price was based on the average 10 day closing price of the Company's shares on the Toronto Stock Exchange, plus a 25% premium.
| Name | Options Granted | Total Options Held | Shares Held, Directly and Indirectly |
| Peter Pernlöf, Vice President - Procurement and Energy | 300 000 | 300 000 | 0 |
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)