March 22, 2010  Northland Resources S.A. has granted additional incentive stock options to purchase up to an aggregate of 3,600,000 common shares, exercisable for five years.  The option price will be based on the average 10 day closing price of the Company's shares on the Toronto Stock Exchange, beginning today, plus an additional 25%.  The following options have been granted to its Directors, Executive Officers and other Insiders:

 

Name	Options Granted	Total Options Held	Shares Held, Directly and Indirectly
Directors:
Anders Hvide	400 000	900 000	1 507 000
Birger Solberg	100 000	300 000	50 000
Buck Morrow	100 000	2 215 000	75 100
Frode Teigen	100 000	200 000	7 000 000
Stuart Pettifor	100 000	300 000	0
Tuomo Mäkelä	100 000	300 000	0
Executives:
Karl-Axel Waplan	600 000	1 000 000	14 000
Aurelian Bukatko	100 000	600 000	0
Bill Wagener	100 000	1 000 000	65 000
Paul Marsden	100 000	600 000	0
Vladimir Benes	200 000	400 000	5 000
Manfred Lindvall	300 000	400 000	0
Insiders:
Deborah Craig	25 000	175 000	5 000
Jonas Lundström	75 000	225 000	0
Patrick Foster	200 000	200 000	0
Shane Williams	250 000	300 000	0

 

An additional 750,000 options have been granted to Employees and Consultants to the Company.

 

The issued share capital of Northland is 110,637,399 shares.  There are now a total of 10,346,500 incentive stock options outstanding or 9.35% of the outstanding shares.  The total fully-diluted share capital of Northland is now 120,983,899 shares. 

 

These incentive stock options have been granted upon and subject to the terms and conditions of the Company's Stock Option Plan, as approved at the Annual General Meeting of shareholders held June 10, 2009. In accordance with good corporate governance, and in keeping with the option plans of other development stage mining companies, the Board has decided that the number of incentive stock options issued should not exceed 10% of the Company's outstanding capital.