SHARE CAPITAL CHANGES

November 30, 2010  Northland Resources S.A. reports that during November 2010, 90,000 shares were issued with respect to option exercises.  There are now a total of 111,248,899 shares issued and outstanding.  There are 9,985,000 incentive stock options outstanding.  The total fully diluted share capital is 121,233,899 shares.  On November 24, 2010, the Company announced the successful equity offering of 113 million common shares at NOK 13.50/CAD 2.27 per share.  Completion of the offering is expected to take place during the week of December 6, 2010.