The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall take precedence.
PRESS RELEASE, 18 August 2016
Short term financing
Nordic Mines ("The Company") has now received a shareholder loan of USD 500 000. In addition, we are negotiating additional funding of USD 1 000 000. This will allow us to finalize testing and in parallel working towards securing larger financing during the fall which will allow the company to complete all necessary work before taking the decision to re-start the Laiva mine.
Initiation of large scale ore sorting test
The company has as part of a review of bulk mining technologies carried out a series of tests based on ore-sorting, which have given very encouraging results. The Company has a slot time during September for initiating a large scale test of around 1 200 tons to verify the earlier results. The test is expected to take around 6-8 weeks. The sorting tests is based on optical technology and is used in several mines worldwide and initial tests indicate reduced operating cost, lower cut-off grade and thus increased gold production by implementing this at the Laiva mine.
For additional information, please contact:
D. Saradhi Rajan, CEO: +44 743 271 1564
For more information about Nordic Mines, please visit; www.nordicmines.com (http://www.nordicmines.com)
The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 07.55 a.m. (CET) on August 18, 2016.
Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. Also refer to www.nordicmines.com (http://www.nordicmines.com)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic Mines AB via Globenewswire
