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Nordic Mines AB: Changes in Nordic Mines' Management

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 3 February 2016

Nordic Mines AB (publ) ("Nordic Mines" or the Company) appoints Mr. D. Saradhi
Rajan as new CEO of the Company. Mr. Rajan will be supported by a management
team consisting of Mr. Nigel Pickett (Head, Strategy&Business Development),
Mr. Andrew Malim (Head, Laiva Mine Development), Mr. Peter Finnäs (General
Manager, Laiva) and Mr. Peter Kuiper (Development Manager, Laiva).

New members of the management team

Mr. Rajan has led the acquisition, profitable rehabilitation and growth of
mining assets around the world. Over the last 10 years he has built
successful mining operations with a focus on creating low cost high
efficiency operations, which are profitable across the commodity price cycle.

Mr. Malim was an award winning founding member of the James Capel mining team
and founder of the Lion Mining Group ("Lion Mining"). Over a 23 year period,
the Lion team developed and successfully exited several significant gold
projects in western Canada, the US, and copper in Mexico and Africa. Mr.
Malim specialises in mining and geologic structural analysis.

Mr. Pickett is a mechanical and production engineering specialist. He has
worked on several technical and business performance improvement projects
including the redevelopment of process plants.

Mr. Finnäs and Mr. Kuiper will continue to be an integral part of the
management team.

Strategy going forward

The Company will now focus on: initiating an exit from the composition plan,
planning and preparing for the Laiva mine to operate as a globally
competitive operation and reiterate investors confidence in Nordic Mines as
an investment case.

Recent work supports the strategy to couple Laiva's promising geology with
careful grade focussed mining, intelligent use of processing technology and
an intense focus on cost metrics in order to reduce cash costs to globally
competitive levels and targeting volumes allowing the mill to operate at full
capacity. The aim is further to create a business operation, which is
profitable across the commodity price cycle.

The Majority owner Lau Su Holding AB has announced to the Board of Directors
that they are strongly committed to fulfil the new management's funding needs
for the Company.

Given the Company's focus on operational costs and efficiencies, the intent is
to move the management closer to the Laiva mine site. This will help in
orchestrating the core management's focus on developing the property in close
coordination with the operational team on-site.

Outgoing management

The current CEO of Nordic Mines Mrs. Eva Kaijser and the Company's CFO Mr.
Jonatan Forsberg has chosen to leave their respective positions in Nordic
Mines at latest by the end of February 2016. They will thereafter continue as
senior advisors for the Company.

Mrs. Eva Kaijser was appointed CEO of Nordic Mines in May 2015. During her
time as CEO Mrs. Kaijser has managed Nordic Mines through a complex
refinancing process where the Company now has regained full control over
previously pledged asset thus enabling the new management off Nordic Mines to
develop the Company and the Laiva project to its full potential.

Mr. Jonatan Forsberg was appointed CFO of Nordic Mines in March 2014. During
his time as CFO the Nordic Mines Group has completed a financial
reconstruction through two complex transaction processes in 2014 and 2015. In
total, gross financial debt of more than half a billion Swedish kronor has
been removed from the Company's balance sheet and 250 million Swedish kronor
have been raised as equity capital to strengthen the balance sheet further.

Stockholm, 3 February 2016
Nordic Mines AB (publ)

For further information, please contact:

D. Saradhi Rajan, +44 743 271 1564
Eva Kaijser, CEO, +46 70 932 09 01
Jonatan Forsberg, CFO, +46 76 105 13 10

The information presented above has been disclosed pursuant to the Securities
Markets Act and/or the Financial Instruments Trading Act. The information was
published on 3 February 2016 at 08:00 a.m.

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

Press release (PDF)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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


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