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Nordic Mines AB: NORDIC MINES AB (publ) Interim report first quarter 2016

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.

First quarter of 2016

* Net sales were nil (SEK 0.0 million) during the first quarter of 2016, as
the Laiva mine continued to operate on a care and maintenance basis only.
* The Company reported an operating loss of SEK -13.3 million (SEK -26.3
* Result after tax for the period amounted to SEK -13.4 million (SEK -29.2
million), corresponding to SEK -0.06 (SEK -0.54) per share.
* Cash and cash equivalents were SEK 14.8 million at the end of the period
(SEK 32.6 million, 31 December 2015).
* Equity was SEK 512.0 million (SEK 524.9 million, 31 December 2015) at the
end of the period.
* The Company currently does not have sufficient funds to cover its needs for
the next six months starting from the date of this report and will need to
raise additional funding to provide sufficient headroom to meet the
operating costs for the next six months and put the Laiva mine back into
* On January 5, 2016, the Company's new Majority Owner presented a proposal
for a new Board of Directors ("Board") for Nordic Mines AB (publ) ("Nordic
Mines" or the "Company"), which was duly elected at an Extraordinary
General Meeting held on January 7, 2016.
* On January 13, 2016, the Swedish Securities Council issued a statement in
regards to Nordic Mines. SeeStatement by the Swedish Securities Council
with respect to Nordic Mines .
* On February 3, 2016, the Company announced a new management team. Mr. D.
Saradhi Rajan was appointed CEO of the Company. Mr. Nigel Pickett and Mr.
Andrew Malim became members of the Company's management team, while Mrs.
Eva Kaijser and Mr. Jonatan Forsberg left their respective positions.

For further information, please contact:

D. Saradhi Rajan, +44 743 271 1564

For more information about Nordic Mines, please

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 08.00 a.m. (CET) on 12 May 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

NORDIC MINES AB (publ) Interim report first quarter 2016


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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