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Nordic Mines AB: Nordic Mines announces

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. This is not a legal

PRESS RELEASE 13 August 2015

Changes at the Laiva Mine

With the aim of obtaining even more flexibility before a future re-start of
operations at the Laiva mine and for realising additional cost savings in the
short term, Nordic Mines AB (publ) ("Nordic Mines
", "the Company
" or"the Group"
) is now implementing a number of measures:

* Agreement in principle with Ab Tallqvist Infra Oy, a local mining
contracting firm, to operate the Laiva mine in the future
* Nordic Mines Oy will be extending an invitation for codetermination
negotiations with the goal of realising additional cost savings in the near
future at the Laiva mine
* Current General Manager Tom Söderman at his own request has decided to
leave his post at the end of 2015

The agreement in principle with Ab Tallqvist Infra Oy entails that the local
mining contractor will become a strategic partner of Nordic Mines and take
significantly more responsibility for the operation of the Laiva mine than it
did before. This also provides Nordic Mines with more flexibility regarding
the restart of operations at the Laiva mine, primarily in terms of staffing.
The Finnish subsidiary, Nordic Mines Oy, will invite employee representatives
to codetermination negotiations in accordance with Finnish law. The aim of
these negotiations is realise additional cost savings in the near future and
thus extend the time available to find a financing solution for the Company
and the Laiva mine. Current General Manager Tom Söderman at his own request
has also decided to leave his post at the end of 2015

Strategy and financing for Nordic Mines and the Laiva mine

The Company's lenders have expressed to the Company that they believe that the
Group is in violation of the current project financing agreement on a number
of points and has submitted a request to the Company on 10 August 2015 for a
clarification regarding the Company's financing. The Company is therefore
holding discussions with its lenders. If Nordic Mines is in significant
breach of its project financing agreement, the bank consortium is entitled to
apply for a default of the Finnish composition plan.

The Company is continuing to work on the preparation of a financing solution
which given the right conditions would make it possible to restart operations
at the Laiva mine with sufficient profitability. Such a solution could
consist of, individually or in combination, for example, share issues and/or
collaborations with strategic or financial partners, the pre-sale of gold
production and gold deliveries, the renegotiation of supplier terms and other
types of bridge financing for working capital.

Nordic Mines has engaged Evli Bank and PWC Corporate Finance Debt&Capital
Advisory as financial advisors.

For further information, please contact:

Eva Kaijser, CEO,+46 (0)70 932 09 01
Jonatan Forsberg, CFO, +46 (0)76-105 13 10

For more information about Nordic Mines, please visit

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 13 August 2015 at 8:00 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 the Nasdaq Stockholm's Small Cap
list. Also refer to

Nordic Mines announces


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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