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 document.

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 www.nordicmines.se.

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 www.nordicmines.se.