Nordic Mines: The Laiva mine produced 187 kilos of gold during 1Q 2014

The company has during the quarter continued to process ore from earlier mined ore in stockpiles, which contains a lower head grade. In March it was decided to temporarily stop the production at the Laiva mine until external financing is secured.

The Gold production during the quarter was 62 kilos in January, 63 kilos in February and 63 kilos in March.

Since the filing for corporate reorganization at the beginning of July 2013, the company has temporarily ceased mining due to cost savings. During this time, the company processes ore from already mined ore at the stockpiles, which contains a lower head grade than the ore taken straight from the mine into the processing mill. The head grade was 0.6 gram gold per ton for the first quarter compared to 0.8 gram gold per ton in the fourth quarter. The lower head grade is due to a declining trend of lower head grade in the remaining stock piles that has been processed during the first quarter.

During the quarter, a few mining tests were done in the Southern pit in accordance with the new preliminary mining model, which was produced in November 2013. The target was to preliminarily evaluate the mining model as well as increase the head grade to the mill since the head grade in the stock piles is low. It is yet too early to draw any conclusions.

At the end of March it was further decided to temporarily halt the processing mill in order to stop the production. A restart of the operations at Laiva is entirely dependent of an external financing being secured.

The throughput was 371 678 tonnes for the quarter, including negative impacts from planned maintenance stops of roughly 5 days as well as reduced throughput at the end of March ahead of the planned temporary production stop at Laiva.

The availability was 87% in the first quarter compared to 84% in the fourth quarter 2013. The gold recovery was 79% in the quarter, compared to 82% in the previous quarter. The decrease in gold recovery is due to the lower head grade.

The financial results report for the first quarter will be published on April 23rd 2014.

For further information, please contact:

Thomas Cederborg, CEO, +46 708 480 521
Jonatan Forsberg, CFO, +46 761 051 310

For further information regarding Nordic Mines, please connect to www.nordicmines.com

The information above has been made public in accordance with the Securities Market Act and/or Financial Instruments Trading Act. The information was published at 08.00 (CET) on April 10, 2014.

Nordic Mines is a Nordic mining and exploration company whose vision is to be one of the leading gold producers in the Nordics and Europe and a role model in respecting the environment. The company started mining gold in the Laiva mine in Finland in summer 2011. These gold deposits are among the largest in the Nordic region. Exploration is in progress in Finland and in Sweden. Nordic Mines was established 2005 and have more the 100 employees with head office in Uppsala, Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in Stockholm.