|By Marketwired .||
|June 19, 2014 10:27 AM EDT||
LUXEMBOURG, LUXEMBOURG -- (Marketwired) -- 06/19/14 -- Northland Resources S.A. (OSE: NAUR)(FRANKFURT: NPK)(OMX: NAURo) - together with its subsidiaries "Northland", "NRSA" or the "Company") announces that on June 17 the Board of Directors of Northland Resources S.A. appointed Peter Pernlof as a board member. Mr. Pernlof will replace Elisabeth Nilsson.
"Elisabeth Nilsson has been a valued member of Northland's board of directors since our appointment last summer. We thank her for her contributions, and we wish her all the best in the future," commented Olav Fjell, chairman of the board.
Ms. Nilsson will be replaced by Peter Pernlof, who most recently comes from the position as acting CEO of Northland. Mr. Pernlof will contribute over 40 years of experience from managerial positions in Sweden and internationally, including at Boliden AB.
"Northland's board will gain a board member with long and valuable experience from Northland as well as other companies in Swedish and international base industry. We are happy to welcome him to the board," said Olav Fjell.
"I am glad to remain at Northland, and look forward to continue working for the development of the company from this new position," commented Peter Pernlof.
The appointment is subject to final approval by the shareholders meeting.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company has also finalized a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland.
This announcement may include "forward-looking" information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland's actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland's results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
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