|By Marketwired .||
|August 18, 2014 11:19 AM EDT||
LUXEMBOURG, LUXEMBOURG -- (Marketwired) -- 08/18/14 -- Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) (together with its subsidiaries "Northland", "NRSA" or the "Company") announces changes to the executive management team (the "Management Team").
Northland is making organizational changes as a part of the Company's new strategy, announced on June 30, 2014. The changes include a new organizational structure and a reduction in the size of the Management Team. The Management Team will consist of four positions, besides the Chief Executive Officer (CEO), from September 1, 2014.
"The new organizational structure further reinforces Northland's focus on production. Through having supporting functions on site in Kaunisvaara, we improve efficiency and enable the production team to focus on the important goals of optimization and increasing production levels. With this setup, we will also be well prepared to finalize the second processing line and increase production when iron ore price improves. The management team will be reduced in size, but existing expertise will be retained within the company," said CEO, Johan Balck.
The following positions will be included in the Management Team:
-- Chief Financial Officer (CFO) - Johan Dagertun, currently holding the position as Vice President Financing and Business Control, will assume the role as CFO. -- Chief Administrative Officer (CAO) - Tomas Gustafsson, currently holding the position as Project Manager, will assume the role as CAO. -- Chief Operating Officer (COO) - Johan Balck, in addition to his current position as CEO, will assume the role as acting COO. -- Chief Technical Officer (CTO) - To be appointed.
The following members of the existing Management Team will continue within the Company:
-- Hans Andersson, currently holding the position as General Manager Production, will assume the role as Mine Manager. -- Hans Nilsson, currently holding the position as Vice President Marketing and Logistics, will assume the role as Director of Marketing & Sales. -- Jari Vaisanen, will continue as Vice President Finnish Operations. Northland is looking over strategic options for Hannukainen, hence will Jari's role change. -- Klas Olsson, currently holding the position as Vice President Procurement, will assume the role as Manager of Procurement. -- Krister Winsa, currently holding the position as Vice President Accounting and Tax, will assume the role as Manager of Accounting & Tax. -- Manfred Lindvall, currently holding the position as Vice President Exploration, Technology and Energy, will assume the role as Director of Exploration and Senior Advisor.
Furthermore, Pia Vennerberg currently holding the position as Project Manager Pellivuoma, will leave the Company. Pia will be available for some time for the Company.
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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