LUXEMBOURG, LUXEMBOURG--(Marketwired - Jul 31, 2013) - Northland Resources S.A. (NAUR.OL)(NPK.F)(NAURO.ST)(NAURO.ST) - together with its subsidiaries "Northland", "NRSA" or the "Company") announces that its Extraordinary General Meeting ("EGM") was held on Wednesday July 31, 2013 in Luxembourg and that all proposed resolutions were approved, including the election of new Directors of the Board.
In a press release dated June 3, 2013, Northland published the agenda of the EGM to be held on June 28, 2013. Since the required quorum of 50 percent of the share capital being present or represented at the meeting was not fulfilled on June 28, the EGM was reconvened on July 31, 2013. The EGM on July 31 voted in favor of all resolution presented on June 3 and all nominations of members to the Board were approved.
The new Board consists of Mr. Olav Fjell, Ms. Elisabeth Nilsson, Mr. Olli Vaartimo, Mr. Lars Stefan Månsson, Ms. Sissel Danielsen, Mr. Leif Chr. Salomonsen and Mr. Runar Nilsen.
The new Board constituted itself after the EGM and elected Olav Fjell as Chairman of the Board.
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 is also preparing a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant.
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 ability to meet its continuous disclosure and MCTO obligations, the likelihood of Northland rectify its default under Canadian Securities laws, 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.