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ID: 1003673
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(Thomson Reuters ONE) - August 27, 2009: Northland Resources Inc. ("Northland") is pleased toannounce that it will conduct a strategic review of opportunities forNorthland's non-ferrous projects in Sweden. The projects include theBarsele gold project, which has NI 43-101 compliant gold resources of367,749 oz in the indicated category and 398,630 oz in the inferredcategory and a granted Exploitation Concession, the Norra VMSprospect, and a number of promising early-stage projects in theimmediate vicinity of Barsele and Norra.The strategic review has been initiated by the Board of Northland inorder to determine how best to realize the significant value ofNorthland's non-ferrous projects, through a cooperation or sale ofthe assets. There was been significant interest in these assets andPareto Securities AS has been retained as financial advisors withrespect to potential transactions.Mr. Buck Morrow, President and CEO of Northland, commented, "TheBoard of Northland believes that the non-ferrous projects havesignificant value. Barsele has a NI 43-101 compliant resourceestimate and a valid Exploitation (Mining) Concession, and Northlandhas performed extensive drilling, metallurgy, geochemical andgeophysical studies on the projects over the last years. However, asNorthland is very focused on developing its iron ore projects inKaunisvaara and Hannukainen in Sweden and Finland, the Board ofNorthland believe that the value will be better reflected through acooperation with, or outright sale to, an entity that can devote itsresources to developing the Swedish non-ferrous assets into miningoperations. Northland will evaluate proposals from mining companieswith a focus on maximizing shareholder value. Northland will throughthese potential transactions be better able to focus its efforts ondeveloping the Kaunisvaara and Hannukainen projects into long termmining operations in stable EU countries."A further announcement regarding the strategic review will be made indue course.Background on BarseleOn April 12, 2006, Northland completed a NI 43-101 compliant resourcecalculation for the Barsele gold project (see press release datedMarch 1, 2006). Using a 0.8g/t Au cut-off the resources are:Indicated: 367,749 ounces of gold contained in 6,565,182 tonnes (at)1.74 g/t Au.Inferred: 398,630 ounces of gold contained in 7,431,101 tonnes (at) 1.67g/t Au.Gold mineralization at Barsele is predominantly within a granodioritethat ranges in width from 200 to 500 metres with a strike extent inexcess of some 8 kilometres. The Central and Skiråsen Zones have acombined strike length of 1.35 kilometres by some 250 metres wide.The Avan Zone has a strike length of 1,400 metres and a width varyingfrom 200 to 500 metres.Background on NorraThe Norra prospect is interpreted as a Skellefteå VMS-type preciousmetal-rich, base metal sulphide deposit that has subsequently beenmodified by metamorphism and deformation.The footprint of the main mineralized body at Norra, based ondrilling, is some 300 metres in strike length and 50 metres in width.In June 2007, the Chief Mine Inspector of Sweden granted Exploitation(Mining) Concessions (see press release dated June 26, 2007) for theextraction of gold and silver at Barsele, including the Avan, Centraland Skiråsen zones, and for the extraction of gold, silver, lead andzinc at Norra. Granting of the Exploitation (Mining) Concessions,which are valid for 25 years, is subject to a standard consultationand appeals process with all interested stakeholders.Qualified PersonDr. Vladimir Benes, Vice-President of Exploration of Northland, isthe Qualified Person as defined in National Instrument 43-101responsible for overseeing company's exploration programs, and hasverified that the information presented in this release is anaccurate summary of the NI 43-101 Resource Report of April 12 2006for the Barsele and Norra project as provided to Northland byChlumsky, Armbrust & Meyer of Lakewood, Colorado USA.FOR MORE INFORMATION, CONTACT:Northland Resources Inc.Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58Deborah Craig, Vice President, Northland Resources AB, Stockholm:Tel. +46 70 638 4300Pareto Securities ASKris Gram, Corporate Finance: Tel: +47 24 13 21 47/ +47 97 10 53 25email: kris.gram(at)pareto.noVisit our website: www.northlandresourcesinc.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Date: 08/27/2009 - 11:07
Language: English
News-ID 1003673
Character count: 0
Firma: Northland Resources Inc.
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Stadt: London


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