|By Marketwired .||
|July 25, 2014 03:08 AM EDT||
LUXEMBOURG, LUXEMBOURG -- (Marketwired) -- 07/25/14 -- Northland Resources S.A. (OSLO: NAUR)(FRANKFURT: NPK)(OMX: NAURo) - together with its subsidiaries "Northland", "NRSA" or the "Company") announces organizational changes regarding the Finnish subsidiary's employees.
As previously announced by the Company, Northland is making organizational changes in order to correspond to operations from one processing line. This is a part of the Company's new strategy, which was announced on June 30, 2014.
Northland Mines OY operates the Hannukainen project in Kolari, Finland. As previously announced by the Company, Northland are looking at strategic options for the Hannukainen project and has meanwhile commenced minimizing its expenses to allow for the search for the strategic options to continue. The employment of 11 employees of the Finnish subsidiary will however be terminated in accordance with the collective agreement and employment legislation.
"In total, seven years of work lies behind the Hannukainen project. Making these changes at this point enables Northland to continue working with strategic options. At present we are optimistic regarding finding a partner or buyer for the Hannukainen project," says Jari Vaisanen, Vice President of Northland's Finnish Operations.
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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