NORTHLAND RESOURCES RELEASES YEAR-END RESULTS
(Thomson Reuters ONE) -
March 31, 2010 Northland Resources S.A. released results today showing a net
loss of $12.2 million ($0.11 per share) for the fiscal period ending January
31, 2010, compared to a net loss of $7.8 million ($0.07 cents per share) for the
same period 2009. During the fiscal period, the Company incurred and
capitalized $24.5 million on its resource properties in Sweden and Finland; the
total to date is $107.6 million. As of January 31, 2010, the Company had cash
on hand of $55.4 million. All figures are in Canadian dollars.
Karl-Axel Waplan, President and CEO commented, "We managed to decrease our level
of expenditures at the same time that we significantly increased our operational
activities ahead of the release of a Feasibility Study on our Kaunisvaara Iron
Concentrate Project, and our PEA on our Hannukainen IOCG Project. Our net loss
is greater this period than the previous period because of lower offsets from
interest income and foreign exchange gains. We are pleased with our progress
this year, which began with the strategic rethinking of our core projects. We
now have one solid project at Kaunisvaara and two promising projects in
development in Finland (Hannukainen iron concentrate and ITmk3). According to
industry analysts, the market for iron ore should remain strong in the near to
medium term."
Mr. Waplan commented further, "We continue to enjoy a strong cash position. Our
cash is more than ample to complete our studies on Kaunisvaara and Hannukainen,
to pay for necessary long lead time items for our Kaunisvaara Project, and to
cover the Company's running costs until mid-2011. To bring the Kaunisvaara
Project into production, the Company will have to secure additional funds, most
likely as a combination of debt, equity, lease and off-take financing."
Financial Highlights (,000) Jan. 31, 2010 Jan. 31, 2009
Revenue nil nil
Operating Loss 11,892 13,626
Net Loss 12,243 7,815
Basic and Diluted Loss per Share .11 .07
Cash Used by Operations 35,840 46,761
Operating highlights from the fiscal period include:
* The release of a positive Preliminary Economic Assessment on our Kaunisvaara
Iron Concentrate Project with a forecasted NPV(8) of USD 393 million and an
IRR of 21.1%,
* The release of the first resource estimate for our Pellivuoma magnetite
project,
* Signing of a Memorandum of Understanding with Gulf Industrial Investment
Company, for the off-take of a portion of our iron concentrates,
* Granting of an Exploitation Concession for the Tapuli magnetite project,
* The submission of an Environmental Permit Application for our Tapuli Mine
and Kaunisvaara Mill and the submission of an Exploitation Concession
application for our Sahavaara magnetite project,
* The initiation of a PEA on our Hannukainen IOCG Project,
* The initiation of discussions with Kobe Steel Ltd. and Midrex Technologies
Inc. regarding the integration of Kobe's ITmk3 iron making technology into
the development of our Hannukainen deposit and a scoping study on same,
* The development of the Company's logistics solutions, by signing a Letter of
Intent with Havator Group Oy and Euroports Holding concerning the
development of a bulk shipping terminal at the Port of Kemi, and by entering
into an agreement with Oy Finnshipping Ltd. whereby Finnshipping will act as
an in-house shipping department for the Company, and
* The appointment of Karl-Axel Waplan as President and CEO.
Operating highlights from after the end of the fiscal period include:
* Signing a Memorandum of Understanding with the Swedish Rail Administration
regarding the co-financing of a railroad to extend from the Company's
Kaunisvaara site in Sweden to the railhead at Kolari, Finland,
* Appointing and retaining leading global mining finance and investment banks
- Société Générale, UniCredit Bank AG and WestLB AG as exclusive Mandated
Lead Arrangers in the proposed project financing of the Kaunisvaara Iron
Concentrate Project, and appointing KPMG Corporate Financing LLC as
financial advisors, and
* The Company expects a final decision by the Border River Commission in June
regarding the environmental permitting of the Tapuli Mine and the
Kaunisvaara Mill.
ON BEHALF OF THE BOARD
"Karl-Axel Waplan"
NORTHLAND RESOURCES S.A.
For more information, contact:
Karl-Axel Waplan, President and CEO: +46 705 104 239
Anders Hvide, Executive Chairman: +47 92 88 98 58
Patrick Foster, Director, Finance: +44 77 10 12 36 03
Deborah Craig, VP, Northland Resources AB: +46 70 638 43 00
Or visit our website: www.northland.eu
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1399555]
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 31.03.2010 - 01:51 Uhr
Sprache: Deutsch
News-ID 1012248
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Vancouver, BC V6C 2G
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 211 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"NORTHLAND RESOURCES RELEASES YEAR-END RESULTS
"
steht unter der journalistisch-redaktionellen Verantwortung von
Northland Resources Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
