Incentiv program for leading employees and resource persons

On 16 June 2010, the General Meeting of Nordic Mining resolved to renew the

incentive program for leading employees and qualified resource persons. The new

program is based on the same principles as the previous program which terminated

19 June 2010. The new option program has a 2 years duration.

The board of directors was authorised to award options that in total gives the

right to subscribe for up to 5 million new shares in Nordic Mining. Today, a

total of 3 500 000 options have been awarded to leading employees and resource

persons. Subscription price in the awarded agreements is NOK 1.60 per share.

The following primary insiders have been awarded option agreements:

Ivar S. Fossum, CEO, has option to buy 850 000 shares in Nordic Mining at a

price of NOK 1.60. Fossum has 752 172 shares in Nordic Mining in addition to the

options.

Lars K. Grøndahl, CFO, has option to buy 550 000 shares in Nordic Mining at a

price of NOK 1.60. Grøndahl has 2 514 851 shares in Nordic Mining in addition to

the options.

Ottar Nakken, Vice president commercial, has option to buy 440 000 shares in

Nordic Mining at a price of NOK 1.60. Nakken has 1 122 851 shares in Nordic

Mining in addition to the options.

Paul I. Norkyn, Vice president mining operations, has option to buy 440 000

shares in Nordic Mining at a price of NOK 1.60. Norkyn has 192 851 shares in

Nordic Mining in addition to the options.

Mona Schanche, Geologist, has option to buy 350 000 shares in Nordic Mining at a

price of NOK 1.60. Schanche has 46 956 shares in Nordic Mining in addition to

the options.

One option can be converted into one share in Nordic Mining ASA. All options are

fully vested on award and valid to 16 June 2012.

For questions please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.

Oslo, 25 June 2010

Nordic Mining ASA

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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