Subsequent Offering over-subscribed

Nordic Mining is pleased to announce that the subsequent offering of up to

10,000,000 shares at a subscription price of NOK 1.00 per share has been

over-subscribed.

Reference is made to press release dated 5 March 2010. Nordic Mining has during

the period between 8 March 2010 and 22 March 2010 17:30 CET conducted a

subsequent offering of up to 10,000,000 shares at a subscription price of NOK

1.00, directed at shareholders that owned shares in Nordic Mining on 4 February

2010 and who were not invited to participate in the placement that was completed

5 February 2010. The subscription period for the subsequent issue is now

concluded, and the issue was over-subscribed. The subsequent issue will raise

NOK 10 million in gross proceeds.

Allotment of the shares to be issued in the subsequent offering is expected to

take place at the latest by 25 March 2010. Allocation letters will be

distributed immediately following the allotment by the Board of Directors. The

bank accounts of the subscribers will be debited on 26 March 2010.

The new shares to be issued in the subsequent offering will not be tradable

until the shares have been fully paid and the share capital increase has been

registered in the Norwegian Register of Business Enterprises, expected to take

place on or about 8 April 2010. Following this, the new share capital of Nordic

Mining will be NOK 12,547,009.10 divided on 125,470,091 shares, each with a

nominal value of NOK 0.10.

The subsequent offering followed a successful private placement of 20,000,000

shares on 5 February 2010, in which Nordic Mining raised NOK 20 million in gross

proceeds. For further information about the concluded private placement, please

see press release dated 5 February 2010.

Both the private placement and the subsequent offering are managed by Carnegie

ASA.

For further enquiries please contact CFO Lars K. Grøndahl on telephone +47

90 16 09 41.

Oslo, 23 March 2010

Nordic Mining ASA

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

(Norwegian Securities Trading Act)

[HUG#1396381]

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