Nordic Mining ASA — Share Issue/Capital Change 2011

Jan 18, 2011

Successful private placement in Nordic Mining ASA

Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce the

successful completion of a private placement of 12,500,000 shares directed

towards large existing and new investors (the "Private Placement"). The Private

Placement, which represents a share capital increase of nearly 10 per cent, was

completed after the close of Oslo Stock Exchange on Monday 17 January 2011. The

price in the bookbuilding was set at NOK 1.45 per share, resulting in gross

proceeds of NOK 18,125,000.

The net proceeds from the Private Placement will be used for the development of

the Engebø, Keliber and Gudvangen projects and general business development and

corporate expenses.

The private placement was managed by Carnegie ASA.

CFO Lars K. Grøndahl of Nordic Mining commented: "We are pleased to have

completed this share issue which will fund our important development projects

going forward."

The share capital increase was resolved by the Board of Directors following a

resolution by the Extraordinary General Meeting held 1 March 2010. The share

capital of Nordic Mining will be increased by NOK 1,250,000 by the issue of

12,500,000 new shares. Following the completion of the Private Placement, Nordic

Mining's share capital will be NOK 13,797,009.10, consisting of 137,970,091

shares, each with a nominal value of NOK 0.10 per share. The new shares will be

entitled to dividend from the time the share capital increase is registered with

the Norwegian Register of Business Enterprises and are expected to be listed on

Oslo Axess on or about 21 January 2011.

The Board of Directors has resolved to conduct a subsequent share issue towards

the shareholders in Nordic Mining as of close of the Oslo Axess on 17 January

2011 who did not participate in the Private Placement (the "Eligible

Shareholders"). The Eligible Shareholders will be entitled to subscribe up to a

total of 7,500,000 new shares at a subscription price of NOK 1.45 per share.

The Company is in the process of preparing a prospectus which will be filed with

the Financial Supervisory Authority of Norway. Further information regarding the

subscription period for the subsequent share issue will be given when the

prospectus is approved.

The shares of Nordic Mining will be traded ex the right to participate in the

subsequent share issue from and including 18 January 2011.

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

Oslo, 18 January 2011

Nordic Mining ASA

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

(Norwegian Securities Trading Act)

[HUG#1480386]