Nordic Mines is reporting an updated Mineral Reserve and Mineral Resource estimate for the Laiva mine as of 1 January 2015. The Mineral Reserve corresponds to five years of gold production.

The total Proven and Probable Mineral Reserve in Laiva as of 1 January 2015 is 9,367,000 tonnes with an average grade of 1.19 grams of gold per tonne (cut-off 0.6 grams per tonne). The gold content in the Mineral Reserve corresponds to around 11,200 kg (360,000 troy ounces).

The Mineral Reserve is based on an updated Mineral Resource (which is inclusive of those Mineral Resources modified to produce the Mineral Reserve). The total Measured and Indicated Mineral Resource in Laiva as of 1 January 2015 is 15,970,000 tonnes with an average grade of 1.52 grams of gold per tonne (cut-off 0.6 grams per tonne). The gold content of the total Measured and Indicated Mineral Resource corresponds to around 24,300 kg (780,000 troy ounces). In addition, there is an Inferred Mineral Resource of 3,220,000 tonnes with an average grade of 2.08 grams of gold per tonne (cut-off 0.6 grams per tonne). The gold content in the Inferred Mineral Resource corresponds to around 6,700 kg (215,000 troy ounces).

The updated Mineral Reserve and Mineral Resource for the Laiva mine was prepared by the independent mining consultancy company, SRK Consulting (UK) Limited (SRK). During the autumn of 2014 and the winter of 2015, SRK also worked together with Nordic Mines to update the Company`s action plan for the Laiva mine. As previously communicated, an indicative updated action plan was delivered to the Company`s lenders in January 2015. The Company`s lenders have since then invited Nordic Mines to continue to discuss the action plan and the restart of operations at the Laiva mine. The Company`s goal is to complete and present a final updated action plan by March 2015.

Comments by CEO Thomas Cederborg

"The updated Mineral Reserve shows that the Laiva project has a life-of-mine of at least five years. The presentation of the updated Mineral Reserve marks the end of an extensive project carried out by SRK and Nordic Mines," comments Nordic Mines CEO Thomas Cederborg.

Calculations of Mineral Resources and Mineral Reserves in 2015

The Mineral Resource that was reported in November 2013 was based on a geostatistical process that reported the Mineral Resource in blocks of 10x5x10 meters. The work in 2014 resulted in the Mineral Resource now being reported in smaller blocks of 4x4x5 meters. The current Mineral Resource (cut-off 0.6 g/t) is based on the portion of the total mineralisation (41 million tonnes) that is estimated to be profitable to mine in the open-pit mine at a gold price of € 1,300 per troy ounce or USD 1,510 per troy ounce.

The calculation of the Mineral Reserve has been based on an assumed 5-year gold price of € 1,020 per troy ounce or USD 1,184 per troy ounce.

The Mineral Resource and Mineral Reserve estimates have been reported in accordance with the current JORC code ("JORC Code 2012").

The Competent Person accepting the professional responsibility for the Mineral Resource Estimate is Dr John Arthur of SRK Consulting (UK) Limited, who is a Chartered Geologist and Fellow of the Geological Society of London.

The Competent Person accepting the professional responsibility for the Mineral Reserve Estimate is Mr Allan Blair, BEng, MAusIMM (#102240) of SRK Consulting (UK) Limited.