Aug 5 2014
Northland Resources S.A. - (together with its subsidiaries "Northland", "NRSA" or the "Company") announces that the creditors for the Company's subsidiaries in reorganization support the preliminary reorganization plan that was presented at today's creditors meeting at the Luleå District Court (the "District Court"). The reorganization will therefore continue.
At the creditors' meeting that was held today as a part of the reorganization for the Company's subsidiaries, the preliminary reorganization plan was presented by the appointed administrator, Lars Söderqvist. The creditors were entitled to express their opinion regarding whether or not the reorganization should proceed.
As the creditors showed its support at the meeting, the District Court determined that the reorganization should proceed in accordance with the preliminary reorganization plan.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company has also finalized a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland.
Source: http://www.northland.eu/