Proposal for a new Board of Directors in Nordic Mines

The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall prevail. This is not a legal document.

PRESS RELEASE 5 January 2016

Nordic Mines AB's (publ) ("Nordic Mines" or the "Company") new majority owner Lau Su Holding AB ("Lau Su" or the "Majority Owner") has to the current Board of Directors of Nordic Mines announced their proposal for a new Board of Directors of the Company. The proposal is a Board of eight Directors comprising of Mr. Vinod Sethi (Chairman), Mr. Hans Andreasson, Mr. Torsten Börjemalm, Mr. Salim Govani, Mr. Kari Langenoja, Mr. Pranay Panda, Mr. D. Saradhi Rajan and Mr. Krister Söderholm.

Background
With the conclusion of Nordic Mines rights issue for existing shareholders (the "Rights Issue") Nordic Mines gained a majority owner - Lau Su, which now owns 61.5 per cent of the shares in the Company. Lau Su is controlled by a number of investors with a background within mining, finance and investments. On the request from the Main Owner the Board of Directors of Nordic Mines has called for an Extra General Meeting (the "EGM") on January 7, 2016 to among other things elect a new Board of Directors. The Majority Owner has now to the current Board of Directors of Nordic Mines announced their proposal for a new Board of Directors of the Company.

The Proposal
The Majority Owner proposes re-election of Mr. Krister Söderholm (Finnish resident) and new election of Mr. Vinod Sethi (Indian resident), Mr. Hans Andreasson (Swedish resident), Mr. Torsten Börjemalm (Swedish resident), Mr. Salim Govani (Indian resident), Mr. Kari Langenoja (Swedish resident), Mr. Pranay Panda (Swedish resident) and Mr. D. Saradhi Rajan (UK resident).

Mr. Vinod Sethi is proposed for election as Chairman of the Board.

In the opinion of the Majority Owner, Mr. Torsten Börjemalm, Mr. Kari Langenoja and Mr. Krister Söderholm are independent of any major shareholders in the Company whilst Mr Vinod Sethi, Mr. Hans Andreasson, Mr. Salim Govani, Mr. Pranay Panda and Mr. D. Saradhi Rajan are dependent of the Majority Owner. Further, in the opinion of the Majority Owner, all proposed Directors are independent of the Company and its executive management.

The Majority Owner further proposes that the remuneration for independent Directors should remain at 200 000 sek per annum but that no remuneration should be paid to Directors that are dependent of any major shareholders in the Company.

The proposed members of the Board have a long-standing background in the mining industry as well as considerable experience in business and finance in general. The Majority Owner believes that the proposed Board has the diversity and breadth in terms of its members' varying expertise, experience and background that are appropriate to the Company's activities and stage of development. It is the Majority Owners aim that the reconstituted Board of Directors will provide strategic direction and provide an overview of the roadmap ahead for the development of Nordic Mines. Key strategic and management decisions will be announced subsequently.

Information on proposed Directors

Mr. Vinod Sethi (Chairman)
Mr. Sethi is a former Managing Director of Morgan Stanley Asset Management Inc. and pioneered international investing in India. His expertise is within investments.

Mr. Hans Andreasson (Director)
Mr. Andreasson is a Senior Partner of the Swedish law firm Mannheimer Swartling Advokatbyrå AB.

Mr. Torsten Börjemalm (Director)
Mr. Börjemalm is a senior veteran of the Swedish Mining Industry with rich contributions to among other mining projects the Björkdal Gold Mine and to Lappland Goldminers as its Chairman.

Mr. Salim Govani (Director)
Mr. Govani is an Indian based investment professional with extensive experience of investing within a diverse range of industries.

Mr. Kari Langenoja (Director)
Mr. Langenoja is a financial and accountant consultant with extensive experience from several companies in different industries.

Mr. Pranay Panda (Director)
Mr. Panda is the Chairman of Lau Su and has an extensive record within investments in several industries.

Mr. D. Saradhi Rajan (Director)
Mr. Rajan is a former Senior Vice President of Vedanta Resources plc. and the founder of Legacy Hill Resources Ltd.  He has led the acquisition, profitable rehabilitation and growth of natural resource assets across the world.

Mr. Krister Söderholm (Director)
Mr. Söderholm has served at the Board of Directors in Nordic Mines several times, most recently as a Director since 2013. He has also held the position as Managing Director for the Laiva project. Mr. Söderholm has furthermore held the position as Chief Inspector of Mines in Finland and also held management and board positions in several mining companies in Sweden and in Finland.

For further information, please contact:
Pranay Panda, Chairman, Lau Su Holding, +46 (0)70-552 60 78
Eva Kaijser, CEO, Nordic Mines, +46 (0)70-932 09 01

For more information about Nordic Mines, please visit www.nordicmines.se.

The information presented above has been disclosed pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was published on 5 January 2016 at 12:00 a.m.

Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of Svemin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on the Nasdaq Stockholm's Small Cap list. Also refer to www.nordicmines.se.

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