PRESS RELEASE 19 December 2014

The English text is an unofficial translation of the Swedish original and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

Nordic Mines AB (publ) ("Nordic Mines" or "the Company") is continuing its work on updating and carrying out a comprehensive verification of the action plan earlier drawn up by the Company with the renowned international mining consultancy SRK Consulting (UK) Limited ("SRK"). The updated action plan, which is based on a geological model and mineral resource that have been updated by SRK, focuses on an improved working method for mining and on increased capacity in the process plant adjoining the mine.

The Company's aim is to resume operations at the Laiva mine in a way that gives opportunities for profitable mining.

In connection with the completion of the corporate reorganisations that the Company and some of its subsidiaries have been undergoing, Nordic Mines reached an agreement about significant write-downs of existing receivables and otherwise amended conditions of the project financing agreement made with the Company's lenders. These conditions are described in more detail in the Company's supplementary prospectus dated 14 August 2014.

As part of the agreement, Nordic Mines undertook to present the Company's lenders by specific dates with a start-up plan (consisting of the above-mentioned updated action plan) and an updated financial model for the Laiva mine, both of which are to be approved by the Company's lenders. In order to ensure accuracy and minimise the risk associated with the work on these items, Nordic Mines is having discussions with the Company's lenders with a view to obtaining more time for this work. An extension has been requested from 1 and 15 December 2014 respectively up to and including January 2015.

The intention of the Company is to issue a press release with details of an updated mineral resource and action plan in February 2015.

For further information, please contact:

Thomas Cederborg, CEO, +46 708 480 521
Jonatan Forsberg, CFO, +46 761 051 310

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

The above information has been made public in accordance with the Securities Market Act and/or Financial Instruments Trading Act. It was released for publication at 08.00 CET on 19 December 2014.

Nordic Mines is a Nordic mining and exploration company. Gold production commenced in the Laiva mine in Finland at the end of 2011. The deposits are among the largest in the Nordic countries. Nordic Mines was founded in 2005 and has just under 100 employees. Its share is traded on the Nasdaq OMX Small-Cap list in Stockholm. See also www.nordicmines.se.