Finans

ARDEN “BUCK” MORROW RESIGNS AS PRESIDENT AND CEO

November 23, 2009 Northland Resources Inc. (Northland) is pleased to
announce that Northland has commenced preliminary discussions with
Kobe Steel Ltd. of Japan and Midrex Technologies Inc. (a wholly-owned
subsidiary of Kobe Steel Ltd.) of Charlotte, North Carolina, USA,
regarding the integration of Kobe’s ITmk3? iron making technology*
(explanation below) into the development of Northland’s Hannukainen
deposit, located in northern Finland. The ITmk3? process produces
Iron Nuggets from iron concentrates.

Northland has recently commenced a Preliminary Economic Assessment
(PEA) on its Hannukainen iron ore deposit located near Kolari,
Finland. The Company is planning production of ca. 2 million tonnes
per year of iron concentrate from the deposit based on Hannukainen’s
NI 43-101 compliant resources of 82.6 Mt @ 34.6% Fe (Measured and
Indicated) and 81.63 Mt @ 35.7% Fe (Inferred) at a 15% cut-off
(please refer to our press release dated August 23, 2007). As part
of the PEA, the Hannukainen resources will be updated with
information from additional drilling completed after the 2007
resource report was issued.

Northland estimates that the PEA will be completed by Q2 2010. As a
part of the PEA studies, Midrex Technologies will test iron ore
concentrates from Northland’s iron projects.

Conceptually, the ITmk3? Iron Nugget plant would initially be fed
from the proposed Hannukainen mine and milling complex in Finland at
a rate of 1.5 million tonnes of concentrate per year, which would
produce an estimated 1 million tonnes of Iron Nuggets annually. This
production volume would initially be destined for the Baltic and
Western European markets for use along with scrap steel in
electric-arc furnaces and as a coolant for use in basic oxygen
furnaces (BOFs).

Any iron concentrate unutilized in this process will be sold into the
market.

Northland does not plan to develop the Hannukainen mine and build an
ITmk3? Iron Nugget plant on its own. The Company will seek an
industrial partner to co-fund the investments. It is envisioned at
this point that the ITmk3? plant would be located in Finland with
access to natural gas supplies and near existing port facilities.

Discussions are ongoing and further announcements will be made when
appropriate.

ON BEHALF OF THE BOARD
“Anders Hvide”
NORTHLAND RESOURCES INC.

*ITmk3?, which stands for “Ironmaking Technology Mark Three,” is a
unique and new ironmaking process. Developed by Kobe Steel, Ltd. with
support from Midrex Technologies, it produces a high purity Iron
Nugget that typically contains 96 to 97% of iron and 2.5 to 3% of
carbon. The Iron Nugget is 5 to 25 mm in diameter and looks like a
pebble. The ITmk3? Process has many advantages including an
uncomplicated design, competitive investment cost, low production
cost, flexibility regarding the characteristics of the iron-bearing
feed and reductants, and low emission of CO2.

Kobe Steel and Steel Dynamics Inc. (one of the largest EAF steel
makers in the USA) are now installing the ITmk3? technology in the
Mesabi Nugget Project in Minnesota, USA. Steel Dynamics plans to
produce 500,000 tonnes per year of Iron Nuggets from the Mesabi
Nugget Project. Previously, Kobe Steel, Steel Dynamics and some
other partners, including the Minnesota State Government, had
operated the ITmk3? Pilot Demonstration Plant for two years in
Minnesota in order to demonstrate the successful operation and
commercial viability of the technology.

For More Information, Contact:

Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58
Patrick Foster, Investor Relations, London: Tel. +44 77 10 12 36 03

Regarding metallurgical or processing questions, contact:
Paul Marsden, VP, Marketing and Corporate Development, London +44 77
76 18 09 88

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

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