Negotiations in the Environmental Court completed – court decision will be announced on the 18th of

Press release the 16th of May 2008

Negotiations in the Environmental Court completed – court decision will be announced on the 18th of June

During the 13th and 14th of May, the Environmental Court heard the application from Dannemora Magnetit, concerning the right to run mining operations in Dannemora. The proceedings took place in Österbybruk. Present were the members of the court, representatives of the Company, as well as representatives of the County Administrative Board in Uppsala and the Östhammar municipality, and also the press and the public.

The negotiations in the Environmental Court concerned the application from Dannemora Magnetit for mining of iron ore and refining of up to two million tonnes of marketable iron ore products annually. The negotiations were based on an application from Dannemora Magnetit, handed in to the Court in September 2007. The application has thereafter been circulated for comments by the parties concerned and then completed by Dannemora Magnetit.

The president of the Court informed at the end of the negotiations that the court decision will be announced on the 18th of June 2008, at 1.30 PM.

The two fundamental authority permissions necessary to carry out mining operations are permission according to the Environmental Code and permission according to the Minerals Act. Dannemora Mineral has previously recieved permission according to the Minerals Act. The company has likewise accomplished a feasibility study for the iron ore project in Dannemora. The feasibility study together with the two fundamental authority permissions form the basis for completion of the task to finance the iron ore project. Dannemora Mineral intends to initiate mining of the iron ore towards the end of the year 2009.

This document is a translation of the original press release in Swedish. In case of divergence, the
Swedish version shall have precedence.