NORD.L Regulatory News (NORD)

Nord Gold N.V. reports operating results for the first quarter ended March 31, 2014

Amsterdam, Netherlands, April 23, 2014

Nord Gold N.V. ("Nordgold" or the "Company", LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, announces its operating results for the first quarter ended March 31, 2014.

· Lost time injury frequency rate (LTIFR) for Q1 2014 was 0.40, a significant improvement compared with Q1 2013 (1.15) and Q4 2013 (1.33). Seven of Nordgold's mines had an LTI free quarter.

· Gold production in Q1 2014 was 211.1 thousand refined gold ounces ("koz"), a 15% increase on Q1 2013 (183.6 koz).

· Eight out of Nordgold's nine mines achieved a year-on-year production increase, with double digit growth at Bissa, Taparko, Lefa, Neryungri and Aprelkovo as well as a 7% increase at Buryatzoloto and a 3% increase at Berezitovy.

· Our Suzdal mine produced 20.1 thousand ounces of doré in Q1 2014, although very little of the doré was converted to refined metal during the quarter. This was because Suzdal's refined gold production and sales were affected by negotiations with the National Bank of Kazakhstan and a newly built refinery plant "Tau-Ken Altyn". The issue was resolved in April 2014 and Suzdal's doré will be refined and sold during Q2 2014.

· The average realised gold price in Q1 2014 was US$1,299 per oz, a decrease of 20% compared with Q1 2013 (US$1,615/oz) and an increase of 4% compared with Q4 2013 (US$1,250/oz).

· Revenues in Q1 2014 were US$274.8 million, a 7% decrease compared with US$296.8 million in Q1 2013 due to the significantly lower average realised gold price. Revenues for Q1 2014 decreased by 16% compared with US$328.8 million in Q4 2013 as a result of lower refined gold production and sales volumes.

· Nordgold reiterates 2014 full year production guidance of 870 - 920 koz.

· Unaudited net debt at March 31, 2014 was approximately US$729.8 million compared with US$723.9 million as at December 31, 2013. In Q1 2014, Nordgold entered into a 5-year facility agreement with Sberbank CIB(2) for the amount of US$500 million(3). The proceeds from the facility were partially used to repay Nordgold's existing debt facilities (approximately US$465.5 million), with the balance being used for general corporate purposes.

Message from the CEO

"This has been a very strong start to the year, building on the progress seen in the second half of 2013. I am delighted to see an improved production performance across nearly the entire asset portfolio, testament to the considerable efforts of our team in driving the efficiencies and improvements necessary. In particular we have seen continued strong performance at Bissa, record recovery at Taparko and further grade improvement at Buryatzoloto following investments in exploration. These improvements give me confidence that Nordgold is well positioned to deliver in a lower price environment and on track to meet our 2014 full year production target.

We have also made good progress on our projects. At Gross we have begun a pilot stage operation which we expect will give us more detailed information about the metallurgy of the future mine and around 30 koz of gold in 2014. The exploration phase at Montagne d'Or deposit in French Guiana continues and has so far shown encouraging results, while we have also begun preparation of an in-house scoping study for the Bouly project in Burkina Faso, located close to our Bissa mine.

The focus of management remains unchanged: to maintain our cost discipline across the Company, carefully manage capex spend and further improve efficiency and safety at all mines. Our goal remains to achieve positive free cash flow generation at all our mines."

Nikolai Zelenski, Chief Executive Officer, Nordgold

For the full report, please follow the link:

http://www.rns-pdf.londonstockexchange.com/rns/2944F_-2014-4-23.pdf 

(1) Total refined gold excluding Suzdal doré production

(2) On the basis of CJSC "Sberbank CIB"

(3) Financing provided by Sberbank of Russia

Enquiries

For further information on Nordgold please visit the Company's website - www.nordgold.com

Notes to Editors

About Nordgold

Nordgold (LSE: NORD) is an international pure-play emerging-markets gold producer established in 2007 and publicly traded on the London Stock Exchange. Nordgold has expanded rapidly through acquisitions and organic investment, achieving a rate of growth unmatched in the industry during that period. In 2013, Nordgold's gold production increased to 924 koz from 717 koz in 2012.

The Company operates nine mines in Russia, Kazakhstan, Burkina Faso and Guinea. Nordgold has one development project, five advanced exploration projects and a diverse portfolio of early exploration projects and licenses in CIS, West Africa and French Guiana. Nordgold employs over 10,000 workers.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this press release, including any information as to Nordgold's estimates, strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance and production may constitute "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of historical fact, constitute forward-looking information. Forward-looking information can often, but not always, be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words, or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking statements are not guarantees of future performance.

All forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking information involves significant risks, assumptions, uncertainties and other factors that may cause actual future realities or anticipated events to differ materially from those expressed or implied in any forward-looking information and, accordingly, should not be read as guarantees of future performance or realities. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting Nordgold's operations will continue substantially in their current state, including, without limitation, with respect to industry conditions, general levels of economic activity, market prices for gold, competition for and scarcity of gold mine assets, achievement of anticipated mineral reserve and mineral resource tonnages or grades, ability to develop additional mineral reserves, acquisition of funding for capital expenditures, adequacy and availability of production, processing and product delivery infrastructure, electricity costs, continuity and availability of personnel and third party service providers, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, and that there will be no unplanned material changes to Nordgold's facilities, equipment, customer and employee relations and credit arrangements. Nordgold cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within the control of Nordgold and there is no assurance that they will prove correct. The risks and other factors that may cause actual future realities or anticipated events to differ materially from those expressed or implied in any forward-looking information include, but are not limited to Nordgold's ability to execute its development and exploration programs; the financial and operational performance of Nordgold; civil disturbance, armed conflict or security issues at the mineral projects of Nordgold; political factors; the capital requirements associated with operations; dependence on key personnel; compliance with environmental regulations; estimated production; and competition.

Actual performance or achievement could differ materially from that expressed in, or implied by, any forward-looking information in this press release and, accordingly, investors should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made, and Nordgold does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or realities after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. All forward-looking information contained in this press release is qualified by such cautionary statements. New risk factors emerge from time to time, and it is not possible for management to predict all of such risk factors and to assess in advance the impact of each such factor on Nordgold's business or the extent to which any factor, or combination of factors, may cause actual realities to differ materially from those contained in any forward-looking information.