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Nordgold Announces Changes to the Board of Directors

Amsterdam, Netherlands, May 15, 2014. Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, announces that as Philip Baum, the Chairman of the Board, will be assuming a leadership role in a private equity fund focused on investments in Africa he will not be making himself available for re-election to the Board at the Company's 2014 Annual General Meeting.

The Company would like to thank Philip for his unstinting efforts as Chairman and the experience and support he has contributed to Nordgold’s development over the past four years. Under Philip’s Chairmanship, Nordgold has listed GDRs on the London Stock Exchange, significantly increased production, delivered on the highly successful Bissa project and further increased its international footprint and its safety performance. He has been a key player in driving the Company’s strategy, and his skills, energy and strong leadership have all benefitted Nordgold enormously. The Company wishes him every success in his future endeavors.

David Morgan, who joined Nordgold in October 2010 as an independent non-executive Director and Chairman of the Audit Committee, is nominated for appointment as Chairman of the Board at the Company’s 2014 AGM.

Following a rigorous process, and on the recommendation of the Board’s Nomination Committee, the Board announces that Peter Bacchus is nominated for appointment as a new non-executive Director at Nordgold’s 2014 AGM.

Evgeny Tulubensky, the Company’s Chief Legal Officer, Corporate and Regulatory Affairs, is nominated for appointment as a new executive Director at Nordgold’s 2014 AGM.

The Company also announces that Mikhail Noskov, a non-executive Director nominated by Nordgold’s major shareholder Alexey Mordashov, will not seek re-election to the Board at the Company’s 2014 AGM following his appointment as President and CEO of Tele2, an alternative mobile operator in Russia. The Board sincerely thanks Mr. Noskov for his valuable contribution to Nordgold and wishes him every success in his new executive role. Roman Yelkin is nominated for appointment as a new non-executive Director at Nordgold’s 2014 AGM.

The Board is proposing the re-election to the Board of the following Directors:

  • David Morgan, Michael Nossal and Peter Lester as independent non-executive Directors.
  • Alexey Mordashov, Nordgold’s major shareholder as non-executive Director.
  • Nikolai Zelenski, Chief Executive Officer as executive Director.

The Board continues to seek to make a permanent appointment to replace Sergey Zinkovich, Chief Financial Officer, who as we reported previously, stepped down from his position in order to take up another executive appointment and resigned from Nordgold with effect from May 14, 2014. Meanwhile, Mr. Dmitry Guzeev has been appointed Acting Chief Financial Officer of Nordgold, as of May 14, 2014.

“I would like to personally thank Philip for all he has done as Chairman. I have very much appreciated his wisdom and counsel during what has been an extremely exciting period for our young company during which time we have truly matured as a business. I am delighted that David has agreed to take over the Chairmanship of the Board having served as independent non-executive Director for more than three years. We continue to benefit from a Board of tremendous talent and I would like to welcome Peter, Roman and Evgeny to the Board.” Nikolai ZelenskiChief Executive Officer of Nordgold

Biographical details of new Directors:

  • Mr. Bacchus is a Managing Director, Global Head of Metals & Mining, Joint Head of European Investment Banking at Jefferies & Company. He is also a non-executive Director of Paramount Mining Corporation Limited. Prior to joining Jefferies in March 2011, he was a Global Head of Metals & Mining Investment Banking at Morgan Stanley, and previously held senior positions at JPMorgan and Citi. Mr. Bacchus holds an MA from St. John’s College, Cambridge and is a Member of the Institute of Chartered Accountants.
  • Mr. Yelkin has been Head of Corporate Control of Severgroup since October 2010, where his main responsibilities include investment, financial and economic analysis and control. Prior to that, he worked as senior manager of the Corporate Control Department of Severgroup. Mr. Yelkin’s past experience also includes various positions in the steel trading company «Severstal-Invest». Mr. Yelkin graduated from the Vologda State Technical University with a degree in Finance.
  • Mr. Tulubensky was appointed as Chief Legal Officer, Corporate and Regulatory Affairs in 2014 having joined Nordgold as Chief Legal Officer in 2007. Previously, Mr. Tulubensky was a consultant at Ernst & Young and from 2005 to 2007 he worked as a senior lawyer for Severstal Resource and Severstal. Since 2008, Mr. Tulubensky has been a member of the Board of Directors of High River Gold. Mr. Tulubensky participates in the work of the Advisory Board of the Russian Society of Subsoil Experts, the Russian-Guinean Intergovernmental Commission and the Presidential Investment Council in Burkina Faso. Mr. Tulubensky earned a degree in Law from St Petersburg State University and an Economics degree from St Petersburg State University of Engineering and Economics (cum laude).

There is no other information to be disclosed under Listing Rule 9.6.13.

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