Updated PEA shows an estimated net present value of US$1,045 million for
the Rönnbäcken Nickel Project

Due to technical reasons this section was missing in the previous
version: IGE Resources AB (OSE: IGE) is pleased to announce the
completion of an updated Preliminary Economic Assessment (PEA) for the
Rönnbäcken Nickel Project, incorporating a high-grade magnetite iron
concentrate by-product from nickel flotation tailings. The update of
the PEA includes additional results to those reported in the press
release of October 11, 2011. A higher magnetite recovery of 90% along
with reduced magnetite processing costs have raised the estimated
pre-tax Net Present Value (NPV) of the Rönnbäcken Nickel Project by
US$226 million to US$1,045 million at SRK's base case nickel price of a
$9.00/lb (US$19,800/tonne), and reduced the C1 cash cost from $4.10/lb
(US$9,034/tonne) to $3.55/lb (US$7,826/tonne) of nickel.

Fredric Bratt, CEO of Nickel Mountain Resources AB (publ) commented, "We
now have an estimated cash operating cost which would place us below the
average of the nickel industry. At a cost of $3.55/lb, the Rönnbäcken
project will be competitive throughout the nickel price cycle."

The update of the Preliminary Economic Assessment was prepared by SRK
Consulting (Sweden) AB of Skellefteå, Sweden (SRK) on behalf of Nickel
Mountain Resources AB (the Company). The Preliminary Economic Assessment
is considered by SRK to conform to the Canadian regulations of National
Instrument 43-101 Standards of Disclosure for Mineral Projects.

HIGHLIGHTS:

· Average annualized production of 26,000 tonnes of contained nickel
and 730 tonnes of contained cobalt in concentrate and 1.6 million tonnes
of magnetite concentrate for life of mine, based on an annual feed
throughput of 30 million tonnes.

· The Mineral Resource for the Project as a whole includes a total of
Measured and Indicated Mineral Resources of 573.9 Mt with an average
total nickel content of 0.174% of which 0.097% is nickel in sulphide
(Ni-AC) and 5.66% Fe; and Inferred Mineral Resources of 93.2 Mt with an
average total nickel content of 0.177% of which 0.103% is nickel in
sulphide (Ni-AC) and 5.55% Fe.

· Measured and Indicated Mineral Resources account for 86% of the
resource estimate for the Project as a whole.
· The Project's low strip ratio is very favourable at 0.72:1 (waste
tonnes:ore tonnes).
· An improved recovery of 90% for the magnetite iron concentrate
by-product along with lower magnetite processing costs have reduced the
Project's LOM C1 cash cost(1) from US$4.10/lb (US$9,034/tonne) to
US$3.55/lb (US$7,826/tonne) of payable nickel net of by-product credits
(from the magnetite iron concentrate and cobalt).
· In total, the C1 cash cost of $3.55/lb (US$7,826/tonne) of payable
nickel net of by-product credits represents a decrease of 36% from the
US$5.55/lb (US$12,236/tonne) of payable nickel net of by-product credits
cash cost reported in the PEA dated April 2011.
· The pre-tax NPV8% derived by SRK ranges from US$1,045 million to
US$2,301 million between nickel prices of US$9.00/lb (US$19,800/tonne)
to US$12.00/lb (US$26,500/tonne) generating an Internal Rate of Return
(IRR) and cash flow ranges from 19.9% to 31.6% and from US$3,467 million
to US$6,264 million, respectively.
· The estimated start-up capital cost for the Project is US$1,260
million, including working capital, of which $87 million is for the
magnetite concentrate circuit.

(1)C1 cash costs include mining, processing, site administration,
transportation, smelting and refining, net of by-product credits.

MAGNETITE CONCENTRATE BY-PRODUCT

Preliminary metallurgical test-work by Outotec at GTK's facilities, to
investigate the recovery of magnetite from the Rönnbäcken nickel
flotation tailings, was performed in October 2011 on tailings samples
from the mini-pilot plant test-work in March 2010, and has demonstrated
that a saleable concentrate can be produced using six stages of low
intensity magnetic separation and concentrate regrinding. Magnetite
recoveries up to 90.3% were achieved in to a concentrate containing
66.2% iron. This represents a mass yield of 5 to 6 % or an annual
concentrate tonnage of 1.6 million tonnes from 30 million tonnes of
mined ore. The level of chrome impurity was acceptable at around 2.2%.
Further test-work is planned to simplify the process flowsheet, to
improve the metallurgical performance, and to further reduce the
operating costs. Specific areas requiring further study in the PFS
include dewatering, optimization of the particle size (currently less
than 20 micron) from a handling and transportation point of view,
further reduction of impurities, in particular chrome, which will be
evaluated as to the potential for producing a chrome by-product. The
need for a pelletizing facility will be part of the evaluation and could
further add to operating and capital expenditures.

Adding a magnetite concentrate circuit to the current plant
configuration is estimated to cost US$87 million, which together with a
US$12 million increase in working capital, raises the start-up capital
expenditure for the Project from US$1,161 to US$1,260 million.

Revenues from the magnetite iron concentrate are estimated to lower the
C1 cash cost to US$3.55/lb of payable nickel (US$7,826/tonne) from the
US$5.55/lb of payable nickel(US$ 12,236/tonne) reported previously in
the Preliminary Economic Assessment dated April 2011, which is available
on the Company's website
(http://www.nickelmountain.se/eng/wp-content/uploads//SE355_R%C3%B6nnb%C
3%A4cken-PEA_final1.pdf (http://www.nickelmountain.se/eng/wp-content/upl
oads/SE355_R%C3%B6nnb%C3%A4cken-PEA_final1.pdf))

CASH FLOW PROJECTION AND SENSITIVITY ANALYSIS

SRK has constructed a pre-tax, pre-finance Technical Economic Model
(TEM) to derive a NPV for the Rönnbäcken Nickel Project. SRK's NPV has
been derived by the application of Discounted Cash Flow (DCF) techniques
to the pre-tax, pre-finance cash flow, using a long-term exchange rate
of 8.00 SEK to the US$.

SRK notes that its economic analysis is partially based on inferred
mineral resources and is therefore preliminary in nature. Notably,
inferred resources are considered too geologically speculative to be
categorized as mineral reserves and there is no certainty that these
will be converted to mineral reserves in due course or that the
development, production, and economic forecasts on which the TEM is
based will be realized.

A sensitivity analysis of the Project reflecting various alternative
scenarios is presented below. Table 1 presents the prices used in the
analysis for the magnetite iron concentrate as recommended by the Raw
Materials Group. The sensitivity analysis is based on the magnetite iron
concentrate prices from 2017 onwards, corresponding with the generation
of by-product revenues from a magnetite iron concentrate. Table 2
presents the Project valuation sensitivity under various nickel price
scenarios, using prices from Table 1 for 2017 onwards. Table 3 presents
the Project valuation sensitivity under various nickel and iron price
scenarios.

Table 1: Magnetite Iron Concentrate Prices 65% Fe FOB Mo i Rana
(Norway), $/ton, dry - Raw Materials Group forecast

2011 2012 2013 2014 2015 2016 2017
2018-2025
Magnetite price (US$/t) 134 134 134 134 119 115 110 104

Table 2: Project valuation sensitivity under different nickel price
scenarios(3)

Nickel Price US$/lb(US$/tonne)
Base Case
7 8 9 10
11 12 13
(15,400) (17,600) (19,800)
(22,000) (24,300) (26,500) (28,700)
Net pre-tax cash flow (US$M) 1,577 2,522 3,467 4,393
5,338 6,264 7,208
NPV (@ 8% discount rate) (US$M) 195 620 1,045 1,461
1,885 2,301 2,726
IRR (%) 10.5 15.4 19.9 24.0
27.9 31.6 35.2
Payback(2) (years) 7.5 5.4 4.4 3.8
3.3 3.0 2.7

(2)Payback is based on production years.

(3)Magnetite prices are as shown in Table 1, 2017: $110/t; 2018-2036:
$104/t.

Table 3: Project net present valuation(4) sensitivity under different
nickel and magnetite price scenarios

Nickel Price US$/lb(US$/tonne)
Magnetite Price 7 8 9 10 11
12 13
US$/tonne, FOB (15,400) (17,600) (19,800) (22,000)
(24,300) (26,500) (28,700)
100 (US$M) 141 566 991 1,407 1,831
2,247 2,672
110 (US$M) 266 691 1,116 1,532 1,956
2,372 2,797
120 (US$M) 391 816 1,241 1,657 2,081
2,497 2,922
130 (US$M) 516 941 1,366 1,782 2,207
2,622 3,047
140 (US$M) 641 1,066 1,491 1,907 2,332
2,747 3,172

(4)Assuming an 8% discount rate.

The updated Preliminary Economic Assessment presenting these results
will be posted on Nickel Mountain Resources' website at
www.nickelmountain.se (http://www.nickelmountain.se/) by the end of
November.

QUALIFIED PERSONS

Dr. David Pattinson, BSc, MIMMM, CEng. Principal Metallurgist, Dr. Mike
Armitage, CGeol FGS, CEng MIMMM, Principal Mining Geologist, and Mr.
Johan Bradley, MSc., CGeol FGS, EurGeol, Senior Geologist have reviewed
and approved the content of this press release that relates to work
undertaken and results produced by SRK.

Dr Pattinson and Dr Armitage are employees of SRK Consulting (UK) Ltd
while Mr Bradley is an employee of SRK Consulting (Sweden) AB. All are
consultants toNickelMountainResources AB. Messrs Pattinson, Bradley and
Armitage are each Qualified Persons in accordance with Canadian National
Instrument 43-101 (NI43-101) and consent to the inclusion in the
presentation of the matters based on their information in the form and
context in which it appears.

Forward-Looking Statement

This press release contains or refers to forward-looking information,
including statements regarding estimates and/or assumptions about
potential mineralization, potential mineral resources as well as
assumptions on operational and permit conditions. This information is
based on current expectations that involve a number of business risks
and uncertainties. Actual results may vary from the forward-looking
information contained herein.

The Company provides this information to shareholders and analysts
because they are the key drivers of the business. Readers are cautioned
that this information may not be appropriate for other reasons. The
Company updates its Forward-looking Information as material information
becomes available.

Factors that could cause actual results to differ materially from any
forward-looking information include, but are not limited to, the
possibility that actual circumstances will differ from the estimates and
assumptions used in the potential of the Rönnbäcken Nickel Project, the
environmental and social cost of proceeding with any of the projects,
uncertainty relating to the availability and costs of financing needed
in the future, general business and economic conditions, inflation,
changes in exchange rates, fluctuations in commodity prices, delays in
the development of projects, changes in legislation governing emissions
into the air and water, waste, and the impact of future legislation and
regulations on expenses, capital expenditures and taxation and other
risks involved in the mineral exploration and development industry. When
used in this press release, words such as "schedule", "could", "plan",
"anticipate", "estimate", "expect", "believe", "intend", "may" and
similar expressions are forward-looking information.

This forward-looking Information represents the views as of the date of
this press release. The company anticipates that subsequent events and
developments may cause its views to change.

For more specific information with regard to Nickel Mountain and this
press-release, please contact:

Fredric Bratt
CEO Nickel Mountain Resources AB
Phone: +46 8 402 28 00 / Mobile: +46 762 35 32 60
E-mail:
fredric.bratt@nickelmountain.se (fredric.bratt@nickelmountain.se)

For general information with regard to IGE Resources, please contact:

Thomas Carlsson
CFO and acting CEO, IGE Resources AB
Phone: +46 8 402 28 00 / Mobile: +46 70 552 26 22
E-mail: thomas.carlsson@ige.se (thomas.carlsson@ige.se)

IIGE Resources AB (publ) is a Scandinavian asset management and
development company within natural resources. IGE's portfolio currently
consists of several diamond exploration and production assets in
Southern Africa and Nickel Mountain Resources AB (publ) owning
Scandinavia's largest nickel deposit. IGE is headquartered in Stockholm
and its shares are listed on the Oslo Stock Exchange (ticker: IGE).
Please refer to
www.ige.se (https://wpyadmin.ne.cision.com/l/eavxxcwg/www.ige.se/) for
more detailed information.

Updated PEA shows an estimated net present value of US$1,045 million for the Rönnbäcken Nickel Project