Northern Freegold Announces Flow-Through Financing
Vancouver, BC: November 5, 2008. Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce that it intends to complete a non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell flow-through shares at a price of $CDN 0.45 per share. The financing is expected to close on or before November 15, 2008.
Maximum gross proceeds of the offering are expected to be up to $CDN 1,800,000. The proceeds from the sale of the shares will be used to finance drilling and exploration on the company's Freegold Mountain project in the Yukon Territory. The flow-through expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2008 taxation year.
Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and the Burro Creek Property in Arizona.
Northern Freegold Resources Ltd.
On behalf of the Board of Directors
Signed "Bill Harris"
William (Bill) G. Harris
CEO & COO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information, please contact Sarah Mouritzen, Investor Relations Manager at 877.893.8757 or 604.893.8757.
Northern Freegold Resources TSX.V: NFR
900-475 Howe St.
Vancouver, BC V6C 2B3