Northern Freegold
Closes Private Placement
Northern Freegold
Resources Ltd. (NFR: TSX-V) has closed the private placement announced on
October 18th, 2011. A total of 349,168 units (the "Units") have been
completed for gross proceeds of CDN $104,750. All the units were taken up by
directors and officers of the Company.
Each unit will
consist of a common share priced at $0.30 per Share and a share purchase
warrant, each warrant being exercisable to acquire an additional share at $0.45
for 18 months following the closing.
Net proceeds from
the private placement will be applied towards advancement of the Company's
Yukon mineral properties and for general working capital purposes.
All of the
securities are subject to a hold period expiring April 2, 2012.
Northern Freegold is a well-financed rapidly advancing
Canadian-based precious metals exploration and development company. NFR brings
local expertise and strong management to focus on the development of economic
mineral resources on the district-scale Freegold
Mountain gold and copper project in the Yukon and the Burro Creek gold and
silver property in Arizona.
Management believes
the Revenue target deposit, the Nucleus deposit and the Stoddart
Zone are all part of a large scale gold rich porphyry system, which extends in
an east-west direction for more than 8 km. The system has the potential to host
multi-million ounce gold resources with multi-billion pound copper resources
similar to other porphyry deposits in the region.
Northern
Freegold Resources Ltd.
On behalf of the
Board of Directors
Signed "John
Burges"
John Burges
President & CEO