Dear Shareholders and Friends,

In a recent interview with Streetwise Reports, Michael Fowler commented on Northern Freegold Resources Ltd.  A lackluster U.S. economy is creating a positive environment for gold according to Fowler. By calculating ounces-in-the-ground values and assessing for risk, he has concluded that the junior/midtier sector offers the best growth potential. He expects to see companies of all sizes try and control costs instead of looking for mergers and acquisitions to add value.

Michael Fowler, senior mining analyst with Loewen, Ondaatje, McCutcheon Ltd., has worked in the investment industry since 1987 as a base and precious metals mining analyst for numerous high-profile firms. Prior to this, Fowler worked as a geophysicist involved in mineral exploration for 10 years. He was involved in the discovery of the high-grade Cigar Lake uranium mine in Northern Saskatchewan in the early 1980s. He holds a Master of Business Administration from Cranfield University, U.K., a Master of Science in mineral exploration from Leicester University, U.K. and a Bachelor of Science in geology with geophysics from Liverpool University, U.K. He is a Member of the Institution of Materials in the UK and is a Member of the Canadian Institute of Mining and Metallurgy.

Julie Warren

Marketing Assistant

Michael Fowler's Comments:

"Northern Freegold Resources Ltd. has a porphyry deposit in the Yukon, a large bulk-tonnage gold-copper deposit. There are two main deposits: the Revenue deposit and the Nucleus deposit, with a higher-grade core. . .it is more economic, which is exciting. Western Copper and Gold Corp.'s project is 70 kilometers from Northern Freegold's. I mention that because Western Copper recently released a very positive feasibility study. Its deposit is geologically similar to Northern Freegold's. Western Copper came out with more than $1B in net present value. Northern Freegold has better logistics than Western Copper. In fact, Western Copper has to use and extend Northern Freegold's road to its property. Northern Freegold has greater access to a power line than Western Copper. I point that out because Western Copper's market price has gone from $0.60 to $1.60/share because of the feasibility report. Northern Freegold should not be forgotten. . .Northern Freegold should have to spend a lot less, and if management chooses a phased approach, the company will recoup its money a lot faster." View Article