TORONTO, ONTARIO--(Marketwired - Oct. 6, 2015) - NORTHERN GOLD MINING INC. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") announces updated results from the bulk sampling program at its Garrcon deposit, part of the Company's Golden Bear Project1.
- Batch 9: Processed 18,186 dry tonnes grading 1.43 g/t, recovering 807.3 oz Au at 96.4% recovery
Total to date: - Processed 73,534 dry tonnes of mineralized material at an average head grade of 1.55 g/t (nine batches processed at St Andrew Goldfields Ltd ("SAS") Holt Mill). The first batch was processed September 13, 2014, with the most recent complete batch ending July 11, 2015.
- Recovered 3,516.3 troy ounces of gold from the mineralized material
- Achieved an average mill recovery of 95.7%
This batch concludes the initial (80,000 tonne maximum, 72,000 minimum) bulk sample program for the Garrcon deposit under the 150,000 tonne Closure Plan as filed with the Ministry of Northern Development and Mines (MNDM) in July 2014. The Company looks to conduct further refinements of its resource models, including a bulk reconciliation against existing block models and a statistical review of the generated data generated from the bulk sample.
Credit Facility Extension
The Company announces that it has agreed to an extension of the term of maturity of the senior secured non-revolving credit facility (the "Credit Facility") with its secured lender. The term of maturity of the Credit Facility has been extended to January 10, 2016. All other terms and conditions applicable to the Credit Facility remain the same.
The Company also announces that Mr. Gorden Glenn has resigned from the Board. The Board wishes to thank Mr. Glenn for his time and input.
Technical Information and Qualified Person
The technical aspects of this press release have been reviewed and approved by Mr. Greg Matheson, P.Geo., the "Qualified Person" as defined by National Instrument 43-101 for the Golden Bear Project.
1TECHNICAL REPORT ON THE GOLDEN BEAR PROJECT - GARRISON PROPERTY, Report No. 975, A.C.A. Howe International Limited Toronto, Ontario, Canada, Effective Date: December 30, 2013, Signing Date: March 03, 2014, filed by the Company on SEDAR. "Non-diluted Measured+Indicated Mineral Resources considered amenable within the USD$1250 preliminary pit shell to open pit mining (at the Garrcon deposit), totaled 29.2 million tonnes with an average gold grade of 1.12 g/tonne for 1,047,000 ounces"
About Northern Gold
Northern Gold is a TSXV-listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties at the Golden Bear Project in the Larder Lake Mining Division in northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta Property. Recent transactions, including the amalgamation with Victory Gold Mines Inc. and acquisition of the Lac Minerals Property, add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, and includes information with respect to, among other things, the uses of proceeds from the Facility, the Company's present and future financial condition, and the ability of the Company to secure additional sources of financing. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining or failures to obtain TSXV or other required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in Northern Gold's management discussion and analysis for the three month period and year ended March 31, 2015 as filed under the Company's SEDAR profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, among other things, that financing will continue to be available to the Company on favourable terms or at all, the results of the Company's exploration and development activities will be favourable, and all necessary governmental and regulatory approvals, including TSXV approval, will be received as and when expected. Although Northern Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.