Northern Gold Mining

Published : January 21st, 2009

SIGNS LETTER OF INTENT WITH VALGOLD RESOURCES LTD.

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NORTHERN GOLD MINING INC. SIGNS LETTER OF INTENT WITH VALGOLD RESOURCES LTD.


Toronto, Ontario (January 21, 2009): Martin Shefsky, President and CEO of Northern Gold Mining Inc. (TSX-V NGM), reports that the company has entered into a letter of Intent with ValGold Resources Ltd. The agreement covers the Garrison gold property, consisting of thirty-five patented claims in Garrison Township, approximately 40 kilometres north of Kirkland Lake and 100 kilometres east of Timmins, Ontario. According to Mr. Shefsky: "This property strengthens our holdings in Northern Ontario and immediately provides Northern Gold with an advanced exploration project that has the potential for a large gold deposit".

The Garrison gold property is located in Garrison Township, Ontario, immediately south of Highway 101. The property is comprised of 35 patented mining claims that cover an area of about 374.5 hectares and approximately 2.5 kilometres of the Destor-Porcupine regional fault system. The Destor-Porcupine is spatially related to major gold deposits in an area from Timmins, Ontario to Normetal, Quebec, including St. Andrew Goldfields Holt-McDermott and Holloway gold mines eight kilometres to the east.  Numerous zones of gold mineralization have been found on the property to date. Four mineralized zones (JP, JD, RD and East) have been identified along a 1.5 kilometre strike length within the Munro Fault, a northerly splay off the Destor-Porcupine Fault. A NI 43-101 technical report on the property (filed on SEDAR 13 May 2008 by Valgold) concludes that the four Munro Fault mineralized zones contain an indicated resource of 253,100 tonnes grading 7.77 grams per tonne gold (63,200 ounces) and an inferred resource of 1,555,800 tonnes grading 4.93 grams per tonne gold (246,540 ounces). All four zones require additional in-fill and step-out drilling. All zones are open down-dip with the JD and RD zones only being tested currently to a 250 metre depth. The two deepest holes intersecting the main JP zone at a depth of 600 metres both returned intersections confirming down-dip continuation of the gold mineralization. During 1996-97 Hillsborough Resources extracted a 50,477 tonnes bulk sample from the main JP zone which returned a recovered grade of 8.3 grams per tonne. A smaller bulk sample of 3,160 tonnes was extracted by Jonpol Exploration on the JP zone in 1990 and returned calculated assays of 10.9 grams per tonne and 18.5 grams per tonne.

A fifth zone, the Garrcon Zone, situated on the immediate north side of the Destor-Porcupine Fault approximately 500 metres south of the Munro Fault, is described in the NI 43-101 technical report as having the potential to host a bulk tonnage, open-pit operation with the potential of up to 30 million tonnes ranging in grade from 1 to 3 grams per tonne gold. There has been insufficient exploration to define a mineral resource on the Garrcon Zone and the potential quantity and grade is conceptual in nature and as a result it is uncertain if further exploration will result in the discovery of a mineral resource.

Under the terms of the agreement, Northern Gold may earn up to an undivided 80 percent interest in the Garrison gold property. 

Northern Gold may acquire a 50 percent undivided interest in the property by making cash payments to ValGold of $1,000,000 over four years, with all or part of the payments being made in Northern Gold stock at Northern Gold's option, using a 20 day value weighted average price, upon regulatory approval. To earn the 50 percent interest Northern Gold must also complete work on the property in the amount of $4,000,000 over four years, with $500,000 being spent on the property in the first year of the agreement. 

After earning the 50 percent interest, Northern Gold can then acquire an 80 percent interest using a 20 day value weighted average price) and completing additional work on the property in the amount of $4,000,000 over four years. All payments and work may be made or done at the sole discretion of Northern Gold.

This Press release has been reviewed by R.V. Zalnieriunas P.Geo., an independent consulting geologist who is the "Qualified Person" as defined by NI 43-101 for this project.

Northern Gold Mining Inc. is a Toronto based junior resource company dedicated to gold exploration in the proven mining camps of Kirkland Lake and Timmins, in Northern Ontario

For further information please contact:

Northern Gold Mining Inc.

Martin R. Shefsky                                                          Jeffery P. Boykin
President and CEO                                                        VP Investor Relations/Regulatory Affairs
Tel: (416) 366 - 7300                                                      Cell: (647) 269 - 7300
Fax: (416) 366 - 7301                                                     Tel: (416) 366 - 7300
E: mshefsky@northerngold.ca                                        Fax: (416) 366 - 7301
Web site: www.northerngold.ca                                       E: jboykin@northerngold.ca

CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, future plans and objectives of Northern Gold Mining Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Gold Mining Inc.'s expectations are the risks detailed herein and from time to time in the filings made by Northern Gold Mining Inc. with securities regulators.

 
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Northern Gold Mining

EXPLORATION STAGE
CODE : NGM.V
ISIN : CA66516M1095
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Northern Gold is a gold exploration company based in Canada.

Northern Gold holds various exploration projects in Canada.

Its main exploration properties are KIRKLAND LAKE, BOURKES GROUP, KIRKLAND LAKE, KIRANA GROUP, GARRISON and GARRISON - JONPOL / MONETA in Canada.

Northern Gold is listed in Canada. Its market capitalisation is CA$ 3.1 millions as of today (US$ 2.3 millions, € 2.1 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 0.64, and its lowest recent point on December 23, 2015 at CA$ 0.01.

Northern Gold has 314 920 000 shares outstanding.

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Nominations of Northern Gold Mining
5/17/2013Announces Appointment of New President & CEO
10/10/2012Announces Board Changes and Officer Appointments and Reports...
Project news of Northern Gold Mining
9/10/2013(Garrison)Completes Acquisition of Contiguous Mining Claims to the Gar...
4/16/2013(Garrison)Acquires Additional Property in Garrison, Holloway and Micha...
1/31/2013(Garrison)Acquires Additional Property in Garrison and Harker Township...
8/18/2011(Garrison)Announces Three Additional Drills (Five in Total) on Its Gar...
7/26/2011Reports Assays for Six Drill Holes at Its Garrcon Gold Depos...
5/26/2011(Garrison)More Than Triples Land Holdings at and Near Its 100% Owned G...
5/16/2011(Garrison)ValGold and Northern Gold Close Garrison Property Sale
4/28/2011(Garrison)Intersects 61.0 m @ 2.32 g/t Gold Including 1.0 m @ 127.70 g...
4/26/2011(Garrison)Announces Significant New Gold Assay Results in Ongoing Dril...
4/12/2011(Garrison)Expands the Garrison Gold Property by 27% With Acquisition o...
4/7/2011(Garrison)and ValGold Announce Agreement to Consolidate 100% Ownership...
4/1/2011(Garrison)Announces Significant New Gold Assay Results
3/1/2011(Garrison)Hits 209 Meters of 1.44 g/t Including 1 Meter of 97.88 g/t, ...
2/24/2011(Garrison)Reports That Metallurgical Testing of the Garrcon Deposit Ha...
2/22/2011(Garrison)Hits 58 Meters of 1.08 g/t Gold Including 2 Meters of 13.07 ...
12/29/2010(Garrison)Initiates a New Mineral Resource Report and Preliminary Econ...
5/10/2010(Garrison)Initiates Phase II Drilling on Garrison Gold Property
3/31/2010(Garrison)Initiates Permitting Process for Advanced Exploration/Develo...
2/23/2010(Garrison)Hits 84.2 Metres of 1.49 g/t Gold Including 37.2 Metres of 2...
12/10/2009(Garrison)Hits 56.1 Metres of 2.14 g/t Gold Including 3.4 Metres of 16...
8/14/2008ANNOUNCES ADDITIONAL HIGH GRADE GOLD ASSAYS 552.96 g/t (16.1...
7/29/2008ANNOUNCES COMMENCEMENT OF DIAMOND DRILLING AT THE NEW HIGH G...
7/22/2008NEW DISCOVERY OF HIGH GRADE GOLD 2305 g/t (67.22 oz/t) ON N...
1/8/2008(Kirkland Lake)DRILLS 404.92g/t Au (11.81 opt) over 0.3m(1.0ft.) AT BOURKES
Corporate news of Northern Gold Mining
12/22/2015Oban Mining Completes Acquisition of Northern Gold
12/21/2015IIROC Trading Halt - NGM
12/21/2015Northern Gold Receives Court Approval for Business Combinati...
11/23/2015Northern Gold Files Circular Regarding Shareholder Vote on B...
10/22/2015Northern Gold Announces Updated Bulk Sample Results
10/6/2015Northern Gold Announces Updated Bulk Sample Results
6/30/2015Northern Gold Announces Updated Bulk Sample Results - Batch ...
4/23/2015Northern Gold Strengthens Board of Directors
2/26/2015Northern Gold Announces Updated Bulk Sample Results – Recove...
2/26/2015Northern Gold Announces Updated Bulk Sample Results-Recovers...
1/26/2015Northern Gold Announces Updated Bulk Sample Results - Recove...
10/27/2014Northern Gold Announces Initial Bulk Sample Results
10/14/2014Northern Gold Announces Closing of $5,000,000 Secured Debt F...
9/19/2014Northern Gold Announces Results of Annual and Special Meetin...
9/19/2014CORRECTION FROM SOURE: Northern Gold Announces Results ofAnn...
9/18/2014Northern Gold Announces Custom Milling Agreement with St. An...
8/27/2014Northern Gold Announces $5,000,000 Secured Debt Facility and...
7/14/2014Northern Gold Announces the Successful Filing of Its Closure...
6/9/2014Northern Gold Announces Change in Management
5/7/2014Northern Gold Submits Garrcon Advanced Exploration Closure P...
5/2/2014Northern Gold Files 43-101 Technical Report for its Garrison...
10/10/2013Intersects 38.35 g/t Au Over 8.0 m at Garrcon Deposit
9/26/2013Reports Results of Jonpol Metallurgical Testwork
9/18/2013Intersects 7.41 g/t Au over 6.5 m at Jonpol East Zone
8/29/2013Intersects 5.47 g/t Au OVER 17.3 m at Jonpol Deposit
8/21/2013Announces Issuance of Securities to Wahgoshig First Nation
8/15/2013Announces Exploration Agreement With Wahgoshig First Nation ...
7/30/2013Extends Gold Mineralization at Buffonta and Completes Initia...
7/10/2013Intersects 4.52 g/t Au over 11.5m at Gold Pike Property
5/7/2013Acquires Champagne Property
3/26/2013Intersects 23.5 g/t Au Over 4.1m at Jonpol Deposit
2/14/2013Named to TSX Venture Top 50
2/7/2013Completes Acquisition of Victory Gold Mines Inc.
1/21/2013Discovers 600-Metre Long High-Grade Gold Zone at Garrcon Eas...
12/12/2012to Acquire Victory Gold
10/25/2012Intersects Two 2-Metre Intervals of 9.85 g/t Au and 15.02 g/...
10/5/2012Announces Closing of $10.0 Million Brokered Private Placemen...
9/21/2012Announces $10.0 Million Private Placement of Flow Through Co...
7/20/2011Continues to Intersect Long Intervals of Gold Mineralization...
7/11/2011Intersects 3.0 m of Gold Assaying 660.0 g/t Including 1.0 m ...
6/23/2011Increases Garrcon Deposit Indicated Resource Five-Fold to 72...
4/19/2011Continues to Expand Exploration Ground With the Acquisition ...
6/15/2010Announces Assay Results of New Mineralized Zone Samples Grad...
9/15/2009And Valgold complete option agrement on Garrison Gold proper...
1/21/2009SIGNS LETTER OF INTENT WITH VALGOLD RESOURCES LTD.
9/3/2008EXPLORATION UPDATE
8/12/2008ANNOUNCES COMPLETION OF VTEM AIRBORNE SURVEY AND THE ADDITIO...
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