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Northern
Gold Mining Inc. (TSX VENTURE:NGM - News; "Northern Gold" or "the
Company") is pleased to announce that it has retained A.C.A. Howe International
Ltd. ("Howe"), a leading geologic and mining engineering consulting
group, to complete a National Instrument 43-101 Technical Report ("NI
43-101 Report") to update the resources announced for the Garrcon Deposit at the Garrison Township Gold Project in
its September 23, 2010 Press Release. That disclosure was an indicated
resource containing 144,000 ounces of gold in 3.8 million tonnes
grading 1.2 grams per tonne and an inferred
resource containing 530,000 ounces of gold in 18.5 million tonnes grading 0.9 grams per tonne,
outlined in more detail in an NI 43-101 Technical Report filed on SEDAR on
November 5, 2010. None of Northern Gold's 2010 diamond drill results were
used in calculating those resources. As of December 1st, 2010, approximately 10,114
meters of additional drilling had been completed in 41 drill holes. Howe will
also complete a first time Preliminary Economic Assessment for the Garrcon Deposit.
This
NI 43-101 report will incorporate the data from the 16,891 meters of drilling
in 65 holes used to calculate the first resource as well as the additional
10,114 meters completed in 41 drill holes through December 1, 2010 by
Northern. Scoping study level metallurgical test work is being completed by
SGS Minerals Services at its Lakefield, Ontario metallurgical test
facilities. The additional drilling increases the available data by
approximately 60% and in combination with the metallurgical testwork a Preliminary Economic Assessment can now be
completed that will help the Company focus more closely on those process and
operating alternatives that make the most economic sense.
"This
is a very important phase in the ongoing definition and development of the Garrcon Deposit as it will further define the target
resource within the 760 meter by 275 meter footprint identified in the NI
43-101 Report filed on SEDAR November 5, 2010" stated Martin Shefsky, President and CEO of Northern Gold Mining Inc.
"Based on our continuing evaluation of drill results from the Garrcon Deposit we become more convinced that the deposit
has the potential to host a bulk tonnage, open-pit mining operation.
The
Company is also pleased to announce that it has granted 1,000,000 stock
options under the Company's incentive stock option plan, which was approved
by shareholders at their annual meeting held September 23, 2010. These
options were granted to management and directors, with an exercise price of
$0.32 and an expiry date of December 29, 2015.
Quality
Assurance/Quality Control
The
Company has established a QA/QC program for its various exploration
activities, which has been previously disclosed in its news releases. All
QA/QC relating to the previously announced mineral resource estimate can be
found in the NI 43-101Techncal Report filed on SEDAR on November 5, 2010.
About
Northern Gold Mining
Northern
Gold Mining Inc. is a TSX-V listed, publicly traded junior resource company
based in Toronto, Ontario, dedicated to the discovery and development of high
value mineral deposits in the proven mining camps of Kirkland Lake and
Timmins in North Eastern Ontario. Northern Gold is focused on developing two
advanced stage gold deposits on the Garrison Gold Property. The Property is
located within the Abitibi greenstone belt along the Porcupine-Destor and the Munro Fault systems. The Property hosts
several gold mineralized showings in addition to the two advanced stage
exploration targets, the Jonpol and Garrcon Deposits, for each of which NI 43-101 compliant
mineral resources have been calculated, and the less advanced 903 gold mineralized
area. Historic diamond drilling by previous operators was completed in all
three referenced areas. The Jonpol Technical Report
was posted on SEDAR October 21, 2009 and the Garrcon
Technical Report was posted on SEDAR November 5, 2010. The Garrison Gold
Property has historic mining infrastructure at both the Jonpol
and Garrcon Deposits and producing mines are
located in close proximity to the property. The Company is in the second year
of an option agreement under which it may earn up to an 80% interest in the
Garrison Gold Property from ValGold Resources Ltd.
("ValGold") (TSX VENTURE:VAL - News). For more information on
the option agreement, please see the Company's news release dated 14
September 2009.
The
technical aspects of this press release has been reviewed by Michael Gross
M.S., P.Geol., Vice President Exploration for
Northern Gold, who is the "Qualified Person" as defined by NI
43-101 for this project.
CAUTIONARY
STATEMENT: 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.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
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.
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