Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

January 14, 2010 12:00 ET

Northern Freegold Announces Management Transition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2010) - Bill Harris, founder of Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce new management appointments as the company transitions from exploration to resource expansion. Mr. Harris has been appointed Chairman of the Board and will retain his COO title. Susan Craig, currently President, will also assume the CEO duties of the company. This change clarifies who is responsible for management of Northern Freegold; allows Mr. Harris to play to his strengths in finding opportunities for the Company, directing on site operations and future growth; and for Ms. Craig to apply her skills and experience in corporate management.

In addition, John Anderson has been appointed to the board of Northern Freegold. Mr. Anderson is an accomplished professional with over 20 years experience in the financing and development of public companies. Mr. Anderson will continue in his corporate development role at Northern Freegold where he has been instrumental in funding the company since its IPO. These appointments take effect immediately.

Bill Harris, Chairman and COO commented, "I am extremely pleased that Mr. Anderson will join the board of Northern Freegold and that Ms. Craig has agreed to take on the role of CEO. Their skills and abilities will be valuable assets as the company continues to transition from exploration to resource expansion."

Northern Freegold's main focus is on the district scale, road accessible Freegold Mountain project in the Yukon. An initial inferred 1.08 million ounce gold resource (67.57 million tonnes @ 0.50 g/t gold with 0.30 g/t gold cutoff) in the Nucleus Zone was announced in July of 2009. Northern Freegold is presently updating the 3D geological model in the Nucleus Zone to incorporate the 44 drill holes from the 2009 drill program and an updated resource will be released during the first quarter of 2010. Detailed geological mapping and ground geophysics between the Nucleus and Revenue Zones (a distance of +4 km) has provided a better understanding and interpretation of the structures controlling the mineralization within this area. This interpretation, in conjunction with reinterpretation of an airborne VTEM survey flown over the entire project, project wide silt sampling and historical geochemical surveys is defining large scale (kms long) zones of interest across the project. Over the next few months a strategic assessment of this data to prioritize targets within these large scale systems will help determine the 2010 program at Freegold Mountain. To date, only 2% of the Freegold Mountain project has been drilled.

Northern Freegold is a well financed rapidly advancing Canadian-based precious metals exploration and development company, which 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.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William G. Harris, Chairman & COO

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes certain "forward-looking statements". All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Forward-looking statements 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 NFR's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and First Nation groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. NFR's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. NFR assumes no obligation to update the forward looking statements if management's beliefs, opinions, projections, or other factors should they change.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Freegold Resources Ltd.
    Debbie James
    Investor Relations Manager
    877.893.8757 or 604.893.8757
    604.893.8758 (FAX)