Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

December 04, 2007 14:30 ET

Northern Freegold Closes Financing of $7.147 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2007) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed the non-brokered public offering as announced on November 16, 2007. The financing was comprised of 9,883,947 non flow-through units for gross proceeds of CDN $7,147,960.25.

Each non-flow through units consist of one (1) common share priced at $.75 and one (1) warrant to purchase a common share, each warrant exercisable at $CDN 1.00 for a 12-month period and exercisable at $1.25 for an additional 12-month period.

The proceeds from the sale of the common shares will be used to finance exploration on the company's Freegold Mountain Project Properties in the Yukon Territory, on the Burro Creek Project in Arizona and for general corporate purposes.

A total of 364,500 units in finder's fees and/or due diligence fees were paid to certain arms length parties in relation to the offering. These same parties also received finders' options giving them the right to purchase 364,500 common shares, exercisable at $CDN 1.25 per share for a 12-month period.

Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and the Burro Creek Project in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William (Bill) G. Harris, President and Chief Executive Officer

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.
    Bernie Kennedy
    Investor Relations Manager