Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

January 17, 2007 16:06 ET

Northern Freegold Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 17, 2007) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce the appointment of Corwin Coe (A.Sc.T., B.Sc.) as the Company's Vice President of Exploration. Mr. Coe is a geologist with a Bachelor of Science degree from Simon Fraser University and also is a mining engineering technologist with a diploma from the British Columbia Institute of Technology. Mr. Coe has been actively involved in the mining industry for over 25 years and has held positions as President, Director and/or Officer of several public companies as well as being involved extensively in operations and project management. He has been directly responsible for the discovery, development and production of two separate gold and silver mining properties in Arizona and also has extensive experience in both mineral exploration and mine production throughout North America, including the Yukon. Mr. Coe is also experienced in property evaluations, acquisitions, joint ventures, financing and investor relations and was previously a licensed investment advisor at a major brokerage firm.

In conjunction with his appointment, Mr. Coe has been granted 140,000 stock options at an exercise price of $0.65 which shall vest at 3, 9 and 15 month periods and which will have a term of 5 years.

Bill Harris, President and CEO, stated, "Corwin brings a wealth of knowledge and experience in many facets of the mining industry to the Northern Freegold team. His input will be invaluable as we move forward in the exploration and development of the Freegold Mountain Project."

Incentive stock options have also been granted to an employee of the company for the purchase of a total of 50,000 shares at an exercise price of $0.65 per share, vesting 1/3 upon approval, and at 12 and 24 months, with the options expiring January 17, 2012.

Northern Freegold is also pleased to announce that it has extended the investor relation contract with Mr. Bernie Kennedy of Bernie Kennedy Consulting Inc., to December 31, 2008. Mr. Kennedy has developed a comprehensive program of investor relations for Northern Freegold. Mr. Kennedy's remuneration from Northern Freegold has been increased to $4,000 per month and he will be granted an additional 20,000 stock options at an exercise price of $0.65 per share, which shall vest at 6, 12, 18 and 24 months, with the options expiring January 17, 2012.

Northern Freegold has completed an agreement with Yale Resources Ltd. (Yale) (TSX VENTURE:YLL) to acquire geological information relating to the Nucleus Zone. NFR has agreed to issue Yale 50,000 voting class common shares in exchange for data collected by Yale as previous owners of the property. This information is critical to future resource calculations on the Nucleus Zone.

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.

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
    (877) 489-4440 or (250) 489-4440