Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

November 17, 2009 11:00 ET

Northern Freegold Extends Warrant Expiry Dates

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Nov. 17, 2009) - Application is being made by Northern Freegold Resources Ltd. (TSX VENTURE:NFR) to receive approval from the TSX Venture Exchange to extend the warrant expiry dates of the following common share purchase warrants issued or issuable in connection with a non-brokered non-flow through financing which closed December 4, 2007:

  • 9,530,614 warrants issued as part of the non-flow through financing, each warrant originally exercisable for one common share at a price of $1.25 per share until December 4, 2009.

And a non-brokered flow-through financing which closed December 18, 2007:

  • 2,281,186 warrants issued as part of the flow-through financing unit, each warrant originally exercisable for one common share at a price of $1.50 per share until December 18, 2009.

The revised expiry date for the 9,530,614 warrants will be December 4, 2010, and December 18, 2010 for the 2,281,186 warrants. The remaining attributes of the warrants, including the exercise price, will remain the same.

Northern Freegold's main focus is on the district scale, road accessible Freegold Mountain project within in the Yukon. An initial inferred 1.08 million ounce gold resource (67.57 million tonnes @ 0.50 g/t gold within 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 (24 hole results are still pending). The initial resource will be reviewed with the information from the updated geological model and any material changes will be reported. 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

Susan P. Craig, President

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 statemenets. 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)