Northern Gold Mining Inc.
TSX VENTURE : NGM

Northern Gold Mining Inc.

January 22, 2010 14:36 ET

Northern Gold Shareholders Exercise 100% of Accelerated Warrants

TORONTO, ONTARIO--(Marketwire - Jan. 22, 2010) - Northern Gold Mining Inc. ("Northern Gold" or "the Company") (TSX VENTURE:NGM) announces the proceeds from acceleration of the expiry of certain warrants ("Warrants"), agent's warrants ("Agent's Warrants"), and options ("Options") to purchase common shares ("Common Shares") of the Company as announced on 21 December 2009 and 24 December 2009.

Total proceeds of $1,048,801.16 were received from the 100% exercise of common share purchase Warrants, Agent's Warrants, and Options which were issued as part of two private placement financings in July 2009. A total of 9,139,405 Warrants were exercised for total proceeds of $913,940.50. A total of 206,300 Agent's Warrants were exercised for total proceeds of $20,630. A total of 692,307 Options were exercised for total proceeds of $114,230.66. Northern Gold intends to use the proceeds for working capital purposes.

On 21 December 2009 the Directors of Northern Gold announced that the Company had elected to accelerate the expiry of 2,216,329.5 Warrants to purchase Common Shares of the Company issued on 24 July 2009 as part of a private placement of units of the Company, as well as the purchase warrants attached to 206,300 Agent's Warrants issued as compensation for the private placement. Each Warrant entitled the holder to purchase one Common Share at a price of $0.10 per share. Each Agent's Warrant entitled the holder to purchase one unit at a price of $0.05, with each unit consisting of one common share and one-half of one common share purchase warrant. The Warrants and the purchase warrant attached to the Agent's Warrants were accelerated to 21 January 2010. All of the Warrants and Agent's Warrants have been exercised.

On 24 December 2009 the Directors of Northern Gold announced that the Company had elected to accelerate the expiry of 6,923,075 Warrants to purchase Common Shares of the Company issued on 28 July 2009 as part of a private placement of units of the Company, as well as the purchase warrants attached to 692,307 Options issued as compensation for the private placement. Each Warrant entitled the holder to purchase one Common Share at a price of $0.10 per share. Each Option entitled the holder to purchase one unit at a price of $0.065, with each unit consisting of one common share and one share purchase warrant. The Warrants and the purchase warrant attached to the Option were accelerated to 21 January 2010. All of the Warrants and Options have been exercised.

Northern Gold Mining Inc. is a Toronto based junior resource company dedicated to gold exploration in the Kirkland Lake mining camp of Northern Ontario. Its focus is the Garrison gold property, which contains an indicated resource of 253,100 tonnes grading 7.77 grams per tonne gold (63,200 ounces) and an inferred resource of 1,555,800 tonnes grading 4.93 grams per tonne gold (246,540 ounces) in four sub-zones of the JonPol Zone in the northern part of the property, as described in the NI 43-101 report filed by The Company on SEDAR on 21 October 2009.

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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.

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