Northern Tiger Resources Inc.
TSX VENTURE : NTR

Northern Tiger Resources Inc.

August 18, 2009 06:30 ET

Northern Tiger Resources Announces Private Placement Closing and Expansion of Yukon Exploration Program

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2009) - Northern Tiger Resources Inc. ("Northern Tiger" or the "Company") (TSX VENTURE:NTR) is pleased to announce that it has raised an aggregate of $1,095,000 and is planning a significant expansion to its previously announced (April 14, 2009) $1,000,000 exploration program. The Company is now planning a program totalling $1,750,000.

With the additional funds, Northern Tiger intends to drill up to 12 diamond drill holes (2,600 metres) at Sonora Gulch; a significant increase from the previously announced 7 holes (1,400 metres). The primary focus of the drill program will continue to be on the Nightmusic Zone, where 2008 drilling intercepted 26.6 metres grading 4.96 g/t gold, 11.9 g/t silver and 0.23% copper (see News Release dated October 28, 2008). Surface exploration and geophysical programs will also be expanded, including exploration for Minto-style deposits on the properties Northern Tiger obtained from its exploration alliance partner Minto Exploration Ltd., a wholly owned subsidiary of Capstone Mining Corp.

"We have really just begun exploring what we believe is a large mineralized system at Sonora Gulch, and are pleased to be able to expand our 2009 program", says Greg Hayes, President of Northern Tiger. "The additional work should allow us to build on our previous exploration success and continue to demonstrate the potential of the Sonora Gulch property to host significant gold mineralization. In addition, we are committed to achieving our goal of advancing at least one Minto-style target to the drill-ready stage for 2010."

On August 17, 2009 the Company closed a non-brokered private placement of 3,650,000 units ("Units") at a price of $0.20 per Unit and 1,825,000 class "A" common shares issued as "flow-through shares" under the Income Tax Act (Canada) ("FT Share") at a price of $0.20 per FT Share for aggregate gross proceeds of $1,095,000. Each Unit consisted of one class "A" common share of Northern Tiger ("Common Share") and one transferable share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.30 at any time within 24 months of issuance.

The FT Shares and Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The proceeds from the sale of FT Shares will be used to incur expenditures which qualify as Canadian Exploration Expenses, and will be used to explore Northern Tiger's Yukon mineral properties. The proceeds from the sale of the Units will be used to explore Northern Tiger's Yukon mineral properties and for general corporate expenses. The FT Shares, the Common Shares and Warrants comprising the Units and Common Shares issuable upon exercise of the Warrants are subject to a four (4) month restricted period which expires on December 18, 2009.

In connection with the private placement and in accordance with regulatory requirements, the Company paid $3,750 cash as Finder's Fees to an arm's length party. The TSX Venture Exchange has conditionally accepted the private placement and finder's fees.

Northern Tiger Resources Inc. is a Canadian-based resource exploration company focused on the rapidly developing Dawson Range gold-copper mining district in the Central Yukon. Through its exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production.

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements.

Neither 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

Contact Information