Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

November 16, 2007 09:10 ET

Northern Freegold Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce that it intends to complete a non-brokered private placement to raise maximum gross proceeds of $CDN 6,750,000. Application will be filed with the TSX Venture Exchange to sell units at a price of $CDN 0.75 per unit. Each unit will consist of one (1) common share 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.

A 6% commission or finders' fee payable in units and a 6% finders' option will be paid to registered dealers or arms-lengths third parties responsible for sourcing investors for this financing. The finders' option will entitle the holder to acquire that number of common shares equal to 6% of the number of units sold, exercisable at $CDN 1.25 per share for a 12-month period. The financing is expected to close on or before November 30, 2007. Finders' commissions and options are subject to applicable securities laws and obtaining required regulatory approvals.

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

Additionally, Northern Freegold announces incentive stock options to an employee for the purchase of 25,000 shares at an exercise price of $0.81 per share, with the options expiring November 16, 2010.

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 Property in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William G. (Bill) 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.

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