Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

December 30, 2008 14:43 ET

Northern Freegold Closes Financing of $475,300

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2008) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed a non-brokered public offering as announced on December 10, 2007. The financing was comprised of 1,358,000 flow-through units for gross proceeds of CDN $475,300.

The flow-through units priced at $0.35 per unit each consist of a flow-through common share and one-half of a non-flow-through purchase warrant, each whole warrant exercisable at CDN $0.50 for an 18-month period.

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. The flow-through unit expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2008 taxation year.

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 Project in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William (Bill) G. Harris, CEO & COO

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.
    Sarah Longhurst
    Investor Relations Manager
    1-877-893-8757 or (604) 893-8757
    (604) 893-8758 (FAX)