Northern Freegold Resources Ltd.
TSX VENTURE : NFR

Northern Freegold Resources Ltd.

December 01, 2011 15:14 ET

Northern Freegold Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed the private placement announced on October 18th, 2011. A total of 349,168 units (the "Units") have been completed for gross proceeds of CDN $104,750. All the units were taken up by directors and officers of the Company.

Each unit will consist of a common share priced at $0.30 per Share and a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing.

Net proceeds from the private placement will be applied towards advancement of the Company's Yukon mineral properties and for general working capital purposes.

All of the securities are subject to a hold period expiring April 2, 2012.

Northern Freegold is a well-financed rapidly advancing Canadian-based precious metals exploration and development company. NFR 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.

Management believes the Revenue target deposit, the Nucleus deposit and the Stoddart Zone are all part of a large scale gold rich porphyry system, which extends in an east-west direction for more than 8 km. The system has the potential to host multi-million ounce gold resources with multi-billion pound copper resources similar to other porphyry deposits in the region.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

John Burges, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Freegold Resources Ltd.
    Julie Hajduk
    Investor Relations Manager
    604-893-8757 or Toll Free: 1-877-893-8757
    604-893-8758 (FAX)
    www.northernfreegold.com