Northern Gold Mining Inc.
TSX VENTURE : NGM

Northern Gold Mining Inc.

June 22, 2010 09:30 ET

Northern Gold $2,500,000 Brokered Private Placement is Fully Subscribed

TORONTO, ONTARIO--(Marketwire - June 22, 2010) - Northern Gold Mining Inc. ("Northern Gold" or the "Company") (TSX VENTURE:NGM) announces that the proposed financing of $2.5 million announced yesterday is fully subscribed (see press release June 21,2010). BayFront Capital Partners Ltd. is acting as the agent.

Closing of the private placement is subject to a number of conditions, including the receipt of approval from the TSX Venture Exchange as well as the negotiation and execution of certain documentation, including an agency agreement between the agent and Northern Gold.

The Offering will consist of the sale of 8,928,571 Flow-Through Units at $0.14 per Flow-Through Unit for gross proceeds of $1,250,000, and the sale of 10,869,565 Hard Dollar Units at $0.115 per Hard Dollar Unit for gross proceeds of $1,250,000.

Each Flow-Through Unit will consist of one common share issued on a flow-through basis and one common share purchase warrant of the Company (a "Flow-Through Warrant"). Each whole Flow- Through Warrant will entitle the holder to purchase one common share at a price of $0.17 for a period of 18 months following the closing date. Each Hard Dollar Unit will consist of one common share of the Company and one common share purchase warrant (a "Hard Dollar Warrant"). Each whole Hard Dollar Warrant will entitle the holder to purchase one common share at a price of $0.15 for a period of 18 months following the closing date. Further details are disclosed in yesterday's press release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Northern Gold Mining Inc.

Northern Gold Mining Inc. is a Toronto based junior resource company dedicated to gold exploration in the Timmins and Kirkland Lake mining camps of Northern Ontario. The Company's focus is the Garrison gold property, which contains historic mining infrastructure with producing mines adjacent to the property. Per a NI 43-101 report filed by Northern Gold on SEDAR on 21 October 2009, the Garrison gold property has 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).

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.

Contact Information