Northern Gold Mining Inc.

Northern Gold Mining Inc.

June 06, 2013 08:00 ET

Northern Gold Provides Corporate Update to Shareholders

TORONTO, ONTARIO--(Marketwired - June 6, 2013) - NORTHERN GOLD MINING INC. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") announces that effective May 17, 2013 the Board of Directors accepted Mr. Greg Gibson's resignation as President and Chief Executive Officer and selected Mr. Martin Shefsky as his replacement on an interim basis.

As one of the founders of the Company Mr. Shefsky is uniquely qualified to ensure a smooth transition of management and to maintain focus on the Company's mission statement: "Northern Gold Mining is dedicated to gold exploration and discovery within the proven mining districts of Northern Ontario and to maximizing shareholder value through focused exploration, testing, and development of high quality mineral targets with a goal of becoming an efficient, low cost regional gold produce".

The Board of Directors would like to thank Mr. Gibson for his efforts and looks forward to his continued cooperation, guidance and support as a member of the Board.

Mr. Shefsky commented: "Northern Gold is in a favorable cash position. A formal review of operations has resulted in a reduction in workforce and streamlining of expenditures. In addition to the Company's flagship Garrison Property, which hosts the Jonpol and Garrcon Deposits; the land package of over 55,000 acres hosts several exciting opportunities including the Golden Pike, Buffonta and Harker-Holloway Properties. Together they comprise the Golden Bear Project, a regional land package spanning 40 Km that will be developed with a central mill optimized for low cost recovery of the gold."

The Company will continue to investigate strategic opportunities, including acquisitions and partnerships, and will act on those that will provide significant value to shareholders. However, given the state of the financial markets for junior exploration/mining companies Management and the Board of Directors undertake spend prudently. The Board has rescinded its quarterly stipend and Mr. Shefsky has agreed to serve in this interim capacity without remuneration.

Mr. Shefsky and the Board of Directors would like to thank the shareholders for their continued support and are committed to controlling costs while moving forward in an aggressive manner to take advantage of the Company's premier properties.

About Northern Gold

Northern Gold is a TSXV-listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties of the Golden Bear Project in the Larder Lake Mining Division, northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta Property. The recent property acquisitions including the Harker-Holloway Property and amalgamation with Victory Gold Mines Inc. add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Northern Gold's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Northern Gold's public documents filed on SEDAR. Although Northern Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information