NFR Northern Freegold Resources Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCBB:NFRGF)(FRANKFURT:8NG)
is pleased to announce that it intends to complete a non-brokered private
placement of up to 22,857,142 units at a price of $0.35 per unit, for gross
proceeds of up to $8 million. Each unit will consist of a common 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.



The company will pay commissions and finders fees of 7% in cash and 7% in finder
warrants in connection with the financing. The finder warrants will have the
same terms as the warrants forming part of the units.


If requested by finders, the company may accept subscriptions of up to an
additional 25% of the offering, for additional gross proceeds of up to $2
million. The additional offering would involve the issuance of up to 5,714,285
additional units.


Northern Freegold is a Canadian-based precious metals exploration and
development company that 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. 


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful. The securities have
not been registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.


This news release has been approved by the Board of Directors.

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