The Board of Directors of Northern Freegold Resources Ltd. (TSX
VENTURE: NFR)(OTCBB: NFRGF)(FRANKFURT: 8NG) (the "Company") is
pleased to announce that an aggressive exploration program has been
underway since mid-May on the road-accessible Freegold Mountain
Project, located 70 km west of Carmacks, Yukon within the White
Gold District. The program is designed to advance the Company to
the next phase of development on its Freegold Mountain Porphyry
gold-copper project.
The program is budgeted at $5.7M, and will consist of up to
16,000m (52,000') of diamond drilling, a deep-penetration Titan 24
Induced Polarization ("I.P.") survey, soil geochemical surveys, and
geological mapping and sampling. Two drills are currently operating
on the property.
2011 Exploration work will focus on the following:
-- Upgrading of the Au-Cu-Ag-Mo Revenue Zone from Target Deposit(1) to
Inferred Resource
-- Titan 24 IP survey and if warranted, diamond drilling of the Stoddart
Cu-Au-Mo Zone
-- Potential expansion and further definition of the existing Indicated and
Inferred Resource at the Nucleus Au-Cu-Ag Deposit (currently 1.1 M oz
gold indicated and 0.63 M oz gold inferred)(2)
-- Exploration and possible definition drilling of the Tinta Zone
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 6 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.
Program execution may be adjusted based on ongoing results. At
present, the drills are on their 19th and 20th holes in the Revenue
Zone (approx. 8,800 metres of drilling completed to date, 4,900
core samples collected) and a 45-line km Titan Survey over the
Stoddart Zone has been completed. Assay results and results of the
Titan survey are pending.
Additional information regarding the Freegold Mountain Property
and detailed maps outlining the 2011 exploration program may be
found at:
http://www.northernfreegold.com/i/maps/2011-08-23_NRM1.pdf
(1) 40 to 100 M t potentially containing 0.7 M to 1.1 M oz Au,
5.0 to 10.0 M oz Ag, 130 to 280 M lbs Cu (0.4 AuEq cutoff).
(2) 48.5 million tonnes at 0.70 g/t gold, 0.90 g/t silver and
0.06% copper at 0.40 AuEq cutoff; (2) 41.4 million tonnes at 0.47
g/t gold, 0.98 g/t silver and 0.07% copper at 0.40 AuEq cutoff.
The project is being managed by GeoVector Management Inc. of
Ottawa, Ontario (http://www.geovector.ca) under the supervision of
A. Armitage, Ph.D., P.Geo. Dr. Armitage is the Exploration Manager
for Northern Freegold and is the Qualified Person, as defined by NI
43-101, for the Freegold Mountain Project. Dr. Armitage has
reviewed the technical information in this release.
The Company also announces that subject to TSX Venture Exchange
approval, it has granted 4,000,000 incentive stock options at a
price of $0.35 to officers, directors, employees and consultants of
the Company. Some of the options were granted to replace options
that had expired and the remainder are new grants. The options are
set for a period of 5 years for directors and officers and 3 years
for all other optionees, expiring on Aug. 9, 2016 and Aug. 9, 2014
respectively and are subject to vesting provisions according to
Company policies. 100,000 options are being awarded to an investor
relations consultant with vesting provisions in accordance with
TSX.V policy. Any shares issued on the exercise of these stock
options will be subject to a four-month hold period from date of
grant.
Management is pleased to announce that it has retained the
services of Renmark Financial Communications Inc. to handle its
investor relations activities. They will work combined with our
in-house Investor relations Manager, Julie Hajduk, to deliver
concise and timely information to the investing public and
shareholders.
"We are pleased to announce that we have selected Renmark to
reinforce Northern Freegold Resources Ltd.'s profile in the
financial community and enhance the visibility of our project
portfolio. We choose Renmark because its standards and
methodologies fit best with the message we wish to communicate to
the investing public," noted John Anderson, Chairman of Northern
Freegold Resources Ltd.
In consideration of the services to be provided, the Company has
agreed to a monthly agreement starting September 1, 2011. Under the
terms of the agreement, the Company will pay a monthly retainer of
$6,000 to Renmark Financial Communications Inc. Renmark Financial
Communications does not have any interest, directly or indirectly,
in Northern Freegold Resources Ltd. or its securities, or any right
or intent to acquire such an interest.
ABOUT NORTHERN FREEGOLD:
Northern Freegold is a well financed rapidly advancing
Canadian-based precious metals exploration and development company,
which 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.
On behalf of the Board of Directors
Tim Termuende, P.Geo., Interim CEO
Cautionary Note Regarding Forward-Looking Statements: The
information in this press release includes certain "forward-looking
statements" All statements, other than statements of historical
fact, included herein including, without limitation, plans for and
intentions with respect to the Company's properties, statements
regarding intentions with respect to obligations due for various
projects, strategic alternatives, quantity of resources or
reserves, timing of permitting, construction and production and
other milestones, are forward looking statements. Statements
concerning Mineral Reserves and Mineral Resources are also
forward-looking statements in that they reflect an assessment,
based on certain assumptions, of the mineralization that would be
encountered and mining results if the project were developed and
mined in the manner described. Forward-looking statements 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 NFR's expectations include the
uncertainties involving the need for additional financing to
explore and develop properties and availability of financing in the
debt and capital markets; uncertainties involved in the
interpretation of drilling results and geological tests and the
estimation of reserves and resources; the need for cooperation of
government agencies and First Nation groups in the exploration, and
development of properties; and the need to obtain permits and
governmental approval. NFR's forward looking statements reflect the
beliefs, opinions and projections of management on the date the
statements are made. NFR assumes no obligation to update the
forward looking statements if management's beliefs, opinions,
projections, or other factors should they change.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: 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
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