Mr. Paul Reynolds reports

NORTHERN FREEGOLD ARRANGES PRIVATE PLACEMENT AND CLOSES FIRST TRANCHE

Northern Freegold Resources Ltd. will be undertaking a financing of up to seven million units at 25 cents per unit for gross proceeds of up to $1.75-million. Each unit comprises one common share of the issuer and one share purchase warrant of the issuer. Each warrant is exercisable into an additional common share at a price of 35 cents per share for a period of four years from the date of closing.

The company has closed on 6,340,500 units today for gross proceeds of $1,585,125. Finders' fees of $28,700 are payable in connection with the first tranche closing.

All securities issued in connection with the offering will be subject to a four-month hold period commencing on the closing date, in accordance with applicable Canadian securities laws. Net proceeds of the private placements will be used for general working capital purposes and to advance the company's mineral properties. Finders' fees may be payable on a portion of the balance of the financing. The offering is subject to acceptance by the TSX Venture Exchange.

About Northern Freegold

Northern Freegold is a growth-oriented Canadian-based precious metals exploration and development company focused on advancing the district-scale Freegold Mountain project in Yukon.