Northern Freegold Announces $8 Million Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE 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 26,666,666 units at a price of $0.30 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 toward advancement of
the Company's Yukon mineral properties and for general working capital purposes.


The Company will pay commissions and finders' fees of 7% cash and 7% broker
warrants or 7% in units in connection with the financing. The finder warrants
will have the same terms as the warrants forming part of the units. 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 6,666,666 additional units.


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.


Northern Freegold is a rapidly advancing 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.


Northern Freegold Resources Ltd.

On behalf of the Board of Directors

John Anderson, Chair