Northern Freegold Closes Financing of $3.45 Million

Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed a private
placement announced on Oct. 21, 2010. The financing was comprised of 6,437,000
non-flow-through units (the "Units") and 4,347,373 flow-through shares (the
"Shares") for gross proceeds of CDN $3,452,681.


The Shares were priced at $0.35 per Share and the Units at $0.30 per Unit. Each
Unit consists of one common non-flow-through share of the Company and one-half
of a warrant. Each full warrant entitles the holder to purchase one additional
non-flow-through common share of the Company at a price of $0.45 per share for a
period of 12 months from the closing date. Net proceeds from the private
placement will be applied towards advancement of the Company's Yukon mineral
properties and for general working capital purposes. 


A total of CDN$16,025 and 463,734 units in finder's fees were paid in connection
with the financing. The finder's fee units have the same terms as the Units.


All of the securities are subject to a hold period expiring February 26, 2011.



Insider participation:      Bill Harris (100,000 Shares) and Susan Craig
                            (60,000 Shares)

Pro-group participation:    Gord Medland (85,000 Units); Joe DaSilva (16,000
                            Shares); Noel Chow-How (18,000 Shares); Peter
                            Tabbitt (16,000 Shares) and Shaun Chin (15,000
                            Shares)



The Company also announces that subject to TSX Venture Exchange approval, it has
granted 1,900,000 incentive stock options to officers, directors, employees and
consultants of the Company. Some of the options granted were to replace options
that had expired and the remainder were new grants. The options are set for a
period of 5 years for directors and 3 years for all other optionees, expiring on
October 26, 2015 and October 26, 2013 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. The options will allow the holder to purchase a share in the
Company at a price of $0.35. Any shares issued on the exercise of these stock
options will be subject to a four-month hold period from date of grant.


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

Susan Craig, President & CEO