Northern Freegold Closes Second & Final Tranche of Financing for $2.17 Million

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


Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed the second and
final tranche of the private placement announced on July 18th, 2011. A total of
7,261,874 units (the "Units") have been completed for gross proceeds of CDN
$2,178,562.20. 


Each unit will consist of a common share priced at $0.30 per 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.



A total of CDN $115,849.99 and 386,167 warrants in finder's fees were paid in
connection with this tranche. The finder's fee warrants have the same terms as
the Units.


All of the securities are subject to a hold period expiring December 5, 2011. 

The Company also announces $380,000 in loans provided to directors, officers and
employees of the Company. The loans, in the form of a Promissory Note with a
personal guarantee, are being used to participate in the private placement. The
loans are payable on demand with annual interest charged at BMO prime + 1%. 


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