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NFR Northern Freegold Resources Ltd

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Share Name Share Symbol Market Type
Northern Freegold Resources Ltd TSXV:NFR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
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Northern Freegold Increases Land Package to 198 Square Km Based Upon Results from 2009 Field Program at Freegold Mountain Projec

18/01/2010 1:15pm

Marketwired Canada


Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has added 177 new claims to
its road accessible district scale 166 square kilometre Freegold Mountain
Project in Yukon Territory, based upon new targets identified from the 2009
field season. Reinterpretation of regional scale geophysical data provided
several target areas of interest for further exploration. The new claims will
increase the size of the project by 20%, bringing it up to approximately 198
square kilometers.


An initial inferred 1.08 million ounce gold resource (67.57 million tonnes @
0.50 g/t gold with 0.30 g/t gold cutoff) within the Nucleus Zone was announced
in July of 2009. Northern Freegold is presently updating the 3D geological model
in the Nucleus Zone to incorporate the 44 drill holes from the 2009 drill
program and an updated resource will be released during the first quarter of
2010. To date, only 2% of the Freegold Mountain project has been drilled.


During the 2009 field season Northern Freegold conducted a 130 line km ground
geophysics survey over Nucleus and Revenue zones in conjunction with detailed
geological mapping. The goals of the geophysics survey were to test the
continuity of structures between Nucleus and Revenue, define geophysical
signatures for known rock type in outcrop exposure, fill in gaps in the
geological map where there was sparse outcrop, map structures that could
influence mineralization and define new target areas. The geophysical results
showed strong correlations with the outcrop mapping and were used to guide
geological interpretation in areas of sparse data.


The ability of the ground magnetic geophysical survey to predict geology was
then applied to the rest of the Freegold Mountain Project by reinterpreting the
regional airborne magnetic geophysical surveys. Reinterpretation of historical
airborne geophysics produced a preliminary structural model, produced a
preliminary geological map and defined new target areas. As can be seen on the
attached map, some of the newly defined targets extended outside the original
claim boundary. Recognizing the potential of these new targets, NFR staked new
claims to cover these areas.


"The 2009 program defined several large scale targets (5-10 km long) across the
Freegold Mountain Project, which management believes is indicative of large
scale mineralized systems at Freegold Mountain," commented Bill Harris, Chairman
& COO of Northern Freegold Resources. Northern Freegold has one of the largest
land holdings in the Dawson Range with a total of 230 sq. kms over three
properties.


Over the next few months a strategic assessment of this data to prioritize
targets within these large scale systems will help determine the 2010 program at
Freegold Mountain, which will include an estimated 10,000 m of drilling to build
ounces in the Nucleus Deposit and test the best targets to discover new
resources.


The technical information disclosed in this release has been reviewed and
approved by Wade Barnes, P. Geo.


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.


Northern Freegold Resources Ltd.

On behalf of the Board of Directors

Susan Craig, President & 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.


Cautionary Note Regarding Reserve and Resource Estimates

This press release has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of U.S.
securities laws. Unless otherwise indicated, all resource and reserve estimates
included in this press release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and
the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101
is a rule developed by the Canadian Securities Administrators which establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Canadian standards, including NI
43-101, differ significantly from the requirements of the United States
Securities and Exchange Commission ("SEC"), and resource and reserve information
contained herein may not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of the foregoing,
the term "resource" does not equate to the term "reserves". Investors should
also understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an "inferred
mineral resource" will ever be upgraded to a higher category. The estimation of
quantities of resources and reserves is complex, based on significant subjective
assumptions and forward-looking information, including assumptions that arise
from the evaluation of geological, geophysical, engineering and economic data
for a given ore body. This data could change over time as a result of numerous
factors, including new information gained from development activities, evolving
production history and a reassessment of the viability of production under
different economic conditions. Changes in data and/or assumptions could cause
reserve estimates to substantially change from period to period. No assurance
can be given that the indicated level of mineral will be produced. Actual
production could differ from expected production and an adverse change in
mineral prices could make a reserve uneconomic to mine. Variations could also
occur in actual ore grades and recovery rates from estimates.


To view the map accompanying this release please visit the following link:
http://media3.marketwire.com/docs/nfr118m.JPG


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