VANCOUVER, BRITISH COLUMBIA, Aug 23, 2011 (MARKETWIRE via COMTEX) — The Board of Directors of Northern Freegold Resources Ltd. (tsx venture:NFR)(frankfurt:8NG) (the “Company”) is pleased to announce that an aggressive exploration program has been underway since mid-May on the road-accessible Freegold Mountain Project, located 70 km west of Carmacks, Yukon within the White Gold District. The program is designed to advance the Company to the next phase of development on its Freegold Mountain Porphyry gold-copper project.
The program is budgeted at $5.7M, and will consist of up to 16,000m (52,000′) of diamond drilling, a deep-penetration Titan 24 Induced Polarization (“I.P.”) survey, soil geochemical surveys, and geological mapping and sampling. Two drills are currently operating on the property.
2011 Exploration work will focus on the following:
— Upgrading of the Au-Cu-Ag-Mo Revenue Zone from Target Deposit(1) to Inferred Resource
— Titan 24 IP survey and if warranted, diamond drilling of the Stoddart Cu-Au-Mo Zone
— Potential expansion and further definition of the existing Indicated and
Inferred Resource at the Nucleus Au-Cu-Ag Deposit (currently 1.1 M oz gold indicated and 0.63 M oz gold inferred)(2)
— Exploration and possible definition drilling of the Tinta Zone
Management believes the Revenue target deposit, the Nucleus deposit and the Stoddart Zone are all part of a large scale gold rich porphyry system, which extends in an east-west direction for more than 6 km. The system has the potential to host multi-million ounce gold resources with multi-billion pound copper resources similar to other porphyry deposits in the region.
Program execution may be adjusted based on ongoing results. At present, the drills are on their 19th and 20th holes in the Revenue Zone (approx. 8,800 metres of drilling completed to date, 4,900 core samples collected) and a 45-line km Titan Survey over the Stoddart Zone has been completed. Assay results and results of the Titan survey are pending.
Additional information regarding the Freegold Mountain Property and detailed maps outlining the 2011 exploration program may be found at: http://www.northernfreegold.com/i/maps/2011-08-23_NRM1.pdf
(1) 40 to 100 M t potentially containing 0.7 M to 1.1 M oz Au, 5.0 to 10.0 M oz Ag, 130 to 280 M lbs Cu (0.4 AuEq cutoff).
(2) 48.5 million tonnes at 0.70 g/t gold, 0.90 g/t silver and 0.06% copper at 0.40 AuEq cutoff; (2) 41.4 million tonnes at 0.47 g/t gold, 0.98 g/t silver and 0.07% copper at 0.40 AuEq cutoff.
The project is being managed by GeoVector Management Inc. of Ottawa, Ontario ( http://www.geovector.ca ) under the supervision of A. Armitage, Ph.D., P.Geo. Dr. Armitage is the Exploration Manager for Northern Freegold and is the Qualified Person, as defined by NI 43-101, for the Freegold Mountain Project. Dr. Armitage has reviewed the technical information in this release.
The Company also announces that subject to TSX Venture Exchange approval, it has granted 4,000,000 incentive stock options at a price of $0.35 to officers, directors, employees and consultants of the Company. Some of the options were granted to replace options that had expired and the remainder are new grants. The options are set for a period of 5 years for directors and officers and 3 years for all other optionees, expiring on Aug. 9, 2016 and Aug. 9, 2014 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. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant.
Management is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities. They will work combined with our in-house Investor relations Manager, Julie Hajduk, to deliver concise and timely information to the investing public and shareholders.
“We are pleased to announce that we have selected Renmark to reinforce Northern Freegold Resources Ltd.’s profile in the financial community and enhance the visibility of our project portfolio. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public,” noted John Anderson, Chairman of Northern Freegold Resources Ltd.
In consideration of the services to be provided, the Company has agreed to a monthly agreement starting September 1, 2011. Under the terms of the agreement, the Company will pay a monthly retainer of $6,000 to Renmark Financial Communications Inc. Renmark Financial Communications does not have any interest, directly or indirectly, in Northern Freegold Resources Ltd. or its securities, or any right or intent to acquire such an interest.
ABOUT NORTHERN FREEGOLD:
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.
On behalf of the Board of Directors
Tim Termuende, P.Geo., Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Northern Freegold Resources Ltd.
Julie Hajduk
Investor Relations Manager
604-893-8757 or Toll Free: 1-877-893-8757
604-893-8758 (FAX)
SOURCE: Northern Freegold Resources Ltd.
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