VANCOUVER, BRITISH COLUMBIA, Dec 29, 2011 (MARKETWIRE via COMTEX) — Northern Freegold Resources Ltd. /quotes/zigman/430099 CA:NFR +2.27% /quotes/zigman/430100 NFRGF +0.95% (frankfurt:8NG) is pleased to announce results for the final 10 drill holes completed on the Revenue Zone gold-rich porphyry system on the road-accessible Freegold Mountain Project, located 70 km west of Carmacks, Yukon.

 

Highlights include:

 

— Hole RVD11-031 – 138.6 metres averaging 0.26 g/t Au, 1.83 g/t Ag, 0.08% Cu and 0.02% Mo (0.69 g/t AuEq). This extends the known mineralization in the Revenue Zone north and east.

 

— Drill holes RVD11-036, 038, 039 and 040 were significant step out holes drilled 400 to 500 metres east of known mineralization. All holes intersected extensive zones of silica and sericite alteration and disseminated pyrite with multiple (10 to 79 metres thick) low grade mineralization found. These results not only extend the Revenue porphyry system 500 metres eastward, but also confirm the 2010 Titan-24 survey results and the tremendous size potential of the Revenue porphyry system.

 

— The results of the 2011 drill program are extremely encouraging as they continue to expand on the size of the Revenue Target Deposit and demonstrate Management’s belief in the potential scale of the deposit. The deposit remains open laterally and at depth.

 

About the Revenue Target Deposit

 

As outlined in the news release dated February 24, 2011, a minimum Target Deposit of 40 to 110 million tonnes of mineralized material has been identified at the Revenue Zone gold-rich porphyry system, potentially containing 0.7 to 1.1 million ounces gold (0.3 to 0.5 g/t Au); 5.0 to 10.0 million ounces silver (2.7 to 3.7 g/t Ag); 130 to 280 million pounds copper (0.11 to 0.14% Cu) (1.3 to 2.5 million ounces gold equivalent at 0.7 to 1.0 g/t gold). The potential quantity and grade of the Revenue Target Deposit is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Revenue Target Deposit being delineated as a mineral resource.

 

The Target Deposit extends over 1500 metres in an east-west direction, and from surface to a depth of 250 metres. It remains open for expansion laterally and to depth. The Nucleus deposit lies directly adjacent to the Revenue Zone, to the west. The Stoddart Zone lies approximately six kilometres east of the Revenue Zone and includes high-priority geophysical targets defined over two and a half kilometres of strike (see news release dated October 20, 2011).

 

2011 Exploration Program

 

Northern Freegold (“NFR”) has successfully completed the 2011 exploration program. The main purpose of the exploration program was to upgrade the Au-Cu-Ag-Mo Revenue Zone from Target Deposit to Inferred Resource. Twenty seven (27) drill holes totaling approx. 12,375m have been completed in the Revenue Zone, with a total of 6,800 core intervals sampled for assay. Initial results of the diamond drilling were released in September (see news release on September 22, 2011) and November (see news release on November 15, 2011). It is anticipated that the results of the diamond drilling will be used to calculate the resource on the Revenue Zone during Q1 2012.

 

Quality Control

 

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.

 

All core samples from diamond drilling completed by Northern Freegold in 2011 follow NI 43-101 approved QA/QC protocols including insertion of blanks, commercial standards and duplicate core samples. For the 2011 program, core samples are split and shipped to ALS Laboratory’s (ALS) sample preparation facility in Whitehorse. The prepped samples are shipped to the main North American laboratory in North Vancouver, BC for final pulverizing and analysis.

 

Significant Gold, Copper and Silver Assay Intercepts

 

—————————————————————————

Length Au Ag Cu Mo AUEQ

Hole # From To (m)(1) (g/t) (g/t) (%) (%) (g/t)(2)

—————————————————————————

RVD11-031 15.00 106.55 91.55 0.15 0.95 0.06 0.01 0.43

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RVD11-031 110.55 144.18 33.63 0.20 1.41 0.09 0.01 0.55

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Incl. 115.25 128.30 13.05 0.36 2.36 0.17 0.03 1.10

—————————————————————————

RVD11-031 235.72 374.35 138.63 0.26 1.85 0.08 0.02 0.69

—————————————————————————

Incl. 288.70 296.13 7.43 2.16 14.02 0.77 0.04 4.39

—————————————————————————

and 307.71 324.50 16.79 0.30 2.73 0.12 0.07 1.34

—————————————————————————

RVD11-031 461.60 471.60 10.00 0.26 1.95 0.07 0.01 0.52

—————————————————————————

RVD11-032 390.40 548.00 157.60 0.24 1.42 0.04 0.01 0.42

—————————————————————————

Incl. 419.10 457.80 38.70 0.74 4.21 0.09 0.01 1.07

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RVD11-033 70.20 81.30 11.10 0.11 1.72 0.07 0.00 0.31

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RVD11-033 111.30 115.65 4.35 0.15 1.26 0.07 0.00 0.34

—————————————————————————

RVD11-033 164.50 177.25 12.75 0.14 1.44 0.08 0.00 0.34

—————————————————————————

RVD11-033 233.0 248.5 15.5 0.13 1.51 0.07 0.01 0.41

—————————————————————————

RVD11-033 254.95 262.0 7.05 0.17 2.09 0.11 0.01 0.53

—————————————————————————

RVD11-033 279.0 283.0 4.0 0.23 2.67 0.11 0.01 0.59

—————————————————————————

RVD11-033 293.0 298.0 5.0 0.18 3.50 0.11 0.02 0.62

—————————————————————————

RVD11-034 No Significant Results

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RVD11-035A 1.00 16.00 15.00 1.82 1.34 0.05 0.00 1.93

—————————————————————————

RVD11-035A 30.00 36.00 6.00 0.71 0.43 0.02 0.00 0.75

—————————————————————————

RVD11-035A 429.00 449.50 20.50 0.06 1.11 0.04 0.01 0.26

—————————————————————————

RVD11-035A 460.00 480.00 20.00 0.06 0.96 0.04 0.03 0.46

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RVD11-036 69.00 92.00 23.00 0.24 0.33 0.03 0.00 0.34

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RVD11-036 100.00 122.00 22.00 0.30 0.55 0.03 0.00 0.39

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RVD11-036 261.00 281.00 20.00 0.24 0.36 0.02 0.00 0.29

—————————————————————————

RVD11-036 22.50 37.00 14.50 0.13 0.65 0.04 0.00 0.23

—————————————————————————

RVD11-036 49.00 63.00 14.00 0.10 0.26 0.02 0.00 0.15

—————————————————————————

RVD11-036 69.00 148.00 79.00 0.20 0.36 0.02 0.00 0.26

—————————————————————————

RVD11-036 200.00 212.00 12.00 0.08 0.12 0.01 0.00 0.11

—————————————————————————

RVD11-036 244.00 287.30 43.30 0.16 0.28 0.02 0.00 0.20

—————————————————————————

RVD11-036 292.00 336.00 44.00 0.13 0.39 0.03 0.00 0.20

—————————————————————————

RVD11-036 444.00 454.00 10.00 0.06 0.54 0.03 0.00 0.13

—————————————————————————

RVD11-037 No Significant Results

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RVD11-038 104.00 126.85 22.85 0.07 0.52 0.03 0.00 0.14

—————————————————————————

RVD11-038 355.00 366.50 11.50 0.27 1.36 0.03 0.00 0.35

—————————————————————————

RVD11-039 15.00 27.00 12.00 0.53 0.31 0.02 0.00 0.57

—————————————————————————

RVD11-039 31.50 83.00 51.50 0.12 0.36 0.02 0.00 0.17

—————————————————————————

RVD11-039 87.00 97.00 10.00 0.29 0.20 0.02 0.00 0.34

—————————————————————————

RVD11-039 210.50 235.50 25.00 0.18 0.45 0.03 0.00 0.24

—————————————————————————

RVD11-039 246.20 283.20 37.00 0.10 0.38 0.03 0.00 0.17

—————————————————————————

RVD11-040 60.00 87.80 27.80 0.39 0.56 0.03 0.00 0.46

—————————————————————————

RVD11-040 147.60 158.00 10.40 0.11 0.17 0.02 0.00 0.16

—————————————————————————

RVD11-040 185.54 197.50 11.96 0.06 0.55 0.04 0.00 0.15

—————————————————————————

RVD11-040 232.50 262.00 29.50 0.04 0.43 0.03 0.00 0.12

—————————————————————————

RVD11-040 267.50 285.50 18.00 0.04 0.65 0.04 0.00 0.13

—————————————————————————

RVD11-040 305.00 316.50 11.50 0.28 0.24 0.02 0.00 0.33

—————————————————————————

RVD11-040 332.50 354.00 21.50 0.06 0.51 0.04 0.00 0.14

—————————————————————————

 

1 True widths unkown

2 Au equivalent metal prices: US$1,016.00/oz gold, US$2.95/lb copper,

US$15.82/oz silver and US$34.88/kg molybdenum (3 yr average; no discount

for metallurgical recovery in contained metal figures).

 

About Northern Freegold

 

Northern Freegold is a well-financed, rapidly advancing Canadian-based precious metals exploration and development company. NFR brings wide-ranging 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.

 

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 8 km. The system shows the same geological characteristics to other porphyry deposits in the region which host multi-million ounce gold resources and reserves with multi-billion pound copper resources and reserves. For maps and more information, please visit our website www.northernfreegold.com .

 

On behalf of the Board of Directors

John Burges, President and 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.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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)

www.northernfreegold.com

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