Northern Freegold Resources Ltd. (TSX
VENTURE:NFR)(OTCBB:NFRGF)(FRANKFURT:8NG) (the "Company" or "NFR")
is pleased to announce the appointment to the Board of Directors of
John G. Burges who will concurrently assume the roles of President
and Chief Executive Officer of the Company, effective November 1st,
2011, (subject to regulatory approval).
Mr. Burges has joined us from Knight Capital Group, a New Jersey
based global financial services firm that is one of the largest
securities trading institutions in North America and the largest
trader of junior miners. Mr. Burges was a Managing Director at
Knight, responsible for resources capital markets activities
focused on North American small cap public companies. He previously
worked in London and New York for thirteen years for Deutsche Bank
and Merrill Lynch as a Director in their investment banking
practices where he was responsible for advising and financing
public corporations in the resource and power sector. He
subsequently was Chairman and an Officer of Newmarket Power, a
private equity backed independent power generation company, which
acquired and operated approximately 450 MW of gas fired power
generation in the North-East of the US. He worked in the Middle
East with a private equity investment group which made investments
in the energy and resource sectors. Through his more than 20 year
career, he brings substantial corporate finance, investment and
management experience. He has an Executive MBA from Columbia
Business School and a BA (Hons) from Bristol University,
England.
"I am delighted to be joining Northern Freegold at such a
pivotal stage for the company, and look forward to working with the
current management team to grow the scale of what is already one of
the largest gold and copper porphyry deposits in the Yukon into a
world class resource. In the next few months we will be looking to
establish development milestones for the project reflecting the
increasing size of the resource and the success the company has had
with the current drilling program. In tandem with this we will work
aggressively to communicate the inherent value of the company to
the markets and begin an extensive program of outreach to
investors, both retail and institutional."
Northern Freegold also announces the appointment of Alan
Armitage, Ph.D., P.Geo to the position of Vice President,
Exploration, effective immediately. Mr. Armitage has overseen
exploration of the Freegold Mountain Project through GeoVector
Management Inc. of Ottawa, Ontario (http://www.geovector.ca) for
the past two years, and brings to the Company extensive experience
in mineral exploration and resource modeling for a variety of
commodities and mineral deposit types throughout Canada, as well as
in the United States, Mexico, Honduras, Bolivia, Rwanda and
Uganda.
Dr. Armitage is a geologist with over 25 years of experience in
the mining and exploration industry. As VP of Exploration, he
brings a vast amount of geological expertise to the Company as they
grow their Freegold Mountain Project in the Yukon. Dr. Armitage has
previously served as vice president of exploration for both Uranium
North Resources and Triex Minerals Corp., and has held senior
positions for a number of mineral exploration companies with
properties in North and South America.
Dr. Armitage has a PhD in geology from the University of Western
Ontario and is an active member APEGGA and is hereby identified as
a "Qualified Person", as defined by National Instrument 43-101.
Tim J. Termuende, P.Geo., Interim President and CEO, will step
down as an Officer of Northern Freegold, effective November 1st,
but will continue to serve on the Board and hold a position as a
Lead Director, working with Mr. Burges during the transition period
and into the foreseeable future. Mr. Termuende recently commented
on the appointment of Mr. Burges, stating, "I am pleased that
Northern Freegold has attracted the talents of accomplished
Officers such as Messrs. Burges and Armitage. I am excited about
the prospects for the Company as we move forward to increase the
recognition of the Freegold Mountain project as an undervalued
asset, with a focus to advance the project and to improve
investor's perception of both the project and the Company
itself."
Former President and CEO, Susan P. Craig, P. Geo., comments on
the appointment of Mr. Burges: "As co-founders of Northern
Freegold, former Chairman, Bill Harris and I believe Mr. Burges
will advance the Freegold Mountain Project and look forward to
supporting him in his role as President & CEO."
In conjunction with the new appointments, the Company will offer
a limited private placement of up to 350,000 units priced at $.30
for net proceeds of up to $105,000. Each unit will consist of a
common share and a share purchase warrant, each warrant being
exercisable to acquire an additional share at $0.45 for 18 months
following the date of closing. No finder's fees or commissions will
be paid in relation to the financing.
The Company also announces that subject to TSX Venture Exchange
approval, it has granted 1,990,000 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 October 18, 2016 and October
18, 2014 respectively and are subject to vesting provisions
according to Company policies. Any shares issued on the exercise of
these stock options will be subject to a four-month hold period
from date of grant.
About Northern Freegold
Northern Freegold is a well-financed rapidly advancing
Canadian-based precious metals exploration and development company.
NFR 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.
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.
On behalf of the Board of Directors,
Tim Termuende, P. Geo., Interim CEO and President
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: 877.893.8757
604.893.8758 (FAX)www.northernfreegold.com
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