NFR Northern Freegold Resources Ltd

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


Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF)(FRANKFURT:8N6)
("Northern Freegold" or the "Company") is pleased to announce that the brokered
private placement previously announced on April 24, 2012 has closed for gross
proceeds of $756,500.


The Company issued 3,587,000 non-flow-through units and 869,333 flow-through
units in the offering.


The flow-through units were priced at $0.21 per unit, with each flow-through
unit consisting of one flow-through eligible common share and one-half of one
non-transferable common share purchase warrant. Each whole warrant is
exercisable to acquire an additional common share at $0.26 for 18 months.


The non-flow through units were priced at $0.16 per unit, with each
non-flow-through unit consisting of one non-flow-through common share and
one-half of one non-transferable common share purchase warrant. Each whole
warrant is exercisable to acquire an additional common share at $0.22 for 24
months.


Northern Freegold intends to use the net proceeds of the sale of the
flow-through units for further exploration work on its Freegold Mountain
property. The net proceeds from the sale of the non-flow-through units may be
used for working capital in addition to furthering work on the Company's
Freegold Mountain property.


John Burges, President & CEO commented, "With the proceeds from this offering we
are launching the next phase of our exploration and drilling program at Freegold
Mountain, which had already been pre-paid in part. We plan to commence work
on-site in mid-May with diamond drilling anticipated to start at the end of
May/early June."


All securities issued in connection with the private placement will be subject
to a four month hold period expiring on September 11, 2012. The private
placement remains subject to final acceptance by the TSX Venture Exchange.


The Company paid to the Agent, Northern Securities Inc., a cash commission of
$28,159.80. In addition, the Company issued to the Agent 163,880 warrants (each,
a "Compensation Warrant"). Each of the 125,100 Compensation Warrants issued in
respect of non-flow-through units (each, a "NFT Compensation Warrant") are
exercisable to acquire one unit for $0.22 for 24 months, and each of the 38,780
Compensation Warrants issued in respect of flow-through units (each, a "FT
Compensation Warrant") will be exercisable to acquire one unit for $0.26 for 18
months. In each case, the units acquired on exercise of the Compensation
Warrants will be comprised of one non-flow-through common share and one-half of
one non-transferable warrant (each, a "Broker's Warrant"). Each whole Broker's
Warrant issued on exercise of a FT Compensation Warrant will be exercisable to
acquire one additional non-flow-through common share at $0.26 for a period
ending 18 months after the closing of the offering. Each whole Broker's Warrant
issued on exercise of a NFT Compensation Warrant will be exercisable to acquire
one additional non-flow-through common share at $0.26 for a period ending 24
months after the closing of the offering. The Agent did not receive cash
commission or Compensation Warrants in respect of subscriptions by insiders of
the Company or their immediate family members.


About Northern Freegold

Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF) trades in the
United States on OTCQX under the symbol "NFRGF", and in Canada on the TSX
Venture Exchange under the symbol "NFR". Northern Freegold is a rapidly
advancing Canadian-based precious metals exploration and development company.
Northern Freegold brings wide-ranging expertise and strong management to focus
on the development of its 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

John Burges, President and CEO

Cautionary Note Regarding Forward-Looking Information: Statements in this press
release include certain "forward-looking information". All statements, other
than statements of historical fact, included herein, including, without
limitation, the intended use of the proceeds of the private placement and
exploration plans, contain forward-looking information. Readers are cautioned
that actual events may vary from the forward-looking information contained in
this news release. Material risk factors that could cause actual results to
differ materially from the forward-looking information in this news release
include, but are not limited to, inability of the Company to obtain final
acceptance of the private placement, that the Company's planned exploration of
its Freegold Mountain property will not proceed as anticipated, uncertainties
involved in the interpretation of drilling results and geological tests, the
results of exploration being different than those anticipated by management and
the need for cooperation of government agencies and First Nation groups in the
exploration and development of the Company's Freegold Mountain property. The
forward-looking information in this news release is based on the assumptions
that market conditions and regulatory requirements will not change in any
material respect, that the Company will be able to commence its planned work and
drilling in the anticipated timeframes, that the Company's planned exploration
of its Freegold Mountain property will proceed as anticipated and that the
Company will be able to obtain final approval of the private placement. The
company does not assume any responsibility for updating forward-looking
information, except as required by law.

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