TORONTO ONTARIO Jul 24 MARKET WIRE — The Directors of NORTHERN GOLD MINING INC

TORONTO, ONTARIO, Jul 24 (MARKET WIRE) — The Directors of NORTHERN GOLD MINING INC. (TSX VENTURE: NGM) (“NorthernGold”) are pleased to announce the closing of a non-brokered privateplacement financing of $221,633 gross proceeds comprising the sale of4,432,659 Units, sold at $0.05 per Unit which was announced on June 15,2009. Each Unit consists of one common share issued on a hard dollarbasis and one-half of one common share purchase warrant. Each wholecommon share purchase warrant entitles the holder to acquire one commonshare for $0.10 until January 24, 2011 (the “Warrant Term”) provided,however, that should the closing price at which the common shares tradeequal or exceed $0.20 for 15 consecutive trading days following November25, 2009, Northern Gold may accelerate the Warrant Term to the date whichis 30 days following the date a press release is issued by Northern Goldannouncing the reduced Warrant Term.

All securities issued in conjunctionwith the offering will be subject to a hold period, which expires onNovember 25, 2009 Union Securities Ltd. acted as a finder on a portionof the financing, and was paid a cash finder fee of $7,220 and was issueda broker warrant to acquire 206,300 Units for $0.05 per Unit untilJanuary 24, 2011. In addition to the financing reported above, the directors of NorthernGold are pleased to announce a non-brokered private placement of $450,000through the sale of 6,923,076 flow-through units (“FT Units”) at $0.065each to MineralFields Group, subject to regulatory approval and closing.Each unit consists of one common share issued on a flow-through basis andone common share purchase warrant, and each whole common share purchasewarrant entitles the holder to acquire one common share for a period oftwo years for $0.10 in the first year after closing and $0.13 in thesecond year after closing. If Northern Gold’s shares close on the TSXVenture Exchange four months after the date of issue for 15 consecutivetrading days at a price of $0.20 per share or higher in the first year ofthe exercise period and at a price of $0.25 per share or higher in thesecond year of the exercise period, Northern Gold may accelerate theexpiry time to 30 calendar days from the date express written notice isprovided by the Company to the holder by way of registered mail. Allsecurities issued in conjunction with the offering will be subject to ahold period, which expires four months after closing. Pursuant to thisfinancing, a finder fee of $22,500 will be paid and a broker option toacquire 692,307 Units at $0.065 per Unit will be issued.Proceeds of both financings will be used to fund exploration and workingcapital.”We are very pleased to be entering into this relationship withMineralFields Group”, said Martin Shefsky, President and CEO. “This is animportant milestone in the growth of Northern Gold Mining Inc.

and welook forward to working with MineralFields Group as we develop ourholdings in proven mining camps of Kirkland Lake and Timmins in NorthernOntario.”About MineralFields, Pathway and First Canadian Securities(R):MineralFields Group (a division of Pathway Asset Management), based inToronto and Vancouver, is a mining fund with significant assets underadministration that offers its tax-advantaged super flow-through limitedpartnerships to investors throughout Canada as well as hard-dollarresource limited partnerships to investors throughout the world. PathwayAsset Management also specializes in the manufacturing and distributionof structured products and mutual funds (including the Pathway MultiSeries Funds Inc corporate-class mutual fund series). Information aboutMineralFields Group is available at First CanadianSecurities(R) is active in leading resource financings (both flow-throughand hard dollar PIPE financings) on competitive, effective andservice-friendly terms, and offers investment banking, mergers andacquisitions, and mining industry consulting, services to resourcecompanies. MineralFields and Pathway have financed several hundred miningand oil and gas exploration companies to date through First CanadianSecurities(R).About Northern Gold:Northern Gold Mining Inc.

is a Toronto-based junior resource companydedicated to gold exploration in the proven mining camps of Kirkland Lakeand Timmins in Northern Ontario. The goal of our experienced andhighly-skilled management team is to maximize shareholder value throughsuccessful exploration and the aggressive testing of high quality targets.CAUTIONARY STATEMENT: This News Release includes certain “forward-lookingstatements”. All statements other than statements of historical fact,included in this release, including, without limitation, statementsregarding potential mineralization and reserves, exploration results,future plans and objectives of Northern Gold Mining Inc., areforward-looking statements that involve various risks and uncertainties.There can be no assurance that such statements will prove to be accurateand actual results and future events could differ materially from thoseanticipated in such statements. Important factors that could cause actualresults to differ materially from Northern Gold Mining Inc.’sexpectations are the risks detailed herein and from time to time in thefilings made by Northern Gold Mining Inc with securities regulators. The TSX Venture Exchange does not accept responsibility for the adequacyor accuracy of this release. No stock exchange, securities commission orother regulatory authority has approved or disapproved the informationcontained herein.Contacts:Northern Gold Mining Inc.Martin ShefskyPresident and CEO(416) 366-7300(416) 366-7301 (FAX)orthern Gold Mining Inc.Jeffery BoykinVP Investor Relations Regulatory Affairs(416) 366-7300(416) 366-7301 (FAX) 2009, Market Wire, All rights reserved.-0-.

LONDON (Reuters) – World stocks will rely next week on another flood of major corporate earnings results and crucial U.S. growth data to surprise on the upside in order to sustain a rally which has pushed the benchmark index to nine-month peaks. Hot StocksThe MSCI world equity index has risen more than 6 percent this week to hit its highest since mid-October. Since January, the index has risen more than 14 percent, recouping some of the 43.5 percent decline suffered last year.The rally has largely to do with some forecast-beating earnings reports from the both sides of the Atlantic. While results are not unanimously spectacular, 117 out of 154 firms on the S&P 500 — or 76 percent — have beaten forecasts, according to Thomson Reuters data.Next week’s releases include Honeywell, Verizon, Time Warner, Exxon Mobil, Motorola, Deutsche Bank (DBKGn.DE), BP (BP.L) and Royal Dutch Shell (RDSa.L).U.S. growth data on Friday is expected to show the world’s biggest economy shrank less in the second quarter, with GDP coming in at -1.6 percent compared with -5.5 percent in the first three months.”Since we are at the beginning of a cyclical recovery, the outperformance of equities over bonds has only just begun,” said Phlipp Bartschi, chief strategist at Swiss asset manager Sarasin.”The market would need to see good results to confirm the latest move. The market might need to consolidate a bit before breaking higher.”Merrill Lynch Global Wealth Management expects strong overseas demand and a weaker dollar would allow U.S.