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Re: News Release - Tuesday, August 18, 2009
Northern Tiger Resources Announces Private Placement Closing and
Expansion of Yukon Exploration Program
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August 18, 2009: Northern Tiger Resources Inc. ("Northern Tiger" or
the "Company") (NTR: TSX-V) is pleased to announce that it has raised
an aggregate of $1,095,000 and is planning a significant expansion to
its previously announced (April 14, 2009) $1,000,000 exploration
program. The Company is now planning a program totalling $1,750,000.
With the additional funds, Northern Tiger intends to drill up to 12
diamond drill holes (2,600 metres) at Sonora Gulch; a significant
increase from the previously announced 7 holes (1,400 metres). The
primary focus of the drill program will continue to be on the
Nightmusic Zone, where 2008 drilling intercepted 26.6 metres grading
4.96 g/t gold, 11.9 g/t silver and 0.23% copper (see News Release dated
October 28, 2008). Surface exploration and geophysical programs will
also be expanded, including exploration for Minto-style deposits on the
properties Northern Tiger obtained from its exploration alliance
partner Minto Exploration Ltd., a wholly owned subsidiary of Capstone
Mining Corp.
"We have really just begun exploring what we believe is a large
mineralized system at Sonora Gulch, and are pleased to be able to
expand our 2009 program", says Greg Hayes, President of Northern Tiger.
"The additional work should allow us to build on our previous
exploration success and continue to demonstrate the potential of the
Sonora Gulch property to host significant gold mineralization. In
addition, we are committed to achieving our goal of advancing at least
one Minto-style target to the drill-ready stage for 2010."
On August 17, 2009 the Company closed a non-brokered private placement
of 3,650,000 units ("Units") at a price of $0.20 per Unit and 1,825,000
class "A" common shares issued as "flow-through shares" under the
Income Tax Act (Canada) ("FT Share") at a price of $0.20 per FT Share
for aggregate gross proceeds of $1,095,000. Each Unit consisted of one
class "A" common share of Northern Tiger ("Common Share") and one
transferable share purchase warrant ("Warrant"). Each Warrant entitles
the holder to acquire an additional Common Share at a price of $0.30 at
any time within 24 months of issuance.
The FT Shares and Units were sold to qualified purchasers in reliance
upon exemptions from the prospectus and registration requirements of
applicable securities legislation. The proceeds from the sale of FT
Shares will be used to incur expenditures which qualify as Canadian
Exploration Expenses, and will be used to explore Northern Tiger's
Yukon mineral properties. The proceeds from the sale of the Units will
be used to explore Northern Tiger's Yukon mineral properties and for
general corporate expenses. The FT Shares, the Common Shares and
Warrants comprising the Units and Common Shares issuable upon exercise
of the Warrants are subject to a four (4) month restricted period which
expires on December 18, 2009.
In connection with the private placement and in accordance with
regulatory requirements, the Company paid $3,750 cash as Finder's Fees
to an arm's length party. The TSX Venture Exchange has conditionally
accepted the private placement and finder's fees.
Northern Tiger Resources Inc. is a Canadian-based resource exploration
company focused on the rapidly developing Dawson Range gold-copper
mining district in the Central Yukon. Through its exploration alliance
with Capstone Mining Corp.'s wholly owned subsidiary, Minto
Explorations Ltd., Northern Tiger benefits from a wide range of
experience, knowledge and capabilities from early exploration to mine
production.
For further information please contact:
Greg Hayes, President and CEO
info@northern-tiger.com
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives. There can be no assurance
that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected. Important factors that could cause actual results to
differ materially from the Company's expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com. The Company disclaims any intention or obligation to
revise or update such statements. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
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Copyright (c) 2009 NORTHERN TIGER RESOURCES (NTR) All rights reserved.
For more information visit our website at
http://www.northern-tiger.com/ or send mailto:info@northern-tiger.com
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