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Northern Gold Announces Updated Bulk Sample Results
TORONTO, ONTARIO October 6, 2015 - NORTHERN GOLD MINING INC. (TSX-V: NGM) ('Northern
Gold' or the 'Company') announces updated results from the bulk sampling program at its Garrcon deposit, part of the Company's Golden Bear Project1.
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Batch 9: Processed 18,186 dry tonnes grading 1.43 g/t, recovering 807.3 oz Au at 96.4% recovery
Total to date:
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Processed 73,534 dry tonnes of mineralized material at an average head grade of 1.55 g/t (nine batches processed at St Andrew Goldfields Ltd ('SAS') Holt Mill). The first batch was processed September 13, 2014, with the most recent complete batch ending July 11, 2015.
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Recovered 3,516.3 troy ounces of gold from the mineralized material
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Achieved an average mill recovery of 95.7%.
This batch concludes the initial (80,000 tonne maximum, 72,000 minimum) bulk sample program for the Garrcon deposit under the 150,000 tonne Closure Plan as filed with the Ministry of Northern Development and Mines (MNDM) in July 2014. The Company looks to conduct further refinements of its resource models, including a bulk reconciliation against existing block models and a statistical review of the generated data generated from the bulk sample.
Credit Facility Extension
The Company announces that it has agreed to an extension of the term of maturity of the senior secured non-revolving credit facility (the 'Credit Facility') with its secured lender. The term of maturity of the Credit Facility has been extended to January 10, 2016. All other terms and conditions applicable to the Credit Facility remain the same.
The Company also announces that Mr. Gorden Glenn has resigned from the Board. The Board wishes to thank Mr. Glenn for his time and input.
Technical Information and Qualified Person
The technical aspects of this press release have been reviewed and approved by Mr. Greg Matheson, P.Geo., the 'Qualified Person' as defined by National Instrument 43-101 for the Golden Bear Project.
1TECHNICAL REPORT ON THE GOLDEN BEAR PROJECT - GARRISON PROPERTY, Report No. 975, A.C.A.
Howe International Limited Toronto, Ontario, Canada, Effective Date: December 30, 2013, Signing Date: March 03, 2014, filed by the Company on SEDAR. 'Non-diluted Measured+Indicated Mineral Resources considered amenable within the USD$1250 preliminary pit shell to open pit mining (at the Garrcon deposit), totaled 29.2 million tonnes with an average gold grade of 1.12 g/tonne for 1,047,000 ounces'
About Northern Gold
Northern Gold is a TSXV-listed gold company based in Toronto, Ontario. The Company's main focus is the exploration and development of its prospective mineral properties at the Golden Bear Project in the Larder Lake Mining Division in northeastern Ontario. Northern Gold has a portfolio of advanced exploration projects, including the Jonpol and Garrcon Deposits and the Buffonta Property. Recent transactions, including the amalgamation with Victory Gold Mines Inc. and acquisition of the Lac Minerals Property, add to the Company's regional consolidation strategy along the Destor-Porcupine Fault Zone.
For further information on Northern Gold, please contact:
Eric Moeller
President & Chief Executive Officer Tel: 415.669.1489
Email: [email protected]