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The company’s strategic direction is to continue to seek out properties and claims in the area known to have high value gold targets and to execute the necessary work to rapidly move these projects towards advanced exploration and mine development stages.
Message: Northern Gold Announces Initial Bulk Sample Results
TORONTO, ONTARIO--(Marketwired - Oct. 27, 2014) - NORTHERN GOLD MINING INC. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") is pleased to announce the initial results from the bulk sampling program at its Garrcon Project, part of the Company's Golden Bear Project. As of October 16th, 13,183 dry tonnes of mineralized material had been processed in two batches by St Andrew Goldfields Ltd. ("SAS") at their Holt Mill. Approximately 800 troy ounces of gold was recovered from the mineralized material, which had an average grade of approximately 2.0 g/t. Final reconciliation from the second batch is pending refinery adjustments.
"The bulk sample program to date has focused on the west pit. As we transition to the east pit area, we anticipate higher grade material as suggested by the ongoing definition drilling program. Building inventory, maintaining grade and cost controls are our focus. Gathering "real world" production metrics and costing to support a pre-feasibility study for the Garrcon Project is the goal of the bulk sample program. At this stage, things are going very well." said Eric Moeller, President and Chief Executive Officer of Northern Gold.
Duncan Middlemiss, President and Chief Executive Officer of SAS, said, "The throughput and recovery of the Garcon ore has been impressive. Recoveries to date have averaged approximately 95%, which result in the low tailings grades of less than 0.1g/t experienced over the current milling campaign."
As stockpiles build up, the Company expects to process up to two 8,000 tonne batches per month until a minimum of 80,000 tonnes are processed.
The technical aspects of this press release have been reviewed and approved by Michael Gross, M.Sc., P.Geo., the "Qualified Person" as defined by National Instrument 43-101 for the Golden Bear Project.
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.
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, and includes information with respect to, among other things, the uses of proceeds from the Facility, the Company's present and future financial condition, and the ability of the Company to secure additional sources of financing. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining or failures to obtain TSXV or other required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in Northern Gold's management discussion and analysis for the three month period and year ended March 31, 2014 as filed under the Company's SEDAR profile at www.sedar.com.
Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, among other things, that financing will continue to be available to the Company on favourable terms or at all, the results of the Company's exploration and development activities will be favourable, and all necessary governmental and regulatory approvals, including TSXV approval, will be received as and when expected. Although Northern Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
Northern Gold Mining Inc.
President & Chief Executive Officer
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