Freegold Mountain Property (FMP) - Yukon

The road-accessible, district scale Freegold Mountain Gold-Copper Project is located in a stable, mining-friendly jurisdiction, within a geological belt that hosts multiple large gold and gold/copper deposits and mines. In the short time that the company has explored the project, NFR has identified more than 20 mineralized zones, delineated a NI 43-101 million ounce gold resource at the Nucleus Deposit, a NI 43-101 resource at the Tinta Zone and recognized a large porphyry gold-copper system. The company continues to aggressively explore to build ounces and evaluate targets.

A District-Scale Project in an Emerging Mining Camp of an Established Gold Belt

Mining Friendly Jurisdiction

The Freegold Mountain Project is located 200 km northwest of Whitehorse, the capital of the Yukon. The Yukon is an excellent jurisdiction for mineral exploration, having secure land tenure, established mining laws, settled Aboriginal land claims, and a single environmental process with established timelines.

Strategic Location in Prolific Gold-Copper Belt

The project is situated within an active exploration and mining area in the Tintina Gold Belt, home to numerous multi-million ounce gold deposits including the producing Fort Knox mine operated by Kinross Gold Corporation, the Pogo mine operated by Sumitomo Metal Mining in Alaska and the development stage Multi-million ounce Livengood Project of International Tower Hill Mines Ltd.

Within the Tintina Belt, a new mining district is emerging. The White Gold Property of Underworld/Kinross is approximately 100 km to the northwest, and the Casino Deposit of Western Copper Corporation is 80 km to the northwest. The producing Minto Mine Capstone is located approximately 30 km to the north. The above map shows the road accessible Freegold Mountain Project and the land claims staked (peach color) within the White Gold - Freegold Belt.


District-scale, Road Accessible Property
NFR has consolidated 198 square km (75 square miles) to form the Freegold Mountain Project. The Project is located on the Freegold Mountain Road, a government maintained gravel road. The Freegold Mountain Road connects to the Klondike Highway, an all-weather paved highway, which connects to Whitehorse, the major supply centre for the Yukon. Powerlines located along the Klondike Highway are presently 30 km from the Freegold Project boundary. The Carmacks Copper Deposit will require a 12 km power line to connect to the power grid along the Klondike Highway. From this location, the power line would be within 7 km of the Freegold Mountain Project boundary.

Defined Resources; Potential Multi-Million Ounce Targets

Since acquiring the project in late 2006, Northern Freegold has aggressively explored Freegold Mountain, identifying at least 20 mineralized zones including the Nucleus , Revenue and Tinta zones. The company has completed NI 43-101 compliant resources at both the Nucleus Gold Deposit and the Tinta Zone. In 2010 the company increased the grade and ounces of the Nucleus Deposit by close to 40% while using a higher cut-off grade, resulting in the delineation of a million ounces of gold. To date, however, only 2% of the entire project area has been drill tested.

The Nucleus Deposit remains open to further expansion and it sits at the edge of a 24 km² gold and copper soil anomaly that extends through to the Revenue Zone. While the Nucleus Deposit is primarily a gold system with some copper enrichment, it is now thought to be part of the much larger gold enriched porphyry system which has been recognized at the Revenue Zone. The Revenue Zone shows similar geological and mineralogical characteristics to other deposits in the region which have developed multi-million ounce gold resources with multi-billion pound copper resources.

Multiple targets are being drill tested in 2010 at the Nucleus and Revenue Zones with the objectives of increasing the overall resources at the Freegold Mountain Project and testing this large scale system.

For details on the geology of the project, please refer to the NI 43-101 Technical report .

Current Resources and Exploration Summary

Inferred Mineral Resource Estimate for the Revenue Deposit (Jan. 2012)

AuEq (g/t)	Tonnage (Mt)	Gold		Silver		Copper		Molybdenum		AuEq*
Cut-off		g/t	Ounces	g/t	Ounces	%	Pounds	%	Pounds	g/t	Ounces
0.3	158	0.27	1,345,000	2.49	12,605,000	0.11	370,517,000	0.03	103,560,000	0.83	4,419,000
0.4	129	0.30	1,232,000	2.76	11,420,000	0.12	331,554,000	0.03	98,409,000	0.94	4,076,000
0.5	101	0.34	1,119,000	3.14	10,194,000	0.13	286,871,000	0.04	89,606,000	1.08	3,659,000
0.6	81	0.38	994,000	3.40	8,831,000	0.13	239,407,000	0.05	84,527,000	1.21	3,276,000
0.7	62	0.43	850,000	3.64	7,211,000	0.15	199,568,000	0.06	76,941,000	1.38	2,848,000

*Gold equivalent (AuEq) for the Revenue Resource is calculated based upon prices of US$1,016/oz for gold, US$15.82/oz for silver, and US$2.95/lb for copper and US$15.82/lb for molybdenum, and assumes 100% metal recovery with no discount for metallurgical recovery in contained metal figures (Note: total contained AuEq metal values may not add exactly because of rounding).



Indicated and Inferred Mineral Resource Estimate for the Nucleus Deposit (Feb. 2011)

AuEq (g/t)	Tonnage (Mt)	Gold		Silver		Copper		AuEq*
Cut-off		g/t	Ounces	g/t	Ounces	%	Pounds	g/t	Ounces
Indicated
0.3	70	0.55	1,250,000	0.78	1, 756, 000	0.06	87,599,000	0.72	1,635,000
0.4	48	0.7	1,096,000	0.9	1,398,000	0.06	67,753,000	0.89	1,393,000
0.5	35	0.86	961,000	1.02	1,189,000	0.07	52,964,000	1.07	1,194,000
Inferred
0.3	64	0.38	783,000	0.85	1,751,000	0.06	84,390,000	0.56	1,153,000
0.4	41	0.47	627,000	0.98	1,307,000	0.07	62,026,000	0.67	898,000
0.5	27	0..59	509,000	1.05	912,000	0.07	41,593,000	0.8	691,000

*Gold equivalent (AuEq) for the Nucleus Resource is calculated based upon prices of US$846/oz for gold, US$14.40/oz for silver, and US$3.31/lb for copper, and assumes 100% metal recovery with no discount for metallurgical recovery in contained metal figures (Note: total contained AuEq metal values may not add exactly because of rounding).


Inferred Mineral Resource Estimate for the Tinta Deposit (July 2009)

Cutoff	Tonnes>Cutoff	Grade>Cutoff					Contained Metal
(Au g/t)	(tonnes)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Ozs Au	Ozs Ag	Lbs Cu	Lbs Pb	Lbs Zn
0.50	1,150,000	1.88	49.34	0.29	0.90	1.51	70,000	1,820,000	7,400,000	22,800,000	38,300,000

2011 Program

• Titan IP Survey on Stoddart Zone
• Diamond Drilling of ~12500 m to covert Target Resource to new NI43-101 resource at the Revenue zone
• Geochemistry Survey on Stoddart Zone
• New Resource estimate for Revenue Zone

2010 Program

• Titan IP Survey
• Phase One Program combined diamond and RC drill programs including:
• 4500 m step out and infill drilling to increase resources at the Nucleus Deposit
• 5500 m to test targets and the potential for new resources at the Revenue Zone
• Geochemistry Survey
• Updated resource estimate at Nucleus Zone

2009 Program

• Resource estimate for Nucleus and Tinta Zones
• 12,000 m diamond drill program
• Two diamond drills at the Nucleus Zone
• One RAB drill at the Nucleus Zone
• 120 km of ground Geophysics over and between Nucleus and Revenue
• Geological mapping over Nucleus and Revenue
• Stream geochemical sampling program of the entire property
• 40 people at Revenue Camp
• $4 million exploration program started in late May

2008 Exploration Program

• Diamond drilling in five zones (22,330 m in 97 holes)
• Rotary drilling in one zone (1,755 m in 28 holes)
• 3.4 line km of ground geophysics
• Up to 70 people in three separate camps
• $9 million exploration program completed between April and October 2008

2007 Exploration Program

• Diamond drilling in six zones (11,454 m in 58 holes)
• Rotary drilling in two zones (3,871 m)
• ine km of ground geophysics
• Up to 70 people in three separate camps
• $5 million exploration program between May and October 2007