Northern Gold Mining Inc. (NGM) Closes Initial Public Offering, Raising Total Gross Proceeds of C$5.0 Million. Commencement of Trading on TSXV to be Announced.



    /NOT FOR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Nov. 21 /CNW/ - The directors of Northern Gold Mining Inc.
(TSXV: NGM) are pleased to announce that the Initial Public Offering closed on
November 20, 2007. The offering raised total gross proceeds of C$5.0 million.
Evergreen Capital Partners Inc. acted as lead agent for the offering. A copy
of the Company's prospectus can be viewed on SEDAR (www.sedar.com).
    On November 8, 2007, Northern Gold filed a final prospectus with the
Ontario Securities Commission and had earlier received conditional approval to
list the Company's common shares on the TSX Venture Exchange ("TSXV").
    Through the prospectus offering, NGM raised total gross proceeds of
C$5.0 million consisting of 2,047,900 Regular Units sold at a price of C$0.50
per unit for gross proceeds of $1,023,950, and 6,626,749 Flow-Through Units
sold at $0.60 per unit for gross proceeds of $3,976,050. Both the Regular
Units and the Flow-Through Units consisted of one common share and one-half of
one common share purchase warrant (a "Unit Warrant"). Each Unit Warrant
entitles the holder to purchase one common share until November 20, 2009 (the
"Warrant Term") at a price of $0.75 per share, provided that if the closing
price of the common shares on the TSXV exceeds $0.90 for 20 consecutive
trading days, then the Warrant Term shall be automatically reduced and the
Unit Warrants will expire on the date that is 30 days following the issuance
of a press release announcing the reduced Warrant Term. A cash commission of
$400,000 equal to 8% of the gross proceeds was paid, and 693,972 Compensation
Options equal to 8% of the Units sold were issued to Evergreen Capital and
subagents. Each Compensation Option entitles the holder to purchase one
Regular Unit at $0.50 per unit until November 20, 2009.
    Northern Gold Mining now has a total of 24,520,899 common shares issued
and outstanding, and a further 16,869,158 shares are subject to issuance for a
total of 41,390,057 shares on a fully diluted basis.
    Northern Gold Mining has received conditional approval for listing on the
TSXV subject to fulfilling the final listing requirements, and will commence
trading on a date to be announced. The Company will be quoted on the TSXV for
trading under the symbol "NGM".
    Net Proceeds from the offering will be used to conduct an extensive
exploration program on NGM's Bourkes Gold Project Located just west of
Kirkland Lake and for general working capital.
    Initially, exploration at the Bourkes Gold Project will focus on a
definition drilling program to confirm the historically reported high grade
gold mineralization. NGM is planning to spend a total of C$1.9 million over
the next year on exploration including diamond drilling, ground IP surveys,
geological mapping and geochemical sampling.
    Martin Shefsky, President & CEO of Northern Gold Mining, said "I would
like to thank our Board of Directors, our dedicated exploration team in
Kirkland Lake, our agent Evergreen Capital, and our attorney for all of their
hard work and support. We would like to welcome all new shareholders and look
forward to developing lasting relationships as we actively explore our
projects in the Kirkland Lake and Timmins area."
    In the NGM financing, the securities were not registered under the U.S.
Securities Act of 1933, as amended, and were not offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor has there been any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.

    CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release. No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein. This News Release includes
certain "forward-looking statements". All statements other than statements of
historical fact, included in this release, including, without limitation,
statements regarding potential mineralization and reserves, exploration
results, future plans and objectives of Continental Nickel Limited, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from Continental Nickel Limited's expectations are the risks
detailed herein and from time to time in the filings made by Continental
Nickel Limited with securities regulators.

    %SEDAR: 00025608E




For further information:

For further information: Northern Gold Mining Inc., Martin Shefsky,
President and CEO, Tel: (416) 366-7300, Fax: (416) 366-7301 (fax), E:
mshefsky@northerngold.ca, Web site: www.northerngold.ca

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NORTHERN GOLD MINING INC.

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