Northern announces acquisition of equity interest in High Desert Gold

    TORONTO, Oct. 24 /CNW/ - Northern Financial Corporation ("Northern")
(TSX: NFC) announced its acquisition today of 2,804,400 common shares of High
Desert Gold Corporation ("HDG"; TSX: HDG) representing approximately 7% of the
total issued common shares of HDG. The HDG shares were acquired on the Toronto
Stock Exchange for investment purposes at a price of $0.19 per share. Combined
with the HDG common shares previously owned, Northern now owns a total of
6,470,400 common shares, representing approximately 16.04% of the total issued
common shares of HDG.
    Northern believes the common shares of HDG are undervalued and wishes to
assist in the enhancement of shareholder value.

    About Northern Financial Corporation

    Northern Financial Corporation wholly owns Northern Securities Inc., a
full service investment dealer that provides financial advisory services to
retail and institutional clients and investment banking services to small
capitalization companies. Northern's head office is at 145 King Street West,
Toronto, Ontario.

    The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Northern's control which may cause actual
results, performances or achievements of Northern to be materially different
from those implied by such forward looking statements.

For further information:

For further information: Vic Alboini, Chairman & Chief Executive
Officer, (416) 644-8110; or Kyler Wells, General Counsel, (416) 644-8177

Organization Profile

Northern Financial Corporation

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