VAL

Northern Gold Mining Inc. (TSX VENTURE:NGM) and ValGold Resources Ltd. (TSX
VENTURE:VAL)(FRANKFURT:VR2) are pleased to announce that the companies have
entered into a definitive agreement to consolidate 100% ownership of the
Garrison Property. Under the terms of the agreement Northern Gold is purchasing
ValGold's interest in the Garrison Option and Joint Venture Agreement, subject
to closing and regulatory approval.


Northern Gold's buy-out of the Garrison Option and Joint Venture Agreement gives
it 100% ownership interest in the Garrison Property. In consideration for this
sale, ValGold will receive:




--  a cash payment of C$650,000 of which C$325,000 is to be paid at closing
    and C$325,000 to be paid within 90 days of the closing date; 

--  16 million common shares in Northern Gold ("Northern Gold Shares")
    giving ValGold aggregate ownership of 17.55% of the issued and
    outstanding shares of Northern Gold on a non-diluted basis. For a period
    ending on the earlier of twenty-four months after closing or a change of
    control: 

i.  Northern Gold has a right to vote the Northern Gold Shares shares; and 

ii. Northern Gold has a right of first refusal to provide a buyer for any
    sale by ValGold in excess of 160,000 Northern Gold Shares in any
    calendar month. 

--  a 2% net smelter return royalty of which (i) half (i.e. 1%) can be
    acquired by Northern Gold for C$5 million paid to ValGold at any time
    upon the earlier of thirty-six months following regulatory approval and
    the commencement of commercial production, and (ii) the remaining 1% can
    be acquired for a further payment of C$10 million at any time upon the
    earlier of seventy-two months following regulatory approval and the
    commencement of commercial production. 



Martin Shefsky, President and CEO of Northern Gold commented, "This is an
important step in Northern Gold's objective of developing the Garrison Property.
As 100% owner of the Garrison Property, Northern Gold will have complete
flexibility in completing exploration and development. ValGold has been a great
partner and we look forward to our ongoing relationship with ValGold as a
significant shareholder."


Stephen Wilkinson, President and Chief Executive Officer of ValGold also
commented, "This is a significant step in executing on our growth strategy. Not
only are we positioned with a significant share holding in a formidable player
in the market, but also we are now better positioned with increased cash flows
to re-invest in existing key properties and net new investments to generate
greater value for our shareholders. We look forward to participating in the
future success of Northern Gold and the Garrison Property".


About Northern Gold 

Northern Gold Mining Inc. is a TSX-V listed, publicly traded junior resource
company based in Toronto, Ontario, dedicated to the discovery and development of
high value mineral deposits in the proven mining camps of Kirkland Lake and
Timmins in North Eastern Ontario. Northern Gold is focused on developing two
advanced stage gold deposits on the Garrison Gold Property. The Property is
located within the Abitibi greenstone belt along the Porcupine-Destor and the
Munro Fault systems. The Property hosts several gold mineralized showings in
addition to the two advanced stage exploration targets, the Jonpol and Garrcon
Deposits, for each of which NI 43-101 compliant mineral resources have been
calculated, and the less advanced 903 gold mineralized area. Historic diamond
drilling by previous operators was completed in all three referenced areas. The
Jonpol Technical Report was posted on SEDAR October 21, 2009 and the Garrcon
Technical Report was posted on SEDAR November 5, 2010. The Garrison Gold
Property has historic mining infrastructure at both the Jonpol and Garrcon
Deposits and producing mines are located in close proximity to the property. The
Company was in the second year of an option agreement under which it may have
earned up to an 80% interest in the Garrison Gold Property from ValGold
Resources Ltd. ("ValGold")(TSX VENTURE:VAL). 


About ValGold

ValGold Resources Ltd. is an international development company based in
Vancouver, Canada. The Company's objective is to generate wealth for its
stakeholders by applying its strategy of acquiring properties with identified
but under-explored mineral resources.


ValGold's commitment to realize world-class mineral deposits is based on a
strategy that employs three key fundamental criteria: 




--  Mineral rights to extensive areas in prospective but under-explored
    regions. 
    
--  Mineral exploration projects with potential for substantial development.
    
--  Experienced management with exploration, mining and financial expertise.



Incorporated in 1987, the Company is listed on the senior board of the TSX
Venture Exchange under the symbol VAL.


The technical aspects of this press release have been reviewed by Michael Gross
M.S., P.Geol., Vice President Exploration for Northern Gold, who is the
"Qualified Person" as defined by NI 43-101 for this project.


CAUTIONARY STATEMENT: Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. This News
Release includes certain "forward-looking statements". These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities laws.

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