News

NORTH COUNTRY GOLD CORP. CLOSES $1.7 MILLION PRIVATE PLACEMENT FLOW-THROUGH AND UNIT FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

Edmonton, Alberta – North Country Gold Corp. (the “Company”) is pleased to announce that it has closed the private placement financing previously announced on June 7, 2010 (the “Offering”) with Canaccord Genuity Corp. (the “Agent”) acting as exclusive agent.  The Company sold 1,243,750 common shares of the Company issued as flow-through shares pursuant to the Income Tax Act (Canada) (“FT Shares”) at a price of $0.32 per FT Share and 4,300,000 units of the Company (the “Units”) at a price of $0.30 per Unit, for gross proceeds of $1,688,000. 

Each Unit consisted of one common share of the Company (“Common Share”) and one-half of one non-transferable common share purchase warrant (“Warrant”).  Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.40 per Common Share until July 15, 2012.

In connection with the sale of the Units and FT Shares, the Company paid the Agent a cash commission of $118,160 (representing 7% of the gross proceeds) and issued to the Agent non-transferable share purchase warrants (“Agent’s Warrants”) entitling it to purchase up to 388,062 Common Shares (representing 7% of the Units and FT Shares sold) at an exercise price of $0.32 per Common Share until July 15, 2012. 

The FT Shares and Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation.  The FT Shares, Common Shares and Warrants comprising the Units, the Agent’s Warrants, together with any Common Shares issued pursuant to the exercise of the Warrants and Agent’s Warrants are subject to a restricted period expiring on November 16, 2010.

The Company intends to use the proceeds from the sale of the FT Shares to incur qualifying expenditures on its Committee Bay Project located in Nunavut and the proceeds from the sale of the Units will be used for general working capital.

About North Country Gold:

North Country Gold Corp. (TSX VENTURE:NCG) is 100% owner of the mineral rights to 557,323 acres (225,569 hectares) of land comprising 216 active mineral claims and 14 mineral leases on the gold-rich Committee Bay Greenstone Belt in Canada's Nunavut Territory. Management has identified numerous high-grade gold targets within five distinct mineral development centers on the Belt and is focusing on advancement of the Three Bluffs centre and its deposit, which is located approximately 300 kilometres northeast of the new Meadowbank Mine near Baker Lake.

Three Bluffs is a NI 43-101 compliant high-grade gold deposit, which currently hosts an indicated resource of 508,000 ounces (2,700,000 tones at 5.85 g/t Au) and an additional inferred resource of 244,000 ounces (1,270,000 tones at 5.98 g/t Au). The deposit is open to depth and there is significant potential to expand the current resource along strike. The 2010 summer drilling program will follow-up on results of the spring drilling program and continue to explore for additional mineralization proximal to the existing resource, testing for new mineralized zones along 5000m of western strike extent of the Three Bluffs iron formation trend where surface sampling has returned significant gold values.

North Country Gold Corp is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

North Country Gold
John Williamson,  P.Geol
President and CEO

For more information on North Country Gold, please visit the Corporation’s website: www.northcountrygold.com or contact:

Brian Budd
Director of Corp. Development
Email:[email protected]
Tel: 604-646-4525

Neither the 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.

Exchange) accepts responsibility for the adequacy or accuracy of this release."

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

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