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Published on 11/29/2010 in the Prospect News PIPE Daily.

Northern Lion Gold completes C$1.54 million private placement of units

Non-brokered deal raises funding for exploration in Cyprus, Portugal

By Devika Patel

Knoxville, Tenn., Nov. 29 - Northern Lion Gold Corp. said Thursday it settled a non-brokered private placement of units. The deal priced for C$1.5 million on Oct. 29 and raised C$1.54 million.

The company sold 7.7 million units of one common share and one half-share warrant at C$0.20 per unit.

Each whole warrant will be exercisable at C$0.30 until May 24, 2012. The strike price represents a 25% premium to the Oct. 28 closing share price of C$0.24.

Proceeds will be used to continue exploration on the company's portfolio of gold-copper massive sulphide and shear targets in the Republic of Cyprus and the Moura lead-zinc-silver project in southeastern Portugal and for general working capital.

Northern Lion is a mineral exploration company based in Vancouver, B.C.

Issuer:Northern Lion Gold Corp.
Issue:Units of one common share and one half-share warrant
Amount:C$1.54 million
Units:7.7 million
Price:C$0.20
Warrants:One half-share warrant per unit
Warrant expiration:May 24, 2012
Warrant strike price:C$0.30
Agent:Non-brokered
Pricing date:Oct. 29
Settlement date:Nov. 25
Stock symbol:TSX Venture: NL
Stock price:C$0.24 at close Oct. 28
Market capitalization:C$8.44 million

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