Northern Uranium arranges $500,000 private placement

Mr. Vincent Teo reports $500,000 PRIVATE PLACEMENT & STOCK OPTION GRANT Northern Uranium Corp. has agreed to a non-brokered private placement offering of 6,666,666 units in the capital of the company at a price of 7.5 cents per unit for gross proceeds of $500,000. Each unit consists of one common share and one transferable warrant, with each such warrant entitling the holder to purchase one additional share at a price of 10 cents per share for one year. A portion of the private placement will be on a flow-through basis. Those units will entitle holders to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada). Proceeds of the financing will be used for payment of debt, working capital and property exploration. A finder's fee is payable on a portion of the private placement. The financing is subject to acceptance for filing by the TSX Venture Exchange. The company also announces the grant of a total of 590,000 stock options exercisable at 7.5 cents per share, for a three-year term. The options are granted pursuant to the company's stock option plan and will be subject to applicable regulatory hold periods.