Northern Star Closes CDN$8.0 Million Royalty Financing With Anglo Pacific Group PLC

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES


Northern Star Mining Corp. (TSX VENTURE:NSM) ("NSM" or the "Company") is pleased
to announce that further to its news release of July 7, 2009 it has completed
its net smelter return royalty financing with Anglo Pacific Group PLC - APF.L
("Anglo Pacific") totalling CDN$8.0 million.


The financing is an important strategic milestone for NSM as it should enable
the Company to complete the construction and development of the Gauthier decline
at its Malartic-Midway gold project (the "Midway Project") situated in Fourniere
and Dubuisson Townships of Quebec, Canada.


Under the terms of the agreement, Anglo Pacific has financed the Company through
a convertible debenture in the principal amount of CDN$8.0 million (the
"Convertible Debenture") which will be repaid through a 2.5% net smelter return
royalty (the "NSR") on the Midway Project and the Company's neighbouring
Callahan, Fourniere and McKenzie Break properties (collectively the "Primary
Properties"). In the event that the price of gold exceeds US$1,250 per ounce,
the NSR will increase to 2.75% but will decrease to 1.5% on all production from
the Midway Project at such time as 2,000,000 ounces of gold have been produced
therefrom and sold if the price of gold is below US$1,250 per ounce. Upon
repayment of the principal amount of CDN$8.0 million, the Convertible Debenture
will convert to a straight net smelter return royalty.


Pursuant to the terms of the Convertible Debenture, the Company has also agreed
to pay a 1% NSR on all production processed at the Company's mill from
properties other than the Primary Properties but excluding any toll milling
undertaken by NSM on behalf of unassociated third parties.


The Company will make quarterly interest payments at an annual rate of prime
plus 2% on the outstanding balance of the Convertible Debenture from time to
time.


The Convertible Debenture and subsequent NSR are secured by, among other things,
a hypothec and general security agreement against all of the assets and
undertaking of the Company including the Primary Properties and Anglo Pacific
has the right, for a period of five years, to convert, at its discretion, the
then outstanding principal amount under the Convertible Debenture into common
shares of the Company at a conversion price of CDN$0.70 per share, subject to
adjustment. In the event of such conversion, the NSR to Anglo Pacific will
cease.


A cash commission of 5% and agent's warrants to purchase up to 400,000 common
shares of the Company at a price of CDN$0.70 per share for a period of two years
is payable to Casimir Capital L.P. in connection with the financing.


The Convertible Debenture and all securities issued in connection therewith are
subject to a four month hold period expiring on December 29, 2009.


Anglo Pacific Group PLC generates returns for shareholders by receiving
royalties from operating mines including coking coal mines in Australia owned by
BHP and Rio Tinto. The strategy of Anglo Pacific is to pay a substantial
proportion of these royalties to shareholders as dividends, while reinvesting
the balance in strategic listed and unlisted metal exploration and production
opportunities with a view to obtaining more royalties for shareholders. Anglo
Pacific will continue to adopt an active, merchant banking approach to mining
projects to achieve better returns at reduced risk. For further information see
www.anglopacificgroup.com.


ON BEHALF OF THE BOARD

Jonathan Awde, Vice-president, Corporate Finance

This news release contains forward-looking statements, which relate to future
events or future performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's current
beliefs and are based on assumptions made by and information currently available
to the Company. Investors are cautioned that these forward looking statements
are neither promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and, except as
required under applicable securities legislation, the Company does not assume
any obligation to update or revise them to reflect new events or circumstances.


This press release, required by applicable Canadian laws, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer of the securities described herein. These
securities have not been registered under The United States Securities Act of
1933, as amended, or any state securities laws, and may not be offered or sold
in the United States or to U.S. persons unless registered or exempt therefrom.
Northern Star Mining Corp. (TSXV:NSM)
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