Val-d’Or, Quebec, December 31, 2009 - Northern Star Mining Corp (NSM: TSX-V) is pleased to announce that further to its news release of December 17, 2009 it has completed a combination of hard dollar and flow-through private placement financings totaling $6,737,004.

The hard dollar financing consisted of 10,370,000 units (the “Units”) at a price of $0.50 per Unit for gross proceeds of $5,185,000. Each Unit consisted of one common share and one-half of a warrant to purchase an additional share for a period of 36 months at a price of $0.70. All securities issued in connection with the hard dollar financing are subject to a four month hold period expiring on April 19, 2010.

The net proceeds of the hard dollar financing will be used to fund the continued development of the Company’s Malartic-Midway gold project in Quebec, capital expenditures and general corporate purposes.

The flow-through financing consisted of 2,675,865 flow-through shares (the “FT Shares”) at a price of $0.58 per share for gross proceeds of $1,552,004. The FT Shares are subject to a four month hold period expiring on April 24, 2010.

The gross proceeds from the sale of the FT Shares will be used to fund exploration on the Company's Quebec properties which qualifies as “Canadian exploration expense” and can be renounced to the purchasers under the Income Tax Act (Canada).

Both financings were arranged through Casimir Capital LP (“Casimir”) as lead agent. A cash commission of 7% of the gross proceeds of the financings and agents’ warrants to purchase up to a total of 911,249 common shares for a period of 36 months at a price of $0.53 per share (as to 185,349 shares) and $0.70 per share (as to 725,900 shares) was paid to, among others, Casimir in consideration for their services in connection with the financings.

On behalf of the board

“Jonathan Awde”

Jonathan Awde, VP Corporate Finance

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.

For firther information please contact: Northern Star Mining Corporation toll free (800) 460-5031 or (819) 825-8088, (FAX) (819) 825-1199

Website: www.nsmgold.com

Or

Renmark Financial Communications Inc.

Barry Mire: bmire@renmarkfinancial.com

Christine Stewart: cstewart@renmarkfinancial.com

Montreal - Tel. : 514.939.3989 / Fax : 514.939.3717

Toronto - Tel. : 416.644.2020 / Fax : 416.644.2021

www.renmarkfinancial.com

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.

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General Disclosure:

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.