North Country Gold Corp. Closes $25 Million Common Share and Flow-Through Common Share Bought Deal Financing

EDMONTON, March 9 /CNW/ --
TSX-V: NCG

EDMONTON, March 9 /CNW/ - North Country Gold Corp. (TSX-V: NCG) (the 'Company') is pleased to announce that it has closed
the bought deal private placement financing previously announced on
February 15, 2011.  The transaction was led by Canaccord Genuity Corp.
and the syndicate of underwriters included RBC Capital Markets and
Byron Capital Markets (collectively, the 'Underwriters').  The Company
sold 5,926,000 common shares (the 'Common Shares') at a price of C$1.35
per Common Share and 10,494,000 common shares issued on a
'flow-through' basis pursuant to the Income Tax Act (Canada) (the 'Flow-Through Shares') at a price of C$1.62 per
Flow-Through Share for total gross proceeds of C$25,000,380 (the
'Offering'). 

The Underwriters received a cash fee on the sale of the securities equal
to 6% of the aggregate gross proceeds raised in the Offering and
985,200 broker warrants ('Broker Warrants') equal to 6% of the
aggregate number of securities sold pursuant to the Offering. Each
Broker Warrant shall be exercisable for one common share of the Company
at a price of C$1.47 at any time up to 24 months after closing.

The Company intends to use the proceeds of the Offering for exploration
of the Company's Committee Bay Project located in Nunavut and working
capital.

The Common Shares and the Flow-Through Shares are subject to a statutory
hold or restricted period of four months following the closing date.

This news release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.  The securities have not
been and will not be registered under the U.S. Securities Act of 1933,
as amended (the '1933 Act'), or under any state securities laws, and
may not be offered or sold, directly or indirectly, or delivered within
the United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the 1933 Act) absent registration or
an applicable exemption from the registration requirements.

About North Country Gold Corp.

North Country Gold Corp. controls one of the largest under explored
greenstone belts within Canada, and has numerous drill-ready high-grade
gold targets, in addition to those at Three Bluffs. The gold-rich
Committee Bay Greenstone Belt is located approximately 300 kilometers
north of Baker Lake within Nunavut Territory, Canada. North Country Gold Corp. is currently the 100% beneficial
owner of the mineral rights to approximately 557,323 acres (225,569
hectares) of land comprising 216 active mineral claims and 14 mineral
leases. 

North Country Gold Corp maintains an extensive quality control program
in the preparation, shipping and checking of all samples from the
property.  The program is supervised by Peter Kleespies, M.Sc., P.
Geol. who is the Qualified Person as defined by NI 43-101.  A detailed
description of North Country Gold's QA/QC program is provided on the
Company's website at www.northcountrygold.com or m.northcountrygold.com on your mobile phone.

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

On behalf of the Board

North Country Gold Corp.


John Williamson,  P.Geol


President and CEO

This release includes certain statements that may be deemed to be
forward-looking statements. All statements in this release, other than
statements of historical facts that address access to capital,
regulatory approvals, exploration drilling, exploitation activities and
events or developments that the Company expects are forward-looking
statements. In particular, but without limiting the foregoing, this
press release contains statements concerning the anticipated use of net
proceeds of the Offering. 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. The intended use of the
net proceeds of the Offering by the Company might change if the board
of directors of the Company determines that it would be in the best
interests of the Company to deploy the proceeds for some other purpose,
such as an acquisition. 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 form those projected in the forward-looking
statements. Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this press release, and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by applicable securities laws. For more
information on the Company, investors should review the Company's
continuous disclosure filings that are available at www.sedar.com.

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.

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on North Country Gold Corp., please visit the Corporation's website: www.northcountrygold.com, or contact:

Brian Budd
Director of Corp. Development
Email: brianb@northcountrygold.com
Tel: 604-646-4525