Northern Sphere Mining Corp. Announces Proposed Private Placement and the Granting of Options

Toronto, Ontario--(Newsfile Corp. - December 12, 2016) - Northern Sphere Mining Corp. (CSE: NSM) ("Northern Sphere" or the "Company") announced today that it proposes to raise up to $600,000 through a non-brokered private placement of up to 3,000,000 units ("Units") of the Company at a price of $0.20 per Unit (the "Private Placement").

Each Unit will be comprised of one common share ("Common Share") of the Company and one Common Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") for a period of three years following the date of closing at an exercise price of $0.25 per Warrant Share, subject to adjustments in certain events. The Warrants will be subject to an acceleration clause such that, if the closing price of the Common Shares is equal to or greater than $0.75 per share for a period of ten consecutive trading days, the Company shall have the option, but not the obligation, to effect for an accelerated expiration date that shall be 20 calendar days from the issuance of a notice of acceleration.

Common Shares issued pursuant to the Private Placement and Warrant Shares issuable upon the due exercise of the Warrants will be subject to a four-month hold period from the date of closing of the Private Placement.

The Company anticipates that the net proceeds from the Private Placement will be used towards ongoing development of mining assets and for general working capital.

Northern Sphere also announced that it has granted to its directors, officers and consultants 300,000 incentive stock options ("Options") under the Company's stock option plan. Each Option entitles the holder thereof to purchase one Common Share at an exercise price of $0.25 per share for a period of three years from the date of the grant. The Common Shares issuable upon the due exercise of the Options will be subject to a four-month hold period from the date of the grant.

About Northern Sphere Mining Corp.

Northern Sphere Mining is dedicated to growth through the acquisition and development of mining assets, with an emphasis on near term production opportunities. Headquartered in Toronto, Ontario, Northern Sphere Mining has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.

Cautionary Statements

This press release contains forward-looking statements which reflect Northern Sphere's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Northern Sphere disclaims any obligation to update these forward-looking statements other than as required by applicable securities laws.

For further information, please contact:

A. John Carter
Chief Executive Officer
Northern Sphere Mining Corp.
Tel: [phone]

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.