Northern Empire Minerals Ltd. ("Northern Empire") is pleased to announce it has completed a financing solely underwritten by Canaccord Capital Corporation, on a bought deal underwritten basis. Northern Empire has issued 3.5 million units, priced at $1.50 for gross proceeds of $5.25 million. Each unit is comprised of one common share in the capital stock of Northern Empire and one half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share in the capital stock of Northern Empire at a price of $1.75 per common share for 12 months from the closing date.

The underwriter has received a 7% cash commission and underwriters warrants for common shares equal to 10% of the units sold under the offering. The underwriter's warrants will be exercisable at a price of $1.61 per share for a period of 12 months from the closing date. A Corporate Finance Fee has also
been paid in the form of units to Canaccord with respect to the financing. The securities issuable under the private placement are subject to a four month hold period, expiring July 13, 2003.

With this financing, Northern Empire will have approximately $5.45 million in cash. Proceeds of this financing will be used to fund the Company's diamond exploration projects in Nunavut, Northwest Territories and Quebec.

Northern Empire Minerals Ltd. is a leader in the Canadian diamond exploration community with an aggressive acquisition and development philosophy. The Company holds one of Canada's most prospective diamond exploration property portfolios totaling more than 10 million acres. The Company
has 16 diamond properties in Nunavut, Northwest Territories and Quebec.

On behalf of the Board
NORTHERN EMPIRE MINERALS LTD.
/s/"John Robins"
John E. Robins, P. Geo
President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release