In December 2008, Northland Resources Inc. granted an incentive stock
option to purchase up to 200,000 shares exercisable at a price of
$1.00 per share until March 31, 2009.  In addition, existing stock
options to purchase up to 100,000 shares of Northland expired
unexercised on December 28, 2008.

After these transactions, there are  a total of 12,761,500  incentive
stock options  outstanding in  Northland.  The  issued share  capital
remains unchanged at 109,682,065  shares.  Therefore, as at  December
31, 2008,  the total  fully diluted  share capital  of Northland  was
122,443,565 shares.


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