Oil gets hammered...

* Oil agency's action on reserves adds to economic concern

* Private sector activity, rising jobless claims spur rout

By Herbert Lash

NEW YORK, June 23 (Reuters) - Oil prices plunged, global stocks tumbled and the euro shed more than 1 percent on Thursday after dismal economic news, including an unexpected announcement that strategic oil reserves will be tapped, sent a chill through markets.

European shares declined further and and government debt prices on both sides of the Atlantic extended gains after U.S. initial claims for state unemployment benefits climbed more than expected last week. For details see [ID:nN1E75M08L]

Gold fell by almost 2.0 percent and was set for its biggest daily fall in over a month. The euro hit an all-time low against the Swiss franc as anxiety about Greece and a slowing U.S. economy damped investors' risk appetite and encouraged a bid for safety.

The rise in initial jobless claims indicated little improvement in the U.S. labor market, while slower private sector activity this month in China and Europe underscored a global slowdown. [ID:nLDE75M0UB]

The International Energy Agency said it will release 60 million barrels of oil from strategic government stockpiles in a bid to push down crude prices and underpin the global economy. [ID:nLDE75M1BR]. The announcement exacerbated fears about growth.

"Oil is selling off on the news of the reserve release, but the main problem here is the economic slowdown," said James Dailey, portfolio manager of TEAM Asset Strategy Funds in Harrisburg.

"The stock market has come to a realization that the slowdown is worse than expected, that we are not just in a soft patch but a long-term slowdown."

Brent crude futures for August LCOc1 fell $6.46 to $107.77 a barrel. U.S. crude CLc1 fell $4.48 to $90.93.

World stocks as measured by MSCI's all-country world stock index .MIWD00000PUS were down 2.0 percent, pushing the index into negative territory for the year.

The Dow Jones industrial average .DJI was down 208.20 points, or 1.72 percent, at 11,901.47. The Standard & Poor's 500 Index .SPX was down 20.85 points, or 1.62 percent, at 1,266.29. The Nasdaq Composite Index .IXIC was down 32.19 points, or 1.21 percent, at 2,637.00.

Comments by Greek opposition leader Antonis Samaras, who said the only way for Greece to repay its debt was for the government to change its current fiscal policies, added to investors' skittishness to take on risk. [ID:nB4E7GA00G].

Some analysts said the comments suggested Greece's parliament could reject austerity measures that are scheduled for a vote next week.

Capping the bleak outlook was the downward revision on Wednesday by the Federal Reserve to its U.S. economic growth forecasts. Remarks by Fed Chairman Ben Bernanke, who said some headwinds facing the economy could be a lingering drag, added to the gloom.

"Bernanke's cautious outlook and the persistent headwinds to the U.S. economy ... that might linger until year-end, including concerns about Greece, have affected market sentiment," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.

The euro fell 1.4 percent to $1.4127 EUR=, its lowest level in nearly a week, and it also hit a fresh record low at 1.1847 EURCHF=EBS, falling 1.6 percent.

U.S. Treasuries briefly trimmed an advance after the IEA announcement. The benchmark 10-year U.S. Treasury note US10YT=RR was up 19/32 in price to yield 2.92 percent.

German bunds already had gained after signs of a slowing euro zone growth raised fears over the ability of Greece and other countries to battle their debt crises. [ID:nL6E7HN1XZ]

Bund futures FGBLc1 rallied to a session high of 127.18, up 103 ticks on the day.

Spot gold XAU= fell about 2 percent to a session low of $1,514.60 an ounce. Prices later ticked up a bit to $1,518.95. (Additional reporting by Ellen Freilich, Robert Gibbons in New York; Christopher Johnson, Jonathan Cable, Kirsten Donovan, Brian Gorman and Sue Thomas in London; Writing by Herbert Lash; Editing by Kenneth Barry)

Northern Tiger Resources Yukon Exploration Update

14:05 EDT Wednesday, June 22, 2011

EDMONTON, ALBERTA--(Marketwire - June 22, 2011) - Northern Tiger Resources Inc. ("Northern Tiger" or the "Company") (TSX VENTURE:NTR) is pleased to provide an update on its planned $7.2 million Yukon exploration programs (see news release dated May 3, 2011). The 2011 exploration programs are designed to follow up high-grade gold drill discoveries made in 2010 at both the 3Ace and Sonora Gulch projects.

Drilling at Sonora Gulch commenced last week. The primary focus of this 2,500 metre diamond drill program will be on the Gold Vein Zone – a 1.4 kilometre long geochemical anomaly averaging 161 ppb gold-in-soils. A single drill hole testing the anomaly in 2010 returned a discovery intercept of 7.6 g/t gold and 155.5 g/t silver over 6.0 metres (see news release dated October 28, 2010).

Construction of the new camp at 3Ace is now advanced and the drill crew is mobilizing to the property this week. The 10,000 metre drill program will focus on the Main Zone, where two diamond drill holes have already intersected significant gold mineralization (including 4.3 g/t gold over 30.3 metres and 14.8 g/t gold over 10.9 metres - see news release dated November 4, 2010), and on Green Zone West (a 1,000 metre by 500 metre anomaly averaging 115 ppb gold-in-soils). Up to five additional targets on 3Ace and the adjoining Sprogge Property will also see preliminary drill testing this year.

"Our Yukon exploration program is well underway, although the late spring melt has caused some delays," says Greg Hayes, President of Northern Tiger. "We were able to compensate by getting the drill turning early at Sonora Gulch and completing some additional regional exploration work earlier in the season. With the drill crew mobilizing to 3Ace, we will soon have drills turning on two Yukon properties with significant gold discovery potential."

This News Release has been reviewed and approved by Dennis Ouellette, B.Sc., P.Geol., a Qualified Person as defined by National Instrument 43-101.

Northern Tiger Resources Inc. (NTR: TSX-V) is a Canadian-based resource exploration company focused on gold and copper exploration in the rapidly developing Yukon. The company has an impressive portfolio of gold and copper focused projects in the Yukon, including 3Ace (with a new high-grade gold discovery), Sprogge, Sonora Gulch and five properties prospective for Minto-style high-grade copper mineralization. Through its exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production.

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Greg Hayes Northern Tiger President and CEO info@northern-tiger.com 

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.