NioGold Mining Corporation
TSX-V Symbol:
NOX
Frankfurt Symbol: NG1
News
Release
NIOGOLD ACQUIRES 10 CLAIMS IN
MALARTIC GOLD CAMP
Val-d'Or, Quebec, February 5,
2008: NioGold Mining Corporation (TSX-V:NOX) (Frankfurt: NG1)
("NioGold") is pleased to announce that it has acquired ten (10) mining claims
covering 340 hectares in Malartic Township, Abitibi region, Quebec, from
prospector Jean Robert. The claims are contiguous to the Heva property
that has now grown to 32 mining claims covering 1,300 hectares. The Heva
property is part of the Company's Malartic Gold Camp land holdings and is
strategically located along the northwest projection of major structures hosting
gold mineralisation on the Marban Block property where two drill rigs are
presently active.
The acquired claims cover an auriferous
quartz vein that returned values of up to 135 g/t Au in grab sample and up to
6.8 g/t Au over 1.8 metres in channel samples obtained from the initial sampling
in 1962 (GM-12419, GM-14133). Mechanical stripping in the fall of 2007 by
prospector Jean Robert exposed the quartz vein contained within a 1 to 2 metre
wide mineralised fracture zone. Channel sampling of the structure returned
gold values of up to 4.4 g/t Au over 1.0 metre.
Under the terms of the purchase
agreement, NioGold can acquire a 100% undivided right, title and interest in the
claims by paying a total of CAD $20,000 and issuing a total of 200,000 common
shares, subject to regulatory approvals. The vendor retains a 1.5% net
smelter return royalty on the claims. NioGold has the right to buy back
half of the royalty at any time for $200,000.
This news release was prepared by Rock
Lefran�ois, P.Geo. (OGQ), the Company's Vice-President and Qualified Person as
defined by National Instrument 43-101.
NioGold Mining Corporation - �
The Golden Highway Runs Through NioGold �
NioGold Mining Corporation is a junior
exploration company primarily focused on GOLD. The Company's main
properties are the Camflo West and the Marban Block located in the Malartic and
Val-d'Or Mining Camps, Abitibi, Quebec, with a historic production of 25 million
ounces of gold. The camps presently encompass several active advanced
exploration and mine development projects such as Canadian Malartic (Osisko
Exploration), Kiena (Wesdome), Midway (Northern Star Mining), Goldex
(Agnico-Eagle) and Lac Herbin (Alexis Minerals). The Marban Block
encompasses three former gold producers, namely the Norlartic, Kierens (First
Canadian), and Marban mines that collectively produced over 590,000 ounces of
gold.
NioGold's experienced and qualified
technical team will ensure the successful advancement of the Company's projects
towards the highest quality mineral resources. NioGold invites you to
visit the company website at www.niogold.com. For information on
NioGold Mining Corporation contact:
This Press Release includes
forward-looking statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to be
considered forward looking. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. The TSX Venture Exchange or the Frankfurt
Stock Exchange did not approve nor do not accept responsibility for the adequacy
OR ACCURACY OF THIS NEWS RELEASE.
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Niogold Mining Corp
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EXPLORATION STAGE |
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CODE : NOX.V |
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ISIN : CA6544851018 |
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Niogold is a gold exploration company based in Canada. Niogold holds various exploration projects in Canada. Its main exploration properties are MALARTIC BLOCK, CAMFLO WEST, KIERENS, LE TAC, MARBAN MINE, BLONDEAU-GUILLET, BOYVINET and PUMP LAKE in Canada. Niogold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 56.3 millions as of today (US$ 42.5 millions, € 38.0 millions). Its stock quote reached its highest recent level on December 29, 2003 at CA$ 0.74, and its lowest recent point on December 19, 2008 at CA$ 0.04. Niogold has 130 820 008 shares outstanding. |