Val-d'Or, Quebec, May 8,
2007. NioGold Mining Corporation (TSX-V: NOX) (FWB: NG1) (NioGold)
announces that it has initiated a first phase of exploration on the recently
acquired Pump Lake property. A crew was mobilized on site in order to conduct
a first-pass soil sampling geochemical survey covering the entire property on
a 500-metre by 500-metre grid configuration. A total of 500 sample sites have
been planned. In addition, an 855 line kilometre airborne
magnetic-electromagnetic-radiometric geophysical survey is presently being
flown and should be completed within the next few days. The geophysical survey
is conducted by Abitibi Geophysics with the collaboration Aeroquest
International Limited. Ground follow up on anomalies outlined by the
geochemical and geophysical surveys will be carried out during the month of
July.
The Pump Lake property is located 200
kilometres southeast of the town of Val-d'Or and 50 kilometres north of the
Mt-Laurier Uranium district, Quebec. NioGold can earn a 100% interest in the
Pump Lake claims from Ressources Maxima inc. under the terms of an option
agreement signed on February 16, 2007 (refer to Press Release dated February
20, 2007). Since the signing of the agreement, the property was enlarged to
184 claims covering 10,708 hectares.
Pump Lake is an early stage project
that displays characteristics comparable to the Iron Oxide-Copper-Gold (IOCG)
class of mineral deposits. Prospecting by Maxima during the past two years
resulted in the discovery of several copper-gold-silver, magnetite, and
uranium occurrences within the project area.
Malartic Gold Camp
Update
The initial phase of the 35,000-metre
2007 drilling program on the Marban Block property is in progress. Six holes
were completed to date over the Marban Mine area. The holes investigated the
near surface extent of the prospective Marban Mine Sequence, where in 2006,
NioGold intersected mineralization grading 3.6 g/t gold over 26.4 metres
including 10.8 g/t gold over 4.0 metres (refer to press release dated April
26, 2007). First assay results are expected in three to four
weeks.
This press 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. The exploration programs are
conducted under the supervision of Bertrand Brassard, M.Sc., P.Geo. (OGQ),
also a 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, 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 Kierens (First Canadian), Norlartic and Marban Mines that
collectively produced 592,265 ounces of gold (Aur Resources Inc. and MRNFQ
files).
Mineral resource estimates of the
Norlartic and Kierens gold zones located on the Marban Block property are
being carried out by independent consultants Mine Development Associates of
Reno, Nevada. The resource estimates are expected to be completed during the
month of May.
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 Corp. contact: