Press Release
NioGold Mining Corporation
Symbol: NOX: TSX-V
NIOGOLD ACQUIRES 85 SQUARE KILOMETRE LAND
POSITION OVER
IRON OXIDE-COPPER-GOLD-URANIUM PROSPECT IN
QUEBEC
Val-d'Or, Quebec, February 20,
2007. NioGold Mining Corporation ("NioGold") is pleased to announce
that it has entered into an option agreement with Ressources Maxima inc.
("Maxima") to acquire a 100% interest in 146 mining claims covering 8,500
hectares located 200 kilometres southeast of the town of Val-d'Or and 50
kilometres north of the Mt-Laurier Uranium district, Quebec. The project was
named Pump Lake.
Under the terms of the option agreement,
NioGold can earn a 100% interest in the claims over a three year period by
paying a total of $100,000 and issuing a total of 500,000 common shares to
Maxima and incurring at least $500,000 of exploration expenses. Once NioGold has
earned its 100% interest, Maxima will retain a 2% Net Smelter Return royalty on
the property. NioGold will have the right to buy back half of the royalty (1%
NSR) for $1,000,000.
Pump Lake is an early stage project that
displays characteristics comparable to the Iron Oxide-Copper-Gold (IOCG) class
of mineral deposits. These include the association of iron oxides (magnetite,
hematite), copper, gold and uranium and the proximity to intrusive rocks.
World-Class examples of IOCG's are found at Olympic Dam and the Cloncurry
district (Australia), Candelaria (Chili), Salobo (Brasil), and the Kiruna
district (Sweden).
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. The most significant mineral
occurrences discovered to date on the Pump Lake claims by Maxima are listed in
the table below:
|
Prospect Name |
Location |
Sample # |
Best
Results from Maxima
(Rock
Grab Samples) |
|
Carbonatite Stream |
Central |
31070503 |
0.14% U3O8 |
|
Melan�on |
SE |
02070604
23060401
18080402 |
4.27% Cu, 5.10 g/t Au, 11.5 g/t Ag
3.94% Cu, 1.53 g/t Au, 21.1 g/t Ag
6.00% Cu, 0.53 g/t Au, 4.7 g/t
Ag |
|
#14 |
Central |
18080404
04070502
22080401 |
3.37% Cu, 0.50 g/t Au, 16.2 g/t Ag
2.94% Cu, 0.33 g/t Au, 11.6 g/t Ag
1.38%
Cu, 0.40 g/t Au, 33.3 g/t Ag |
|
Lake Edge |
Central |
23070503
23070502 |
2.43% Cu, 21.7 g/t Ag
0.74% Cu, 0.97 g/t Au, 0.07%
Mo |
|
De La Tour |
S |
31100501 |
0.59% Cu |
|
Boisvert |
SE |
25080202 |
0.43%
Cu |
(see due diligence statement
below)
The mineral occurrences are spread out over the land holdings and are found
within or on the margins of an intrusive complex. Values of up to 4.27 percent
copper, 5.10 grams per tonne gold and 11.5 grams per tonne silver were obtained
from the Melan�on showing. Prospecting by Maxima has also identified a
radioactive zone tentatively interpreted to be related to a northerly trending
structural zone traversing the central portion of the land holdings. Limited
sampling along the structural zone has returned values of up to 0.14%
U3O8.
Michael Iverson, President and CEO of NioGold, states "We are
very excited about this project. Pump Lake has the IOCG signature, which are
typically large tonnage polymetallic systems. The combination of copper, gold
and uranium makes it a highly attractive target. Maxima has been successful in
uncovering several showings by prospecting the lakeshores and along the forestry
roads. We are eager to find out what's hidden in the woods."
NioGold's
initial exploration efforts on Pump Lake will consist of a high-resolution
airborne magnetic/electromagnetic/radiometric geophysical survey and stream
sediment and soil sampling geochemical surveys during the spring. Ground
follow-up on priority targets during the summer will lead to a drill program
later in the year.
Due Diligence
NioGold has reviewed and verified Maxima's sampling data,
including assay certificates and sample locations. NioGold personnel has
conducted field examination of several of the mineral occurrences. Bourlamaque
Assay Laboratories Ltd. in Val-d'Or, Quebec, performed assaying for gold.
Bourlamaque Assay Laboratories is an independent assay laboratory that maintains
an internal quality control program and participates annually in CANMET
round-robin proficiency testing. ALS-Chemex Laboratory in Val-d'Or, Quebec, an
accredited assay laboratory, performed analysis of all other elements.
This news release was prepared by Rock Lefran�ois, P. Geo
(OGQ), the Company's Vice-President, and Qualified Person as defined by NI
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, Quebec.
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:
Coal Harbor Communications
NioGold Mining Corp.
Suite 701, 555 Jervis Street Jacques
Brunelle
Vancouver BC Canada V6E 4N1 Investor
Relations
dale@coal-harbor.com
jbrunelle@niogold.com
Tel: 1+ (604) 662-4505
Tel: 1+ (819) 856-1387
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 did not approve nor does not accept
responsibility for the adequacy or accuracy of this news
RELEASE.
