Val-d'Or, Quebec, May 29,
2007. NioGold Mining Corporation (TSX-V: NOX) (FWB: NG1) ("NioGold")
updates on the on-going exploration programs in the Malartic Gold Camp and on
the Pump Lake Copper-Gold-Uranium project, Quebec.
Malartic Gold Camp
Update
The initial phase of the 35,000-metre
2007 drilling program on the Marban Block property is in progress. A
north-south fence of 9 holes (MB-07-003 to MB-07-011), for a total 2,380
metres, was completed since the start of the program in late April. The fence
of holes was drilled 450 metres east of the past producing Marban Mine shaft
and 50 metres west of the intersection grading 3.6 g/t gold over 26.4 metres
(incl. 10.8 g/t gold over 4.0 metres) obtained in 2006 in hole
MB-06-001.
The fence of 9 nine holes drilled on
Section 450mE investigated the updip and downdip extent of the prospective
Marban Mine Sequence over a north-south dip extent 480 metres. The drill holes
have established a general moderate, 45-degree, northerly dip to the
mineralized sequence.
A total of 1,070 core samples from
disseminated sulphide and vein stockwork zones intersected in holes MB-07-003
to MB-07-008 are presently at Activation Laboratories Limited in Ancaster,
Ontario for gold assaying. Assay results from the first batches sent to the
laboratory are expected soon.
Pump Lake
Update
A first-pass soil sampling geochemical
survey covering the entire property on a 500 metre by 500 metre grid was
completed during the month of May. A total of 436 B-horizon soil samples were
collected, dried and sent out to Activation Laboratories Limited for
multi-element analysis including copper, gold, silver and uranium. As well, an
855 line kilometre airborne magnetic-electromagnetic-radiometric geophysical
survey covering the entire property was completed 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 consists of 184
mining claims covering 10,708 hectares 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 in
February, 2007. Pump Lake is an early stage project that displays
characteristics comparable to the Iron Oxide-Copper-Gold (IOCG) class of
mineral deposits. Prospecting by Ressources Maxima during the past two years
resulted in the discovery of several copper-gold-silver, magnetite, and
uranium occurrences within the project area.
Private
Placement
NioGold is pleased to announce that,
subject to regulatory approval, it will conduct a non-brokered private
placement of up to 237,222 flow through units (the \"FT Units\") at a price of
$0.45 per FT Unit for gross proceeds of approximately $106,750. Each FT Unit
will consist of a flow through common share and one half of one non-flow
through warrant. Each whole warrant will be exercisable to acquire a non-flow
through common share at a price of $0.70 for a period of 18 months. All
securities will be subject to a four month hold period.
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 in the
upcoming weeks.
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.,
please contact: