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NioGold
Mining Corporation (TSX-V:NOX
- News)
("NioGold" or the "Company")
has begun site preparation for the mobilisation of
a drill rig to the southern portion of the Company's large Malartic Block property, located 20 kilometres
west of Val-d'Or and directly adjacent to Osisko
Mining Corp.'s ("Osisko") Canadian Malartic mine development project.
NioGold
plans an initial 6,000 metres of exploration
drilling to investigate sedimentary formations on the north side of the
famous Cadillac fault in proximity to the Canadian Malartic
and Barnat deposits and Jeffrey Zone being
developed by Osisko. The Canadian Malartic project presently boasts open pit reserves of
245.8 million tonnes at an average grade of 1.13
g/t Au for 8.97 million contained gold ounces. Canadian Malartic
is now recognised as a porphyry-type gold system
hosted within diorite porphyry intrusions and altered sediments on the south
side of the Cadillac fault.
Despite the obvious potential within the southern portion of the Malartic Block property, no sustained exploration
programs have been conducted over the area in the past, in part due to the
lack of rock exposure. NioGold ranks this sector as
a high priority target for a new discovery. The drilling will test a
combination of magnetic, electro-magnetic and induced polarisation
geophysical anomalies and gold in-soil anomalies.
This news release was reviewed by Rock Lefrançois,
P.Geo. (OGQ), the Company's President and a
Qualified Person as defined by National Instrument 43-101.
The above information regarding the Canadian Malartic
Project was obtained from technical reports available on the Osisko website, and should be read in reference to the
full reports, including all cautionary statements and disclaimers therein. NioGold has not independently verified and does not
accept responsibility for the adequacy or accuracy of the information
contained in the report.
NioGold
Mining Corporation -- « On Canada's Golden Highway »
NioGold
Mining Corporation is a mineral exploration company focused on GOLD. The
Company's flagship projects are located in the Cadillac - Malartic
- Val-d'Or stretch of the prolific Abitibi gold mining district, Province of
Quebec, Canada. The Cadillac, Malartic and Val-d'Or
mining camps have produced over 45 million ounces of gold since the 1930's
and presently encompasses seven producing gold mines and a major mine
development project (Canadian Malartic, Osisko Mining). NioGold's land
holdings within the Abitibi presently cover 125 km(2)
and encompass three former gold producers, namely the Norlartic,
Kierens (First Canadian), and Marban
mines that collectively produced 600,000 ounces of gold. NioGold
has outlined Indicated resources of 598,000 ounces gold and Inferred
resources of 361,000 ounces gold in and around these deposits.
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:
Michael A. Iverson, Chairman & CEO Dale Paruk,
Vice-President
miverson@niogold.com
dparuk@niogold.com
Tel: (604) 856-9887
Tel: (604) 662-4505
Toll-free: (877) 642-6200
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS
This news 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.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. We use certain terms in this news release, such as 'measured resources',
'indicated resources' and 'inferred resources', which the SEC guidelines
strictly prohibit U.S. registered companies from including in their filings
with the SEC. U.S. investors are urged to consider closely the disclosure in
our Form 20-F. The news release contains information about adjacent
properties on which we have no right to explore or mine. U.S. investors are
cautioned that mineral deposits on adjacent properties may not be indicative
of mineral deposits on our properties.
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