Niblack Mining Corp.
TSX VENTURE : NIB

Niblack Mining Corp.

January 15, 2008 06:30 ET

Niblack Mining Corp.: Underground Exploration at Niblack Resumes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Niblack Mining Corp. (TSX VENTURE:NIB) (the "Company") is pleased to announce that underground exploration on the Niblack gold-silver-copper-zinc (VMS) property in southeast Alaska has resumed. Drill crews have also mobilized back to the property to continue the 9,000 metre (30,000 foot) phase one underground drill program.

The underground drill program is designed to test approximately 1,500 metres (5,000 feet) of unexplored stratigraphy between the Mammoth and Lookout zones (now known as the 'North Limb') and to test approximately 600 metres (2,000 feet) of depth extension at the Lookout zone. Drilling to date has partially tested the Mammoth area given its proximity to the portal entrance. Three holes have been completed, and a further eight are planned to test the down dip extension of base and precious metal mineralization encountered in surface drilling in 2006. Massive sulphide lenses commonly exhibit strong zoning, from base-metal rich cores to pyrite dominant, base-metal poor margins, and potential for discovery of higher grade mineralization at Mammoth is considered high. Assay results will be released as they are received.

As the main cross cut advances, drilling will continue to test the North Limb and the depth extension of the Lookout zone. Some of the deeper drill intercepts from surface based exploration at the Lookout zone include hole LO-129 that grades 3.26 g/t gold, 98 g/t silver, 4.52% copper and 16.38% zinc over 4.5 metres (14.8 feet) and LO-181 grading 4.68 g/t gold, 126 g/t silver, 5.83% copper and 6.23% zinc over 14.94 metres (49 feet).

Underground Program Update

The underground tunnelling has advanced 208 metres (688 feet) in from the portal entrance and crews have increased progress to 4.8 metres (16 feet) per day. Construction of drill stations and a muck bay at the Mammoth crosscut area are also complete. Ground conditions continue to be very good with limited rock bolting required. The underground program will consist of up to 1,800 metres (6,000 feet) of tunnel development providing access to areas beneath gold-rich base metal mineralization defined at the Lookout zone, and for discovery of new massive sulphide lenses along the North Limb. Underground access to the Trio Zone could also be achieved by extending one of the exploration drifts currently under construction at the Lookout Zone by 360 metres (1,200 feet). Drilling along the North Limb is now underway and will be followed by drilling at the Lookout Zone in the spring of 2008.

About the Company

Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $7 million in working capital to fund the current underground program.

To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.

On Behalf of the Board

NIBLACK MINING CORP.

Paddy Nicol, MBA, President

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Niblack Mining Corp.
    Corporate Inquiries
    Fraser Adams
    (604) 484-5045 or Toll Free: 1-888-784-5045
    or
    Niblack Mining Corp.
    Corporate Inquiries
    Bill Gillies
    (604) 484-5045 or Toll Free: 1-888-784-5045
    (604) 684-0279 (FAX)
    Email: info@niblackmining.com
    Website: www.niblackmining.com