NioGold Mining Corporation

NioGold Mining Corporation

October 02, 2007 07:59 ET

NioGold Mining Corporation: Roxane Uranium Prospect Traced Over 2 Km at Pump Lake

Magnetite Horizon Returns 40% Iron Content

VAL-D'OR, QUEBEC--(Marketwire - Oct. 2, 2007) - NioGold Mining Corporation (TSX VENTURE:NOX)(FRANKFURT:NG1) ("NioGold") reports: Prospecting and ground geophysical surveying on the Pump Lake property, Quebec, uncovered several more radioactive units up to 2.3 kilometres on trend from the Roxane uranium prospect where intrusive units returned values of up to 0.20% U3O8 or 4.0 lbs / ton U3O8 (see News Release dated September 11, 2007).

Follow up work conducted in September on the Roxane prospect discovered in July consisted of line-cutting, ground radiometric and magnetic geophysical surveying and prospecting over a 2.6 by 1.0 kilometre area. The geophysical survey was conducted by Abitibi Geophysics. Several more intrusive units with high uranium CPS counts were uncovered and sampled. The Roxane radioactive zone has now been traced over an east-northeast strike extent of 2.3 kilometres. Assay results are pending. Several radiometric anomalies recorded by the geophysical survey remain to be investigated. Mechanical stripping of select areas is planned for the month of October.

Magnetite Horizon

Initial sampling of a magnetite-bearing horizon exposed 1 kilometre northeast of the Roxane uranium prospect returned values of up to 40% total iron. Mechanical stripping is planned in October to determine the orientation and thickness of the horizon and to collect more samples for Davis Tube recovery tests of the magnetite.

Pump Lake is an early stage project that displays characteristics comparable to the iron oxide-copper-gold (IOCG) class of mineral deposits. 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). On Pump Lake, occurrences of iron oxides (magnetite), copper, gold and uranium are found to be closely related to a recently recognised alkaline intrusive complex of yet unknown extent.

The Pump Lake project is located 50 kilometres north of the Mt-Laurier uranium district, Quebec. Under the terms of an option agreement with Ressources Maxima inc. ("Maxima"), NioGold is earning a 100% interest in the Pump Lake property by paying a total of $100,000, issuing a total of 500,000 common shares to Maxima and incurring at least $500,000 of exploration expenditures.

Quality Assurance / Quality Control and Qualified Persons

The rock samples are bagged and sealed by NioGold personnel and are delivered to ALS-Chemex in Val-d'Or, Quebec, an accredited laboratory. The samples are analysed for a suite of 38 elements by lithium meta-borate fusion and ICP-MS for quantitative results of all elements, including those encapsulated in resistive minerals.

This press release was prepared by Rock Lefrancois, 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 Norlartic, Kierens (First Canadian), and Marban mines that collectively produced 592,265 ounces of gold.

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

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 or the Frankfurt Stock Exchange did not approve nor do not accept responsibility for the adequacy or accuracy of this news release.

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