Niblack Mining Corp.

Niblack Mining Corp.

March 03, 2008 13:07 ET

Niblack Arranges $9.0 Million Private Placement for Underground Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) -


Niblack Mining Corp. (the "Company") (TSX VENTURE:NIB) is pleased to report that it has entered into an agreement with a syndicate of agents led by PI Financial Corp. and including Tollcross Securities Inc. (the "Agents"), to raise up to $9,000,000 in gross proceeds by way of a commercially reasonable efforts private placement (the "Offering"). The Offering will consist of the issuance of up to 20,000,000 units (the "Units").

Each Unit is offered at a price of $0.45 and will consist of one common share and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of eighteen months from the Closing Date at a price of $0.70. At the election of the Agents, the Offering may be increased by up to an additional 2,200,000 Units. The Agents' over-allotment option shall be exercisable at the Agents' discretion and with notice to the Company at least two days prior to the Closing Date.

The Agents will receive a commission equal to 7.0% of the gross proceeds from the sale of the Offering, payable in cash or Units of the Offering, at the election of the Agents. The Agents will also be granted compensation options (the "Compensation Options") equal in number to 10% of the number of Units sold under the Offering. Each Compensation Option will entitle the Agents to purchase one common share for a period of eighteen months from the Closing Date at an exercise price of $0.50.

Proceeds from the offering will be used to finance further underground exploration on the Niblack property and for general working capital.

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.

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


Paddy Nicol, MBA, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

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