Niblack Mining Corp.
TSX VENTURE : NIB

Niblack Mining Corp.

January 09, 2007 09:00 ET

Niblack Reports 39.27 g/t Gold Over 6.77 Metres '22.2 Feet' From Metallic Screen Assays and Significant Gallium and Indium

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - Niblack Mining Corporation (the 'Company') (TSX VENTURE:NIB) (www.niblackmining.com) is pleased to report results from re-sampled drill core at the Company's 100% owned, polymetallic (copper, zinc, gold, silver) Niblack property in southeast Alaska. Mineralization at Niblack occurs within a vigorous and widespread volcanogenic massive sulphide ("VMS") system that demonstrates significant enrichment in gold.

Metallic screen gold analyses were carried out at the completion of the 2006 drill program, as part of the Company's quality control and quality assurance program (QA/QC), which includes routine duplicate sampling of quartered drill core. In addition to metallic screen gold analyses (a more reliable technique than standard fire assay in high-grade environments where "nugget effect" can occur), samples were analyzed for an expanded suite of elements to evaluate the potential for other metals of economic interest.

Highlights

- Combined metallic screen and standard fire assay results yield 39.27 g/t (1.15 opt) gold and 284 g/t (8.27 opt) silver over 6.77 metres (22.2 feet) in drill hole LO-176, more than doubling the previously reported grade. The interval occurs within a near surface oxide zone that is leached of base metal sulphides and is part of a wider 13.2 metre (44.3 feet) interval grading 23.19 g/t (0.68 opt) gold and 152 g/t (4.44 opt) silver. The recalculated intersections include metallic screen assays for only three of the ten samples that make up the interval. Additional analyses will be carried out for the remaining samples.

- The high-grade interval in LO-176 has three samples of greater than 1 ounce per ton (34.28 g/t) gold, including one sample that grades 138 g/t gold (4.09 opt) over 3.8 feet. Table 1 provides a comparison between the original assays and the metallic screen re-assays for this hole.

- Significant enrichment in gallium and indium has been documented at Niblack. Individual samples assayed up to 112.5 g/t gallium and 55.3 g/t indium, with an average of all samples of massive sulphide totalling 45.5 g/t and 22.2 g/t respectively. These rare metals can be important smelter by-product credits and will add to the gross metal value of mineralization at Niblack. Gallium and Indium are used in a variety of new technology applications and have experienced a strong demand-driven market in recent years. For example, Indium, which is used in the manufacture of high definition LCD television and computer screens, has had an eight-fold price increase over the past five years and is currently trading near US$750 per kilogram.

- Results of the expanded suite of analyses suggest that Niblack would likely yield "clean" mineral concentrates. Undesirable and deleterious elements such as selenium, arsenic, antimony, and mercury occur in negligible concentrations (e.g. 20 samples of massive to semi-massive sulphide average 18 ppm Se). These results, from sampling of a variety of styles of mineralization throughout the Lookout Zone, confirm historic data and provide an early indication of positive geochemical compositions.



Table 1. Gold assay data for drill hole LO-176
------------------------------------------------------------------------
Au g/t Au g/t
Standard Metallic
Re- From To Width Width Fire Screen
Sample sample (ft) (ft) (ft) (m) Assay Assay
------------------------------------------------------------------------
N28835 84.5 86.8 2.3 0.7 5.38
N28836 86.8 91.8 5 1.52 5.47
N28837 C217398 91.8 96.8 5 1.52 5.17 5.71
N28838 96.8 101.8 5 1.52 7.75
N28839 101.8 105.6 3.8 1.16 6.67
N28840 C217399 105.6 110 4.4 1.34 39.5 38.2
N28841 110 115 5 1.52 0.6
N28842 115 120 5 1.52 1.89
N28843 120 124 4 1.22 41.7
N28844 C217402 124 127.8 3.8 1.16 22.1 138
------------------------------------------------------------------------
Sub-Interval 105.6 127.8 22.2 6.77 19.69 39.27(i)
Total Interval 84.5 127.8 43.3 13.2 13.09 23.19(i)
------------------------------------------------------------------------
Note: A standard and a blank sample were inserted into the assay batch
for C217400 and C217401.
(i) Standard fire assay values are used where metallic screen assays are
absent to calculate weighted averages.


About the Company

Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the copper-zinc-gold-silver Niblack massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company plans to commence an underground exploration program in 2007 that is 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.

A rigorous quality control and quality assurance protocol is utilized on the project including blank and reference samples with each batch of assays. Samples reported herein were of quartered core, and analyzed by metallic screen fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corporation, is the Qualified Person for this exploration project.

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

ON BEHALF OF THE BOARD OF NIBLACK MINING CORP.

Paddy Nicol, MBA, President

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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