NioGold Mining Corporation

NioGold Mining Corporation

January 29, 2008 08:35 ET

NioGold Mining Corporation: Initial Drilling on Marban NE Target Returns 20.7 g/t Gold Over 1.0 Metre

VAL-D'OR, QUEBEC--(Marketwire - Jan. 29, 2008) - NioGold Mining Corporation (TSX VENTURE:NOX)(FRANKFURT:NG1) ("NioGold") reports on results of the 2007 diamond drilling program on the Marban Block property, Malartic Gold Camp, Abitibi region, Quebec. Assays were received for two drill holes completed on the Marban NE target located 1.5 kilometres to the north and east of the former Marban Mine.

NioGold holes MB-07-021 and MB-07-022 were drilled on the same section as historic holes MBS87-01 and MBS87-02 completed by Lac Minerals Ltd. in 1987 that returned some notable gold mineralised intervals of 27.50 g/t Au over 0.3 metre and 7.99 g/t Au over 2.5 metres in hole MBS87-01 and 9.17 g/t Au over 1.2 metre in hole MBS87-02. NioGold hole MB-07-021, drilled between holes MBS87-01 and MBS87-02, returned intersections of 6.20 g/t Au over 1.2 metre, 4.38 g/t Au over 1.1 metre and 4.09 g/t Au over 1.0 metre, and hole MB-07-022, drilled beneath hole MBS87-02, returned an intersection of 20.70 g/t Au over 1.0 metre.

Results are tabled below. Reported intervals are in core lengths but are inferred to be close to true width as the holes were drilled close to perpendicular to the interpreted attitude of the mineralised zones.

Core Grade
Line Station Depth From To Length (g/t
Hole # (m) (m) Az Dip (m) Unit (m) (m) (m) Au)
MB-07 20+00 E 06+62 N 213 -45 285.0 NZ-NNZ 31.7 33.0 1.3 2.91
-021 deg- deg-
rees rees
NZ-NNZ 64.8 66.0 1.2 6.20
NZ-NNZ 74.9 76.0 1.1 4.38
Altered 250.0 253.0 3.0 2.47
including 251.0 252.0 1.0 4.09
MB-07 20+00 E 07+52 N 213 -66 405.0 Altered 194.0 195.0 1.0 20.70
-022 deg- deg- Diorite
rees rees

Geophysical data suggests that the northeast corner of the Marban Block property ("Marban NE target") covers the southeast extent of a major gold mineralised structure named the North Shear, part of the Norbenite-Marbanite deformation zone host to the Marban, Norlartic, and Kierens gold deposits. Between 1960 and 1966, approximately 83,000 tonnes averaging 16.5 g/t Au were mined out of two ore lenses within the North Shear (Norlartic Mines Ltd. internal reports). The lenses were accessed via two 350-metre long drifts developed from the 250- and 500-foot levels (75 and 150 metres depths) of the Norlartic mine.

Gold mineralisation at the Marban NE target is associated with thick, tens of metres wide, zones of altered, sulphide mineralised and quartz-tourmaline veined intrusive dykes. In 1987, Lac Minerals Ltd. completed nine drill holes on the target that all returned gold mineralised intervals including some high-grade values over narrow widths. No follow up work was done since then. NioGold's holes confirmed that an important intrusive-related gold mineralised system lies within the northeast portion of the Marban Block property. Further drill testing is planned in 2008. NioGold has budgeted for 25,000 metres of drilling on the Marban Block in 2008 where two drill rigs are presently active.

Quality Assurance / Quality Control and Qualified Persons

Diamond drill holes were drilled with NQ-size core in order to obtain larger sample volumes for the mineralised zones. The core was delivered by the drilling contractor to NioGold's facilities located at the Norlartic Mine site. The core was photographed for reference, logged and mineralised sections were sawed in half. Sample lengths varied between 0.5 to 1.5 metres. The half core samples were bagged, sealed and trucked to Activation Laboratories Limited ("Actlabs") in Ancaster, Ontario, an accredited laboratory. Samples were assayed by the fire-assay method using an atomic absorption finish on a 50-gram pulp split.

A quality assurance and quality control program (QA/QC) was implemented by NioGold and the laboratory to insure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and duplicates in the sample batches sent to the laboratory and a systematic re-assaying from the remaining coarse reject fraction by the fire-assay method with an atomic absorption finish for samples returning values of 2 to 5 g/t Au and by gravimetric finish for samples returning values greater than 5 g/t Au. As well, 10% of the pulps are sent to Bourlamaque Assay Laboratories Ltd. in Val-d'Or for check assaying.

This news 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 drilling was conducted under the supervision of Julien Davy, 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, Abitibi, Quebec, 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 over 590,000 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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