VAL-D'OR, Quebec, Feb. 19, 2010 (GLOBE NEWSWIRE) -- NioGold Mining Corp. (Other OTC:NOXGF) (TSX-V:NOX) (Frankfurt:NG1) provides investor update to announce developments in Quebec.
Dear shareholders,
The management of NioGold Mining Corp. (Other OTC:NOXGF) (TSX-V:NOX) (Frankfurt:NG1) would like to take this opportunity to provide its investors with recent key developments in Quebec.
- Malartic project NI 43-101 compliant gold resources now total 600,000 ounces Indicated plus 360,000 ounces Inferred
- Substantial near surface lower-grade gold mineralization, not included in the current resources, warrant further evaluation for open-pit potential
- Exploration drilling on trend intersected wide mineralized shear zones
- Salient results from the exploration drilling completed to date are expected to be released in the upcoming weeks
- Acquired a strategic stake in an evolving new gold play in southern Quebec
Malartic project
The Company reached a major milestone with the release of the latest NI 43-101 compliant resource estimates that confirm 600,000 ounces of gold in the Indicated category in addition to 360,000 ounces in the Inferred category (News Release: January 28, 2010). Total project ounces in the ground amount to 1,130,000 when historic ounces of 170,000 are included. These historic ounces have not yet been confirmed by the Company under NI 43-101 standards and regulations.
Management believes the current resources could be greatly increased through comprehensive development drilling. The Company plans to further evaluate the shallow mineralization for potential open-pit extraction. Four (4) important gold mineralized shear zones (faults) are recognized on the land holdings. Since September, exploration drilling was directed at tracing these prospective structures to the northwest and on trend with the known gold deposits.
Nicolet-South project
NioGold recently signed a Letter of Intent to acquire a 100% interest in a strategic large land position in the Thetford Mines area, situated in the southern Quebec Appalachian region. Canada's first placer gold rush occurred there in the 1850's and the region is presently enjoying a major staking rush. The Company plans a first prospecting campaign on the grounds during the upcoming summer.
New Brand Identity - Coming Soon!
You may have noticed our logo has changed. This is a small preview of the new brand identity and website which are currently under development. The new look represents the evolution and continued progress we are making at NioGold. The unveiling of the new website is targeted to coincide with the PDAC 2010 convention held in Toronto from March 7 to 10.
The NioGold Mining Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7112
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.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this Presentation, such as 'measured resources', 'indicated resources' and 'inferred resources', which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F. The News Release contains information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.