NioGold Mining Corporation (“NioGold”) (TSX VENTURE:NOX) is pleased to announce that it has entered into an option agreement with Ressources Maxima inc. (“Maxima”) to acquire a 100% interest in 146 mining claims covering 8,500 hectares located 200 kilometres southeast of the town of Val-d’Or and 50 kilometres north of the Mt-Laurier Uranium district, Quebec. The project was named Pump Lake.
Under the terms of the option agreement, NioGold can earn a 100% interest in the claims over a three year period by paying a total of $100,000 and issuing a total of 500,000 common shares to Maxima and incurring at least $500,000 of exploration expenses. Once NioGold has earned its 100% interest, Maxima will retain a 2% Net Smelter Return royalty on the property. NioGold will have the right to buy back half of the royalty (1% NSR) for $1,000,000.
Pump Lake is an early stage project that displays characteristics comparable to the Iron Oxide-Copper-Gold (IOCG) class of mineral deposits. These include the association of iron oxides (magnetite, hematite), copper, gold and uranium and the proximity to intrusive rocks. 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).
Prospecting by Maxima during the past two years resulted in the discovery of several copper-gold-silver, magnetite, and uranium occurrences within the project area. The most significant mineral occurrences discovered to date on the Pump Lake claims by Maxima are listed in the table below.
————————————————————————- Best Results from MaximaProspect Name Location Sample # (Rock Grab Samples)————————————————————————-Carbonatite Stream Central 31070503 0.14% U3O8————————————————————————-Melancon SE 02070604 4.27% Cu, 5.10 g/t Au, 11.5 g/t Ag 23060401 3.94% Cu, 1.53 g/t Au, 21.1 g/t Ag 18080402 6.00% Cu, 0.53 g/t Au, 4.7 g/t Ag————————————————————————-#14 Central 18080404 3.37% Cu, 0.50 g/t Au, 16.2 g/t Ag 04070502 2.94% Cu, 0.33 g/t Au, 11.6 g/t Ag 22080401 1.38% Cu, 0.40 g/t Au, 33.3 g/t Ag————————————————————————-Lake Edge Central 23070503 2.43% Cu, 21.7 g/t Ag 23070502 0.74% Cu, 0.97 g/t Au, 0.07% Mo————————————————————————-De La Tour S 31100501 0.59% Cu————————————————————————-Boisvert SE 25080202 0.43% Cu————————————————————————-
(see due diligence statement below)
The mineral occurrences are spread out over the land holdings and are found within or on the margins of an intrusive complex. Values of up to 4.27 percent copper, 5.10 grams per tonne gold and 11.5 grams per tonne silver were obtained from the Melancon showing. Prospecting by Maxima has also identified a radioactive zone tentatively interpreted to be related to a northerly trending structural zone traversing the central portion of the land holdings. Limited sampling along the structural zone has returned values of up to 0.14% U3O8.
Michael Iverson, President and CEO of NioGold, states, “We are very excited about this project. Pump Lake has the IOCG signature, which are typically large tonnage polymetallic systems. The combination of copper, gold and uranium makes it a highly attractive target. Maxima has been successful in uncovering several showings by prospecting the lakeshores and along the forestry roads. We are eager to find out what’s hidden in the woods.”
NioGold’s initial exploration efforts on Pump Lake will consist of a high-resolution airborne magnetic/electromagnetic/radiometric geophysical survey and stream sediment and soil sampling geochemical surveys during the spring. Ground follow-up on priority targets during the summer will lead to a drill program later in the year.
NioGold has reviewed and verified Maxima’s sampling data, including assay certificates and sample locations. NioGold personnel has conducted field examination of several of the mineral occurrences. Bourlamaque Assay Laboratories Ltd. in Val-d’Or, Quebec, performed assaying for gold. Bourlamaque Assay Laboratories is an independent assay laboratory that maintains an internal quality control program and participates annually in CANMET round-robin proficiency testing. ALS-Chemex Laboratory in Val-d’Or, Quebec, an accredited assay laboratory, performed analysis of all other elements.
This news release was prepared by Rock Lefrancois, P. Geo (OGQ), the Company’s Vice-President, and Qualified Person as defined by NI 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, Quebec.
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 www.niogold.com.
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.
SOURCE: NioGold Mining Corporation
Coal Harbor Communications Dale Paruk (604) 662-4505 (604) 662-4547 (FAX) Email: email@example.com NioGold Mining Corporation Jacques Brunelle Investor Relations (819) 856-1387 Email: firstname.lastname@example.org Website: www.niogold.com