Langley, BC - January 6, 2013 -
NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold")
is pleased to provide the following update to shareholders.
2013 was a difficult year for junior
gold companies, but NioGold has persevered and is well positioned
to capitalize on the positive developments of the past few years.
Our flagship project, the Marban
Block Property, hosts no less than three identified
deposits, namely the Marban, Kierens and Norlartic deposits, and is
once again 100% owned and
controlled by NioGold.
The Marban Block has seen a
considerable investment of $11.6
million in exploration expenditures over the past three
years, solely funded by a prior joint venture partner and at no
cost to NioGold. This drilling has grown the original 2010 resource
estimate to the current 1.53
million oz gold (32.1 million tonnes at 1.48 g/t), a
255% increase, in the
measured and indicated resource categories, plus an additional
599,000 oz gold (16.5 million tonnes at 1.13 g/t),
a 165% increase, in the
inferred resource category (see news release dated July
23, 2013). During this period, NioGold also completed
preliminary metallurgical testing on the Marban deposit with very
encouraging recoveries of up to 97% (see news release dated April
24, 2012).
In March 2013 NioGold completed a
$2,549,700 flow-through financing at a price of $0.45 per share, of
which approximately $1,300,000 remains to be spent in 2014,
providing a ready supply of funds for further exploration. NioGold
is currently planning an exploration drilling program covering
approximately 10,000 m, with
the aim of upgrading the resource estimate on the Marban Block and
targeting promising showings on the Malartic Block property
(notably around the former Malartic Hygrade mine) and the Malartic
H property. As at the end of the financial year (August 31, 2013),
NioGold had working capital of approximately $4.2 million including
approximately $1.4 million in flow-through funds to be
expended.
In 2013, infill drilling on the
inferred resource of the Kierens and Norlartic deposits and in the
gap between them indicated a strong potential at Kierens for
extension at depth, and a
potential to build some lenses of
resources near the underground drifts connecting the former
Kierens and Norlartic mines. Drilling in the gap between the Marban
and Norlartic deposits further extended the Norlartic trend over a
strike of 1200 m, and
appears to confirm a possible
convergence between the Norlartic zone and the hanging wall
of the Marban deposit - which could potentially have the added
benefit of reducing the amount of waste rock in a possible open-pit
design for the Marban deposit. In all, the 2013 drill results have
identified several very promising areas with the potential to
generate and grow new resources (see news release dated
October 8, 2013).
NioGold also continues to be on the
lookout for quality acquisitions. In 2012, the Company acquired a
number of claims hosting the past producing Malartic Hygrade mine,
as a contiguous extension of our existing Malartic Block Property
(see news
release dated May 3, 2012). Recent re-sampling of 10 holes
drilled by the previous owner returned strong results, with
expected narrow high-grade values as well as unexpected wide
low-grade intervals near surface, all less than 2km northwest of
the Kierens deposit (see news release dated
December 4, 2013).
"I am very pleased with what we've
accomplished," said Michael Iverson, NioGold's President and CEO.
"Our work has revealed a strong potential for growth in all three
deposits at the Marban Block Property, as well as the new-found
gold showings on the adjacent Malartic Block Property. These
opportunities in the Val-d'Or area are excellent - the area is
dotted with current and historic producing mines and has a well
developed infrastructure to go along with it. On behalf of NioGold,
I would like to thank all of our shareholders for their support,
and look forward to building shareholder value in a productive and
prosperous new year."
NioGold Mining Corporation - << On Canada's Golden Highway
>>
NioGold Mining Corporation is a
mineral exploration company focused on gold. The Company's flagship
projects are located in the Cadillac - Malartic - Val-d'Or region
of the prolific Abitibi gold mining district, Quebec. The Cadillac,
Malartic and Val-d'Or mining camps have produced over 45 million
ounces of gold since the 1930's and presently encompasses six
producing gold mines including Osisko Mining's new Canadian
Malartic operations. NioGold's land holdings within the Abitibi
presently cover 130km2 and encompass four
former gold producers, namely the Norlartic, Kierens (First
Canadian), Marban and Malartic Hygrade mines that collectively
produced 640,000 ounces of gold.
NioGold's experienced and qualified
technical team are overseeing the advancement of these projects,
targeting expansion of the resource base.
NioGold invites you to visit the
company website at www.niogold.com.
For information on NioGold Mining
Corporation contact:
Michael A. Iverson, Chairman &
CEODale Paruk, Vice-President
miverson@niogold.com dparuk@niogold.com
Tel: (604) 856-9887Tel: (604) 662-4505
Toll-free: (877)
642-6200
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
FORWARD-LOOKING STATEMENTS
This news release includes
"forward looking statements", as that term is defined in Section
27A of the Unites States Securities Act of 1933, as amended, and
Section 21E of the United States Exchange Act of 1934, as amended,
that are subject to assumptions, risks and uncertainties.
Statements in this news release which are not purely historical are
forward looking statements, including without limitation any
statements concerning the Company's intentions, plans, estimates,
expectations or beliefs regarding the future. Although the Company
believes that any forward looking statements in this news release
are reasonable, there can be no assurance that any such forward
looking statements will prove to be accurate. The Company cautions
readers that all forward looking statements, including without
limitation those relating to the Company's future operations and
business prospects, are based on
assumptions none of which can be assured, and
are subject to
certain risks and uncertainties that could cause actual events or
results to differ materially from those indicated in the forward
looking statements. Readers are advised to rely on their own
evaluation of such risks and uncertainties and should not place
undue reliance on forward looking statements.
Any forward looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward looking
statements, or to update the reasons why actual events or results
could or do differ from those projected in the forward looking
statements. Except as required by law, the Company assumes no
obligation to update any forward looking statements, whether as a
result of new information, future events or otherwise.
CAUTIONARY NOTE
TO U.S. INVESTORS
The
United States Securities and Exchange Commission (the "SEC")
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 may use certain
terms in this news release, 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. The news release may
contain 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.
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