August 28, 2013 - Langley, BC -- NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to announce that it has retained its 100% interest in the Marban Block property following notice that Aurizon Mines Ltd. will not proceed with the third-year funding of the option agreement between NioGold and Aurizon.
The option agreement with Niogold would have required Aurizon to fund a further exploration budget of $8,400,000, followed by a resource payment based on the determined number of gold ounces discovered on the property, in order to complete Aurizon's earn in of a 50% interest.
"We are extremely pleased to again have full control and ownership of the Marban property, Niogold's President and CEO Mike Iverson stated. "Aurizon had previously incurred a total of $11,600,000 of exploration expenditures under the option agreement, which has grown the estimated measured and indicated gold resources by 255% to 1.53 million oz (32.1 million tonnes at 1.48 g/t) and the inferred gold resources by 165% to 599,000 oz (16.5 million tonnes at 1.13 g/t)."
"Preliminary metallurgical testing on the Marban deposit was very encouraging. We believe the project has good potential to deliver attractive economics and significant gold production from a combination of open pit and underground development," continued Mr. Iverson. "The Marban Block Property is centrally located in the active Malartic/Val-d'Or gold camps, which has established infrastructure, suppliers and personnel. We look forward to continuing development of the Marban Block Property, targeting the Marban, Norlartic and Kierens deposits, testing new prospective targets, and advancing the economic studies."
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 current resource base.
For further information regarding the current resource estimate on the Marban Block Property, please see NioGold's news release dated July 3, 2013. A technical report on the Marban Block Property, entitled "Updated Mineral Resource Technical Report, Marban Block Project, Quebec, Canada" dated August 15, 2013, is available on SEDAR at www.sedar.com under NioGold's profile. For more information on the preliminary metallurgical testing, please see NioGold's news release dated April 24, 2012.
NioGold invites you to visit the company website at www.niogold.com.
For information on NioGold Mining Corporation contact:
Michael A. Iverson, President& CEO
Tel: (604) 856-9887
Dale Paruk, Vice-President
Tel: (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.
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.
Leave a comment...