NioGold Mining Corporation
TSX-V Symbol: NOX
FWB Symbol: NG1
News Release
ROXANE URANIUM PROSPECT TRACED OVER 2 KM ON PUMP
LAKE
MAGNETITE HORIZON RETURNS 40% IRON
CONTENT
Val-d'Or, Quebec, October 2, 2007. NioGold Mining
Corporation (TSX-V: NOX) (FWB: NG1)
("NioGold") reports: Prospecting and ground geophysical surveying on
the Pump Lake property, Quebec, uncovered several more radioactive units up to
2.3 kilometres on trend from the Roxane uranium prospect where intrusive units
returned values of up to 0.20% U3O8 or 4.0 lbs / ton U3O8 (see News Release
dated September 11, 2007).
Follow up work conducted in September on the Roxane
prospect discovered in July consisted of line-cutting, ground radiometric and
magnetic geophysical surveying and prospecting over a 2.6 by 1.0 kilometre
area. The geophysical survey was conducted by Abitibi Geophysics. Several more
intrusive units with high uranium CPS counts were uncovered and sampled. The
Roxane radioactive zone has now been traced over an east-northeast strike
extent of 2.3 kilometres. Assay results are pending. Several radiometric
anomalies recorded by the geophysical survey remain to be investigated. Mechanical
stripping of select areas is planned for the month of October.
Magnetite Horizon
Initial sampling of a magnetite-bearing horizon
exposed 1 kilometre northeast of the Roxane uranium prospect returned values of
up to 40% total iron. Mechanical stripping is planned in October to determine
the orientation and thickness of the horizon and to collect more samples for
Davis Tube recovery tests of the magnetite.
Pump Lake
is an early stage project that displays characteristics comparable to the iron
oxide-copper-gold (IOCG) class of mineral deposits. 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). On Pump
Lake, occurrences of iron oxides (magnetite), copper, gold and uranium are
found to be closely related to a recently recognised alkaline intrusive complex
of yet unknown extent.
The Pump
Lake project is located 50 kilometres north of the Mt-Laurier uranium district,
Quebec. Under the terms of an option agreement with Ressources Maxima inc.
("Maxima"), NioGold is earning a 100% interest in the Pump Lake
property by paying a total of $100,000, issuing a total of 500,000 common
shares to Maxima and incurring at least $500,000 of exploration expenditures.
Quality
Assurance / Quality Control and Qualified Persons
The rock samples are bagged and sealed by NioGold personnel and are delivered
to ALS-Chemex in Val-d'Or, Quebec, an accredited laboratory. The samples are
analysed for a suite of 38 elements by lithium meta-borate fusion and ICP-MS
for quantitative results of all elements, including those encapsulated in
resistive minerals.
This press release was prepared by Rock Lefran�ois, P. Geo. (OGQ), the
Company's Vice-President and Qualified Person as defined by National Instrument
43-101. The exploration programs are conducted under the supervision of
Bertrand Brassard, 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, 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 592,265 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 www.niogold.com. For information on NioGold
Mining Corporation contact:
Michael A.
Iverson, President & CEO
miverson@niogold.com
Tel: (604) 856-9887
Rock
Lefran�ois, P.Geo., Vice-President
rocklefrancois@niogold.com
Tel: (819) 825-7400
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.