Val d'Or, Quebec. / ACCESSWIRE / November 5, 2014 / NioGold Mining Corporation (NOX.V) (NOXGF) ("NioGold") is pleased to announce that a Phase 1, 40,000 meter definition drilling program has begun on the Marban deposit, located on NioGold's 100% owned Marban property in the Abitibi region of Quebec. The drill program has been initiated with three drills and may be accelerated with the addition of more drills as the need requires. The aim is to improve the current in-pit resource for 100% conversion to measured and indicated category. The current 43-101 compliant resource estimate was made by Mine Development Associates and released on August 15, 2013, where in-pit measured resources are of 6.4 Mt at 1.33 g/t Au for 275,000 ounces, indicated resources are of 18.2 Mt at 1.30 g/t Au for 760,000 ounces and inferred resources are of 10.9 Mt at 0.81 g/t Au for 284,000 ounces.
Additional drilling has been planned but not budgeted for a Phase 2 program scheduled to begin in Q3 2015. It is anticipated that the two programs will suffice for the confidence in physical and grade continuity that will lead to a PEA study scheduled to be completed at the beginning of 2016.
The Company is also pleased to announce the results of its Annual General Meeting held October 30, 2014. Over 60,000,000 common shares, or approximately 50.4% of the issued and outstanding shares, were voted in person or by proxy. All motions were approved, including the election of Messrs. Sean Roosen, Bryan Coates, Robert Wares, Michael Iverson and Peter Hawley as directors, the reappointment of the current auditors, the re-approval of the Company's amended stock option plan and the amendment of the Company's Articles to implement advance notice provisions for the nomination of directors.
Following the meeting, the Board appointed Mr. Roosen as Chairman, Mr. Wares as President and CEO, Mr. Jonathan Richards as CFO and Corporate Secretary, Mr. Iverson as Vice President Corporate Communications and Mr. Yan Ducharme as Vice President Exploration.
The Company also announces that it has granted incentive stock options to purchase up to 800,000 common shares of the Company, exercisable at $0.25 per share with a term of five years, to directors, officers and consultants of the Company. The grant remains subject to the approval of the TSX Venture Exchange.
The Marban exploration program is being conducted under the supervision of Yan Ducharme, M.Sc., and P.Geo. (OGQ), NioGold's Vice-President Exploration and a Qualified Person as defined by National Instrument 43-101. Mr. Ducharme has reviewed and approved the technical contents of this news release.
NioGold Mining Corporation - >
NioGold Mining Corporation is a mineral exploration and development company focused on gold. The Company's main projects are located in the prolific Abitibi gold mining district, Quebec. The district has produced over 45 million ounces of gold since the 1930's and presently encompasses seven producing gold mines. 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 630,000 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 Dale Paruk
miverson@niogold.com dparuk@niogold.com
Tel: (604) 856-9887 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.
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.
SOURCE: NioGold Mining Corporation