VAL-D'OR, QC -- (Marketwire) -- 09/07/12 -- NioGold Mining Corporation (TSX VENTURE: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to announce that Aurizon Mines Ltd. ("Aurizon") has announced an updated mineral resource estimate for the Marban deposit. The deposit is located on NioGold's Marban Block property, in the Malartic gold camp, Abitibi region of Quebec, which is currently under option to Aurizon. Pursuant to the option, the parties have planned a three Phase drill program of which Phases 1 and 2 have been completed, and Phase 3 is in planning.
The updated mineral resource estimate, based on Phase 1 results, was prepared by SGS Canada Inc. - Geostat ("SGS Geostat") under guidelines set by Aurizon's personnel. All information of a scientific or technical nature in this release has been reproduced from Aurizon's news release dated September 7, 2012. NioGold has not at this time independently verified any of the scientific or technical information in Aurizon's news release and reproduced in this release.
Resource Estimate from Phase 1 (August 2010 - August 2011)
The updated mineral resource estimate integrates the results of NioGold's drill programs on the Marban deposit up to the mineral resource estimate prepared by Mine Development Associates ("MDA") on December 1, 2009, and the results of the Phase 1 drill program which was completed last year on August 9, 2011. The updated mineral resource estimate does not:
•incorporate the results of the recently completed Phase 2 drill program, comprised of 34,658 metres distributed in 90 new holes, that investigated the Marban deposit along strike, especially in the Western High Grade zone and the Eastern Down Dip zone •incorporate the mineral resource estimates for the Norlartic and Kierens deposits, located north-west of the Marban deposit, which were previously reported on by MDA and which remain unchanged (see Table 4).
The Phase 1 drill program comprised a total of 41,270 metres distributed in 146 new holes, drilled between August 30, 2010 and August 9, 2011.
Based on a cut-off grade of 0.35 grams of gold per tonne and a high value capping of 25 grams of gold per tonne, the in-pit mineral resource is estimated at 20,700,000 tonnes at 1.58 grams of gold per tonne or 1,053,000 ounces of gold in the measured and indicated category plus at 3,780,000 tonnes at 1.60 grams of gold per tonne or 194,000 ounces of gold in the inferred category. The resource outside of the pit shell and using a cut-off grade of 2.0 grams of gold per tonne is estimated at 980,000 tonnes at 2.82 grams of gold per tonne or 89,000 ounces of gold in the measured and indicated category plus 800,000 tonnes at 2.68 grams of gold per tonne or 69,000 ounces of gold in the inferred category.
Table 1: Marban Deposit 2012 Mineral Resource Estimate (uncapped results shown for comparison)
----------------------------------------------------------------- Average Cut-off Grade Gold Metal Grade Category Tonnes(1) (capped)(2) (capped)(3) Loss due (Au g/t) (g/t Au) (Ounces) to Capping---------------------------------------------------------------------------- In-pit 0.35 M+I 20 700 000 1.58 1 053 000 18.8% Inferred 3 780 000 1.60 194 000 65.9%----------------------------------------------------------------------------Underground 2.0 M+I 980 000 2.82 89 000 16.0% Inferred 800 000 2.68 69 000 17.9%---------------------------------------------------------------------------- Total M+I 21 670 000 1.64 1 141 000 18.7% Inferred 4 580 000 1.79 263 000 59.7%----------------------------------------------------------------------------
