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The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Mineral resources update effective date: November 16, 2011.

1: Rounded to nearest 10 thousand.
2: High value capped at 25 g/t Au on assays.
3: Rounded to nearest 1 thousand.

"Following the resource estimate in 2010, our target was to increase the amount of ounces near surface on the Marban deposit to assess if an open pit scenario was possible. The results of this update of the resource estimate are showing that we achieved our goal," said Mike Iverson Niogold's President and CEO.

The in-pit and underground resources have been estimated based on the following parameters:

•Two distinct mining scenarios: open-pit and underground. The open pit mineral resources are reported within an initial Whittle pit shell; •The base case scenario was performed with a minimum cut-off grade of 0.35 grams of gold per tonne; •A total of 1,684 holes including 333 historical surface holes for a total of 136,789 metres of surface drilling and 1,205 historical underground holes for a total of 61,256 metres; •A total of 858 underground channels and chips samples; •A total of 107,904 assays which are available in the database; •A capping of 25 grams of gold per tonne was applied to the assays. •The mineral resources were modeled and estimated using SGS Proprietary software, Genesis 1.0.17; •The mineral resource model was interpreted from 144 transverse sections at intervals of 12.5 metres and from level plans at intervals of 5 metres; •The interpolation was conducted on composite assays of 2 metres in length; •The interpolation was done by Ordinary Kriging in two stages: One block model using mineralised envelopes for the high grade mineralisation ( > 0.5 grams of gold per tonne), and another block model for the lower grade mineralisation located outside the defined mineralised envelopes; •The block model was defined by blocks of 5 metres long by 5 metres wide by 5 metres thick and covers a strike length of 1,400 metres to a maximum depth of 700 metres below surface; •An average drill spacing of 25 metres x 25 metres was used for the measured and indicated resources; •The average relative density used to calculate the tonnage of the Marban deposit was adjusted to 2.77 tonnes/cubic metre; •The historical Marban production was removed from the mineral resources; •The Whittle pit optimisation was performed by SGS Geostat using a gold price of US$1,350 per ounce and an exchange rate of 1:1;The simulated pit is 1,400 metres long, 850 metres wide and 350 metres deep. The mineral resources located outside the Marban deposit optimised pit shell is evaluated using an underground ("U/G") mining scenario. The base case cut-off grade for U/G mineral resources for the Marban deposit has been set at 2.0 grams of gold per tonne.

Sensitivity Analysis of the Resources

The mineral resource sensitivity is presented in the next 2 tables with different cut-off grades from 0.35 to 3.0 grams of gold per tonne.

Table 2: Marban Deposit - In-Pit Mineral Resource