NioGold Purchases Republic Goldfields Property
Langley, BC – April 12, 2012 - NioGold Mining Corporation (TSX-V:NOX) (OTCQX: NOXGF) (“NioGold” or the “Company”) is pleased to announce that it has entered into a Property Acquisition and Joint Venture Agreement (the "Agreement") dated April 11, 2012, with Republic Goldfields Inc. ("RGF") to acquire an 85% interest in RGF's Malartic property (the "Property"). The Property consists of six mining claims and one mining concession covering 126.53 hectares, located approximately 20km west of Val-d'Or, Quebec. The Property is contiguous to the Company’s Malartic Block and Marban Block properties.
The purchase price for the acquisition is $100,000 cash and 1,000,000 common shares. Upon delivery of the purchase price, the Agreement provides for the formation of a joint venture for the further exploration and development of the Property, with Niogold and RGF having an 85% and 15% initial participating interest, respectively. In the event that a party's participating interest is diluted to 10% or less, its participating interest will be converted to a 2% NSR royalty, of which one-half (1% NSR interest) can be repurchased by the other party for $750,000. Subject to certain conditions, NioGold also has the option to purchase all or any part of RGF's participating interest in excess of 10% at a price equal to $5,000 per 1% participating interest. The Agreement remains subject to the approval of the TSX Venture Exchange. The securities issued will be subject to a 4 months hold period.
The acquisition of RGF’s Malartic mining titles completes the consolidation of the historic Malartic Hygrade property, part of the Company’s large Malartic gold camp land holdings. The Malartic Hygrade property covers the northwest extent of geological units and deformation corridors that host the gold deposits on the adjoining Marban Block property currently being evaluated by NioGold and Aurizon Mines Ltd. The historic Malartic Hygrade property encompasses the former Malartic Hygrade mine (production: 23,223 t @ 22.67 g/t Au for 17,000 ounces gold, Trudeau and Raymond, 1982 ) and the Orion Zone #8 (production: 118,922 t @ 5.82 g/t Au for 22,000 ounces gold, Trudeau and Raymond, 1982) as well as the depth extent of the former Camflo mine, where Barrick Gold Corporation produced 1.7 million ounces of gold (8.86 Mt @ 5.8 g/t Au) between 1965 and 1992. Of those ounces, 180,000 were extracted from the Malartic Hygrade property in the lower levels of the mine. Historic records of the Camflo mine indicate that a mineral inventory of 68,000 ounces of gold remains un-mined (LaBreque and Violette, 2011). This mineral inventory is considered historical in nature; has not been validated by the Company’s Qualified Person or an independent Qualified Person; is not compliant with National Instrument 43-101 and should not be relied upon.
Numerous identified gold occurrences on the property remain to be evaluated.
Yan Ducharme, M.Sc., P.Geo. (OGQ), the Company’s Exploration Manager and a Qualified Person as defined by National Instrument 43-101, has reviewed the content of this news release.
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 126km2 and encompass three former gold producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that collectively produced 600,000 ounces of gold. NioGold has outlined Indicated resources of 598,000 ounces gold and Inferred resources of 361,000 ounces gold in and around these deposits.
NioGold’s experienced and qualified technical team are overseeing the advancement of these projects, with current drill programs underway targeting expansion of the resource base.
NioGold invites you to visit the company website at www.niogold.com.
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