Pump.....I have pump lake..so how can I lose.
Niogold continues drilling, sampling; to raise $106,750
2007-05-29 06:06 ET - News Release
Mr. Michael Iverson reports
NIOGOLD UPDATES EXPLORATION PROGRAMS AND ANNOUNCES PRIVATE PLACEMENT
Niogold Mining Corp. has released an update on continuing exploration programs in the Malartic gold camp and on the Pump Lake copper-gold-uranium project, Quebec.
Malartic gold camp update
The initial phase of the 35,000-metre 2007 drilling program on the Marban block property is in progress. A north-south fence of nine holes (MB-07-003 to MB-07-011), for a total 2,380 metres, was completed since the start of the program in late April. The fence of holes was drilled 450 metres east of the past-producing Marban mine shaft and 50 metres west of the intersection grading 3.6 grams per tonne gold over 26.4 metres (including 10.8 grams per tonne gold over 4.0 metres) obtained in 2006 in hole MB-06-001.
The fence of nine holes drilled on Section 450mE investigated the up-dip and down-dip extent of the prospective Marban mine sequence over a north-south dip extent of 480 metres. The drill holes have established a general moderate, 45-degree, northerly dip to the mineralized sequence.
A total of 1,070 core samples from disseminated sulphide and vein stockwork zones intersected in holes MB-07-003 to MB-07-008 are presently at Activation Laboratories Ltd., in Ancaster, Ont., for gold assaying. Assay results from the first batches sent to the laboratory are expected soon.
Pump Lake update
A first-pass soil sampling geochemical survey covering the entire property on a 500-metre by 500-metre grid was completed during the month of May. A total of 436 B horizon soil samples were collected, dried and sent out to Activation Laboratories for multielement analysis, including copper, gold, silver and uranium. As well, an 855-line-kilometre airborne magnetic-electromagnetic-radiometric geophysical survey covering the entire property was completed by Abitibi Geophysics with the collaboration by Aeroquest International Ltd. Ground follow-up on anomalies outlined by the geochemical and geophysical surveys will be carried out during the month of July.
The Pump Lake property consists of 184 mining claims covering 10,708 hectares located 200 kilometres southeast of the town of Val d'Or and 50 kilometres north of the Mt-Laurier uranium district of Quebec. Niogold can earn a 100-per-cent interest in the Pump Lake claims from Ressources Maxima Inc. under the terms of an option agreement signed in February, 2007. Pump Lake is an early stage project that displays characteristics comparable to the iron oxide-copper-gold (IOCG) class of mineral deposits. Prospecting by Ressources Maxima during the past two years resulted in the discovery of several copper-gold-silver, magnetite and uranium occurrences within the project area.
Private placement
Niogold is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 237,222 flow-through units at a price of 45 cents per flow-through unit for gross proceeds of approximately $106,750. Each flow-through unit will consist of a flow-through common share and one-half of one non-flow-through warrant. Each whole warrant will be exercisable to acquire a non-flow-through common share at a price of 70 cents for a period of 18 months. All securities will be subject to a four-month hold period.
This press release was prepared by Rock Lefrancois, PGeo, 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, MSc, PGeo, also a qualified person as defined by National Instrument 43-101.
We seek Safe Harbor.
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