Niogold Acquires 4 Claims In Val d' Or
Fri Aug 21, 1:38 PM
ca.news.finance.yahoo.com
August 21, 2009: NioGold Mining Corporation (TSX-V: NOX.V) (Frankfurt:NG1) (“NioGold”) is pleased to announce that it has signed an agreement to acquire a 100% interest in four (4) mining claims, located in the Val-d'Or area of Quebec. Consideration for the claims consists of $30,000 cash, 240,000 common shares and a 2% net smelter returns royalty.
The acquisition of the Val-d'Or claims is subject to TSXV approval. Upon issuance, the shares will be subject to a four month hold period.
The claims are adjacent to the former Sullivan Mine complex and the Siscoe East property. The Sullivan Mine produced 1.1M ounces of gold at an average grade of 7.65 g/t gold (1934-68) from four (4) main shear veins that strike onto the Siscoe East property.
NioGold recently completed five (5) diamond drill holes, for 2,507 metres, on the Siscoe East property under an option to acquire a 50% interest in the property from Alexandria Minerals Corp. (News Release dated August 6, 2009). Two holes drilled to the west and on strike with the Sullivan Mine vein system intersected several important mineralised quartz veins, vein stockworks and fracture-controlled alteration zones. The veins and associated alteration zones returned anomalous to high-grade gold values with a best interval of 43.67 g/t Au over 1.9 metres in hole SE-09-04, which contained coarse visible gold.
NioGold Mining Corporation – « The Golden Highway Runs Through NioGold »
NioGold Mining Corporation is a junior exploration company primarily focused on GOLD. The Company’s flagship projects are located in the Malartic and Val-d’Or gold mining camps, Abitibi region of Quebec. The camps have produced over 27 million ounces of gold and presently encompass several active advanced exploration and mine development projects such as Canadian Malartic (Osisko Exploration), Goldex (Agnico-Eagle), Kiena (Wesdome), Lac Herbin (Alexis Minerals) and Midway (Northern Star Mining). The Malartic camp land holdings encompasses three former gold producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that collectively produced over 590,000 ounces of gold.
NioGold’s experienced and qualified technical team will ensure the successful advancement of the Company’s projects towards the highest quality mineral resources. NioGold invites you to visit the company website at www.niogold.com. For information on NioGold Mining Corporation contact:
Michael A. Iverson, Chairman & CEO Dale Paruk, Vice-President
miverson@niogold.com dparuk@niogold.com
Tel: (604) 856-9887 Tel: (604) 662-4505
First Canadian Capital Corp.
Leo Karabelas
lkarabelas@firstcanadiancapital.com
Tel: (416) 742-5600 x235
This Press Release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Frankfurt Stock Exchange approve or accepts responsibility for the adequacy or accuracy of this release. |
