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NioGold Options Strategic Property in the Malartic Gold Camp

Val-d’Or, Quebec, October 1, 2008: NioGold Mining Corporation (TSX-V:NOX) (Frankfurt:NG1) (“NioGold”) is pleased to announce that it has entered into an option agreement with Breakwater Resources Ltd. (“Breakwater”) and Atlanta Gold Inc. (“Atlanta”) to acquire a 60% to 80% interest (subject to royalties) in the contiguous Malartic H and Malartic H Annex claim blocks (“Malartic H property”) located in the Malartic Gold Camp, Abitibi, Quebec. The terms of the option agreement were disclosed in a joint Atlanta-NioGold news release disseminated yesterday.

The Malartic H property is located 7.5 kilometres to the northeast of the town of Malartic and consists of 18 mining claims covering 780 hectares. Together with the contiguous Marban Block, Malartic Hygrade and Camflo West properties, the acquisition gives NioGold control of a 13 kilometre segment of the gold mineralised Norbenite-Marbanite fault, part of the famous Cadillac-Larder Lake Deformation Zone. The northern portion of the Malartic H property also covers the northwest extent of another gold mineralised fault, commonly known as the K Zone. Readers are invited to review the Malartic Gold Camp Properties location figure at www.niogold.com/projects.

Since 2006, NioGold has completed over 45,000 metres of resource development drilling along the Norbenite-Marbanite fault on the Marban Block property. Geophysical, geological and structural studies have outlined several high priority targets along the northwest extent of the fault on the adjoining Malartic Hygrade, Malartic H and Camflo West properties. NioGold has planned for 10,000 metres of drilling in 2009 to further investigate the H Zone that straddles the border between the Malartic Hygrade and Malartic H properties.

About the Malartic H property:

The first recorded exploration on the Malartic H property dates back to 1934-36 when West Shore Malartic Gold Mines Ltd. explored the northwest projection of the K Zone fault that hosts the former Sullivan (4.6Mt @ 7.65 g/t Au, 1934-68) and Siscoe (3.0Mt @ 9.22 g/t Au, 1929-49) gold mines. Grab samples taken from trenches returned values ranging from 15 to 1,815 g/t Au. Six holes were drilled around the ‘Discovery Zone’, and one hole (M3) returned high-grade intersections of 20.6 g/t Au over 0.3 metre, 36.5 g/t Au over 0.3 metre and 94.0 g/t Au over 0.4 metre. Further drilling in the sector by Siscoe Gold Mines Ltd. (6 holes, 1943), West Shore Malartic Gold Mines Ltd. (19 holes, 1944 45), Consolidated Central Cadillac Gold Mines Ltd. (7 holes, 1948-50), and more recently by Twin Mining Corp. (now Atlanta) (8 holes, 2003) failed to return similar values.

Early exploration straddling the southern border of the property was conducted by Ascot Gold Mines Ltd. (15 holes, 1936-39), Hugh Malartic Mines Ltd. (6 holes, 1944-47) and Kenroy Malartic Mines Ltd. (7 holes, 1945). The Ascot Vein was discovered south of the property border that later became the Malartic Hygrade mine (28,168t @ 19.59 g/t Au, 1962-63).

Significant exploration on the property was conducted from 1987 to 2003 by Breakwater (1987 96) and option partners Azimut Exploration Inc. (1999-2001) and Twin Mining Corp. (2003). Of the 58 holes completed during this period, 42 holes were drilled in the southern portion of the property. Together with drilling completed in the late 1980’s on the adjoining Malartic Hygrade property, up to eleven closely spaced gold mineralised zones, collectively referred to as the H Zone, were traced over a strike extent of 1 kilometre and to a depth of 500 metres. The H Zone gold mineralisation is closely associated with a swarm of altered, veined and sulphide mineralised felsic to intermediate porphyry intrusives cutting sheared volcanic rocks of the Norbenite-Marbanite fault. The drill holes returned intervals of economic interest such as:

To view the drill results, follow the link:
www.irw-press.com/dokumente/Niogold_011008_Table.pdf

The gold mineralised envelop of the H Zone is up to 250 metres wide and shows potential for bulk tonnage low grade porphyry-style mineralisation, such as hole 54-25 that returned an average grade of 1.01 g/t Au over 78.4 metres. Most of the drill holes completed in the past were not systematically sampled across the sheared and mineralised envelop.

This news release was prepared by Rock Lefrançois, P.Geo. (OGQ), the Company’s Vice-President and Qualified Person as defined by National Instrument 43-101.

NioGold Mining Corporation – « The Golden Highway Runs Through NioGold »

NioGold Mining Corporation is a junior exploration company primarily focused on GOLD. The Company’s main properties are the Camflo West and the Marban Block located in the Malartic and Val-d’Or Mining Camps, Abitibi, 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), Kiena (Wesdome), Midway (Northern Star Mining), Goldex (Agnico-Eagle) and Lac Herbin (Alexis Minerals). The Marban Block 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, President & CEO Rock Lefrançois, P.Geo., Vice-President
miverson@niogold.com rocklefrancois@niogold.com
Tel: (604) 856-9887 Tel: (819) 825-7400

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. The TSX Venture Exchange or the Frankfurt Stock Exchange did not approve nor do not accept responsibility for the adequacy or accuracy of this news release.


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