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16.07.2010
Niogold and Aurizon Form Partnership to Develop the Marban Block Property
Niogold and Aurizon Form Partnership to Develop the Marban Block Property
Val-d’Or, Quebec - July 6, 2010 - NioGold Mining Corporation (TSX-V:NOX, Frankfurt:NG1, OTC:NOXGF) is pleased to announce the signing of a definitive option and joint venture agreement with Aurizon Mines Ltd. (“Aurizon”) on the Marban Block property, located in the Malartic gold camp, Abitibi region, Quebec, pursuant to which:
• Aurizon can earn a 50% interest in the Marban Block, subject to underlying royalties, by:
- Incurring expenditures of C$20 million over three years, of which C$5.0 million is a firm commitment to be spent in the first year;
- completing an updated NI 43-101 compliant mineral resource estimate;
- making a resource payment equal to the sum of C$30 (or C$40 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Measured and Indicated resource categories plus C$20 (or C$30 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Inferred resource category;
• Aurizon can earn an additional 10% interest, for an aggregate of 60% interest, by delivering a feasibility study;
• Aurizon can earn an additional 5%, for an aggregate 65% interest, by arranging project financing for capital expenditures estimated by the feasibility study to place the project into commercial production;
• NioGold will be operator during the initial earn-in period and Aurizon will provide input on exploration programs and will become operator after their initial 50% interest has been earned.
“NioGold has reached another milestone in the development of the Malartic project by joining forces with a proven and growing mine developer and explorer in the Abitibi. The partnership provides the capital and technical support required to advance the Marban Block property into potential mine development over the next three years. The $20 million expenditures will be mainly directed to drilling in an effort to increase the resources, with first priority given to the Marban deposit near surface potential” commented Rock Lefrançois, NioGold President & COO.
The Marban Block, part of NioGold’s large Malartic camp land holdings, consists of four (4) contiguous mine properties for a total of 42 mining claims and three (3) mining concessions covering 976 hectares. The property holds NI 43-101 compliant Indicated resources of 598,000 ounces gold plus Inferred resources of 361,000 ounces gold. The gold resources are defined along a three-kilometre segment of the Norbenite-Marbanite fault zone, in and around the former Marban, Norlartic and Kierens gold mines, which collectively produced 600,000 ounces gold. Resources potentially amenable to open pit extraction and underground extraction are summarised below:
ON CANADA’S GOLDEN HIGHWAY
• Estimated Open Pit Resources:
Indicated: 6.0Mt @ 1.6 g/t Au (303,000 oz)
Inferred: 4.4Mt @ 1.3 g/t Au (179,000 oz)
• Estimated U/G Resources:
Indicated: 2.1Mt @ 4.3 g/t Au (295,000 oz)
Inferred: 1.5Mt @ 3.9 g/t Au (182,000 oz)
The Marban deposit lacks sufficient shallow mineralisation, as presently defined, to allow for potential open-pit extraction although the resource model includes a significant amount of lower-grade mineralisation that could be added to the resources if shallow mineralisation can be defined in sufficient quantities to lower potential stripping ratios (refer to “Updated Mineral Resource Technical Report, Malartic Project” dated March 11, 2010, available on SEDAR).
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 stretch of the prolific Abitibi gold mining district, Quebec. The Cadillac - Malartic - Val-d’Or area has produced over 45M ounces of gold since the 1930’s and presently encompasses seven producing gold mines and a major mine development project (Canadian Malartic, Osisko Mining). NioGold’s land holdings within the Abitibi presently cover 115 km2 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 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.
This news release was prepared by Rock Lefrançois, P.Geo. (OGQ), the Company’s President & COO and Qualified Person as defined by National Instrument 43-101. 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
Toll-free: (877) 642-6200
FOWARD-LOOKING STATEMENTS
This news 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.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as ‘measured resources’, ‘indicated resources’ and ‘inferred resources’, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F. The news release contains information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.
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Val-d’Or, Quebec - July 6, 2010 - NioGold Mining Corporation (TSX-V:NOX, Frankfurt:NG1, OTC:NOXGF) is pleased to announce the signing of a definitive option and joint venture agreement with Aurizon Mines Ltd. (“Aurizon”) on the Marban Block property, located in the Malartic gold camp, Abitibi region, Quebec, pursuant to which:
• Aurizon can earn a 50% interest in the Marban Block, subject to underlying royalties, by:
- Incurring expenditures of C$20 million over three years, of which C$5.0 million is a firm commitment to be spent in the first year;
- completing an updated NI 43-101 compliant mineral resource estimate;
- making a resource payment equal to the sum of C$30 (or C$40 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Measured and Indicated resource categories plus C$20 (or C$30 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Inferred resource category;
• Aurizon can earn an additional 10% interest, for an aggregate of 60% interest, by delivering a feasibility study;
• Aurizon can earn an additional 5%, for an aggregate 65% interest, by arranging project financing for capital expenditures estimated by the feasibility study to place the project into commercial production;
• NioGold will be operator during the initial earn-in period and Aurizon will provide input on exploration programs and will become operator after their initial 50% interest has been earned.
“NioGold has reached another milestone in the development of the Malartic project by joining forces with a proven and growing mine developer and explorer in the Abitibi. The partnership provides the capital and technical support required to advance the Marban Block property into potential mine development over the next three years. The $20 million expenditures will be mainly directed to drilling in an effort to increase the resources, with first priority given to the Marban deposit near surface potential” commented Rock Lefrançois, NioGold President & COO.
The Marban Block, part of NioGold’s large Malartic camp land holdings, consists of four (4) contiguous mine properties for a total of 42 mining claims and three (3) mining concessions covering 976 hectares. The property holds NI 43-101 compliant Indicated resources of 598,000 ounces gold plus Inferred resources of 361,000 ounces gold. The gold resources are defined along a three-kilometre segment of the Norbenite-Marbanite fault zone, in and around the former Marban, Norlartic and Kierens gold mines, which collectively produced 600,000 ounces gold. Resources potentially amenable to open pit extraction and underground extraction are summarised below:
ON CANADA’S GOLDEN HIGHWAY
• Estimated Open Pit Resources:
Indicated: 6.0Mt @ 1.6 g/t Au (303,000 oz)
Inferred: 4.4Mt @ 1.3 g/t Au (179,000 oz)
• Estimated U/G Resources:
Indicated: 2.1Mt @ 4.3 g/t Au (295,000 oz)
Inferred: 1.5Mt @ 3.9 g/t Au (182,000 oz)
The Marban deposit lacks sufficient shallow mineralisation, as presently defined, to allow for potential open-pit extraction although the resource model includes a significant amount of lower-grade mineralisation that could be added to the resources if shallow mineralisation can be defined in sufficient quantities to lower potential stripping ratios (refer to “Updated Mineral Resource Technical Report, Malartic Project” dated March 11, 2010, available on SEDAR).
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 stretch of the prolific Abitibi gold mining district, Quebec. The Cadillac - Malartic - Val-d’Or area has produced over 45M ounces of gold since the 1930’s and presently encompasses seven producing gold mines and a major mine development project (Canadian Malartic, Osisko Mining). NioGold’s land holdings within the Abitibi presently cover 115 km2 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 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.
This news release was prepared by Rock Lefrançois, P.Geo. (OGQ), the Company’s President & COO and Qualified Person as defined by National Instrument 43-101. 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
Toll-free: (877) 642-6200
FOWARD-LOOKING STATEMENTS
This news 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.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as ‘measured resources’, ‘indicated resources’ and ‘inferred resources’, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F. The news release contains information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6544851018">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6544851018</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.