Objective Capital initiates on NioGold Mining: excellent potential for expansion with further drilling

Objective Capital has issued an initiation report dated June 23, 2008 on NioGold Mining (TSX: NOX.V) stating “There is an initial, NI 43-101 resource on one property, with excellent potential for expansion with further drilling”

NioGold Mining Corp is a Canadian-based public company trading on the TSX Venture Exchange that is focusing on exploration and development of gold projects in Quebec. The company has secured several key properties that offer opportunity for new discoveries, the delineation of significant gold resources and rapid development upon success. Although gold is likely to remain NioGold’s priority, the company’s project portfolio includes exposure to silver, copper, uranium, base metals and rare earth metals.

According to the Objective Capital comment:

“NioGold is actively drilling on its Marban Block project, which currently supports a NI 43-101-compliant mineral resource of 342,000 ounces at the adjacent Norlartic and Kierens deposits, based on an indicated and inferred resource of 3.85 million tonnes, averaging 2.7 grams of gold per tonne. The company has excellent potential to expand this resource at depth and along strike, and it has several other deposits with significant mineral resource potential.

The company also holds a 100-percent interest in the Camflo West property, which lies immediately northwest of the Marban Block. The property contains several gold occurrences and one, the Audet zone, contains a modest historical gold resource.

Although NioGold has a modest mineral resource delineated on its key project, successful development depends on further exploration success, and a high proportion of the company’s valuation is locked up in this exploration potential.

We assess NioGold’s current value at C$0.21 per share, with significant potential for appreciation with exploration success. Our optimistic scenario yields a value of C$0.47 per share, highlighting the exploration potential of the Marban Block. Continued development suggests valuations as high as C$0.93 per share, in the post-permitting environment. The company’s other prospects offer further upside potential.”

A free copy of the full report can be found at:


For more information contact:

Andy Hartwill

Head of Research

+44-20-7073 2800




About Objective Capital:

Objective Capital is a corporate research company that provides continuous independent research coverage for listed, and pre-listed companies. Objective Capital is retained by companies to ensure that their current shareholders, and the wider investment community, are provided with an objective view of their company’s progress. Objective Capital research is available free on their website at:


Please note that statements in announcements, such as the announcement used to derive this summary, which are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results.

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