Updated Resource Received on the Marban Project, Val-d’Or, Quebec Overall Gain of 1.1 million ozs Au Bringing Total to 2.069 million ozs Part of Aurizon Mine’s $20 Million Earn-In

1. BULLPEN NOTES
James W. Dartnell, F.C.S.I., CIM
Certified Investment Manager
jimd@wolverton.ca, 604.662.5265
September 10, 2012
NioGold Mining Corporation
Updated Resource Received on the Marban Project, Val-d’Or, Quebec
Overall Gain of 1.1 million ozs Au Bringing Total to 2.069 million ozs
Part of Aurizon Mine’s $20 Million Earn-In
Recent Price $0.42
12 month High –Low $0.50 – 0.29
Symbol NOX
Listing TSXV Exchange
Shares outstanding 100.6 million shares 116 million fully-diluted
Working Capital $5.0 million
LT Debt None
Recent Gold Price US $1725.00 oz
www.niogold.com
Summary
NioGold Mining is actively exploring their Marban Gold Project in Quebec’s southern Abitibi gold district
situated between the towns of Malartic and Val-d’Or – this is in conjunction with Aurizon Mines Ltd.
(ARZ.TSX - $4.25) earning an initial 50% interest into the project by spending $20 million.
An updated resource as of September 7th was just released boosting their previous published update of January
2010, resource from 960,000 ozs to 2,069,000 ozs (1,559,000 ozs measured & indicated & 510,000 ozs
inferred).Since the previous report, NioGold/Aurizon have completed an additional 84,000 m of drilling in two
phases – (phase I, 50,253 m & phase II 34,656 m) – only phase I drilling was included in the September 7th
update. Aurizon have indicated they plan another update incorporating phase II drilling. This doesn’t include
the third phase of drilling about to commence and to be done well in advance of the third anniversary date of
July 2013 when Aurizon are obliged to, should they decide to exercise their earn-in, calculate an overall gold
resource on the project and pay NioGold for 50% of this drill defined resource.
To date, NioGold would be receiving payment for 50% of 2.06 million ozs of gold if Aurizon ultimately decides
to exercise their 50% earn-in by next summer – as per a schedule below (earn-in with Aurizon) the price of gold
varies between C$20 to $40 per oz. Aurizon has spent about $11 million leaving $9 million to be spent on the
project by the third anniversary of July 2013.
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2. BULLPEN NOTES Page 2
Marban Project – with earn-in partner, Aurizon Mines
As mentioned, the Marban project is situated 15 km between the towns of Malartic and Val-d’Or but is
considered to be in the Malartic camp in Quebec’s southern Abitibi greenstone belt. Osisko Mining 15 km to
the northwest recently opened their new Canadian Malartic mine hosting a reported 10.7 million ozs of gold.
NioGold’s primary project, the Marban Project, hosts three former producing gold mines: the namesake
Marban, Kierens and Norlartic with cumulative historical production close to 600,000 ozs gold and grades
generally ranging from 4.1 to 6.3 g/t Au. Collectively, the “package” covers 976.3 hectares (2,480 acres) –
situated over the Norbenite Shear in the southern Abitibi.
NioGold first acquired the Marban properties in 2006 with their first resource estimate being 340,000 ozs and
their second resource calculation January 2010 of 960,000 ozs and the September 2012, 2,069,000 oz gold
update as detailed below:
*Measured & Indicated Resources – September, 2012
Quantity (mil) Grade (g/t) Contained Gold
Marban
In Pit 20.7 t 1.58 1,053,000
Underground 9.8 t 2.82 89,000
Kierens 1.43 t 2.19 101,000
Norlartic 5.41 t 1.82 316,000
Total 1,559,000 ozs
*Inferred Resources – September, 2012
Marban
In Pit 3.78 t 1.6 194,000
Underground 0.80 2.68 69,000
Kierens 1.78 t 1.73 99,000
Norlartic 1.44 t 1.44 148,000
Total 510,000 ozs
*NI 43-101 Compliant
Resources total 2,069,000 ozs in all categories. The In Pit Marban base case utilitzes a 0.35 g/t grade Au cut-off.
However, in a sensitivity analysis, boosting the cut-off to 0.50 g/t cut-off only decreased the amount of gold to
1,050,000 ozs from the 1,053,000 ozs and grade increased slightly from 1.58 g/t to 1.59 g/t gold. About 70%,
296,000 ozs indicated and 182,000 ozs inferred, totaling 478,000 ozs of the Kierens and Norlartic resources
used a cutoff of 0.5 g/t – deemed to be sufficient for potential open pit mining and all this material is less than
200 m from surface.
In the last two years, Aurizon and NioGold have completed 84,000 m of drilling in two phases. Phase I
consisted of 50,253 m (Marban 41,270m), 170 holes, 8 extensions and costing $6 million. Phase II (2012)
consisted of 34,656 m, (Marban 27,590m) 90 holes, 9 extensions and costing about $5 million. Only phase I
drilling was included in the newest resource update.
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3. BULLPEN NOTES Page 3
Most of the drilling was completed at the Marban deposit – a total of 68,860 m out of the total of 84,000 m or
about 80% of the drill program. This ties-in with the recommendations and objectives of the January 2010
resource update:
- improve the quality of Marban near-surface resources (less than 200 m vertical) and to explore the open pit, shell
potential helping to decrease the stripping ratio at that location – including drilling in the Western high-grade zone
(WHGZ);
- develop mineral inventory below a vertical depth of 250 m, identifying new gold resources inside the Marban
structural zone – preliminary interpretation on the Eastern downdip zone suggests strong potential to identify gold
resources between a vertical depth of 350 m to 600 m – the mineralized structure is considered open laterally and
down dip – there might also be potential to develop high grade ore shoots.
Again, remembering that only the phase I drill results were used in the September 2012 resource update, we
highlight a few recent phase II drill highlights from the Marban area beginning with the WHGZ located
immediately west of the former Marban Mine, illustrating that mineralization exists from surface to a depth of
250 m (including holes not published here) where previous mining took place.
Western high-grade zone (WHGZ) – above the vertical depth of 200 m
MB-07-019ext - 36.7 g/t Au over 1.1 m at depth of 155 m
MB-12-284 - 4.67 g/t Au over 13.0 m at depth of 140 m
MB-12-297 - 7.28 g/t Au over 7.2 m at depth of 125 m
MB-12-306 - 45.8 g/t Au over 1 m at depth of 75 m
MB-12-252 - 29.8 g/t Au over 1 m at depth of 65 m
MB-12-314 - 1.3 g/t Au over 35 m at depth of 35 m
MB-12-327 - 21.4 g/t Au over 0.9 m at depth of 30 m
Following are some highlight drill holes from the Eastern downdip zone that is located below a vertical depth of
250 m and remains open at depth and laterally.
Eastern down-dip zone – below vertical depth of 200 m
MB-12-317 - 3.7 g/t Au over 6.4 m at depth of 245 m
MB-12-319 - 4.5 g/t Au over 6.0 m at depth of 375 m
MB-12-272 - 7.6 g/t Au over 5 m at depth of 360 m
- 6.4 g/t Au over 8.9 m at depth of 380 m
MB-07-024ext – 196.5 g/t Au over 1.2 m at depth of 415 m
New Gold Zone discovered about 500 m north of Marban deposit - two holes intersected mineralization as
follows:
MB-12-323 – 19.4 g/t Au over 1.2 m at 92 m depth
MB-12-324 – 19.21 g/t Au over 5.6 m at 215 m, both holes were on Section 3,600
We consider the above phase II drill core assays to be most encouraging for the next resource calculation.
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4. BULLPEN NOTES Page 4
Preliminary metallurgical testwork at Marban indicates a favourable recovery of between 95.4% and 97.6% for
the ore cyanidation test. The Bond ball mill testing indicated the ore fell in the medium-soft to medium range of
hardness.
Option and JV with Aurizon Mines Ltd.
In July 2010 NioGold entered into an option and joint venture agreement with *Aurizon Mines Ltd who may
earn a 50% interest into the Marban Project by spending $20 million on the property over three years and at the
conclusion of this, prepare and publish an updated resource and then proceed to make a “resource payment” for
50% of total estimated gold ounces as follows:
- C$30.00/oz in the Measured and Indicated categories (C$40/oz if gold +US $1,560 oz)
- C$20.00/oz in the Inferred category (C$30/oz if gold +US$1,560 oz).
Further, Aurizon may increase their interest to 60% by delivering a feasibility study and 65% by arranging
project financing for mine development.
*Aurizon Mines Ltd. (ARZ.TSX - $4.00) operate the Casa Berardi Gold Mine situated in the NW Abitibi region of Quebec; in 2011
they produced 163,845 ozs of gold.
Underlying Royalites – Marban Project
Niogold holds 100% interest in the properties subject to underlying royalties. Generally the royalties on the
three ex-producing mines of Norlartic, Kierens and Marban total 3% Net Smelter Royalty (s) or equivalent. As
per an option agreement of 2006, NioGold must make a one-time production payment of Cdn-$5 million to Aur
Resources (now Teck Resources Ltd) if and when this event occurs.
Historical
Exploration dates back to the 1940’s – two gold-mineralized boulders were discovered on the Marban location –
at least 14 different companies explored and/or mined parts of the property among the long list, Little Long Lac
Gold Mines Limited, predecessor to Lac Minerals. First period of mining during the 1960’s was primarily from
the Marban and Norlartic mines – the second phase was the later 1980’s to early 1990’s from the Norlatic and
Kierens mines – total production from both periods totaled almost 600,000 ozs from approximately 3.7 million
tonnes of ore resulting in an overall grade of 5.03 g/t Au
Conclusions
We expect and look forward to a positive resource update on the Marban Project when phase II results are
included. Further, NioGold has a junior gold miner for a partner, Aurizon Mines Ltd., who are funding $20
million, plus buying 50% of the gold ozs defined at the time of the third anniversary as listed out above. Well
regarded, Aurizon have developed (re-started from previous operators) and are in their 6th year operating the
Casa Berardi Mine in the NW Abitibi mineral district – last year they produced 163,000 ozs gold at roughly
$550 per oz cash cost.
We believe that NioGold have an excellent earn-in partner and one day, we might see the southern Abitibi
Marban project enter into the feasibility study stage.
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5. BULLPEN NOTES Page 5 of 5
NioGold’s Other Properties
In addition to NioGold’s Marban Project with Aurizon, they hold a ½ dozen other highly prospective properties
along the Norbenite shear, a 20 km stretch of a gold mineralized fault zone, in the southern Abitibi Gold District
of Quebec between Malartic and Val-d’Or. For 2012, a 5,000 m of drill testing is planned on some of these
holdings.
Management and Directors
Michael A. Iverson, Chairman, President & CEO – is President of Triple K Ventures from 1975, President
of R.P.F. Custom Wood Fibre Ltd since 1985 and a Director of Fortuna Silver Mines.
Yan Ducharme, Vice President, Exploration – commenced employment with NioGold in 2007 as senior
geologist on the Marban project. Prior to this, he has working experience in West Africa for Semafo and with
Cambior Gold in Suriname at the Rosebel Gold Mine and the Sleeping Giant Mine in the Abitibi region of
Quebec.
Dale Paruk, Vice President, Corporate Development – has over 25 years experience as a broker and investor
relations officer – he participated in funding over 100 companies.
Jonathan Richards, CFO – is a CFO at a number of other public mineral exploration and development
companies – previously his specialty was auditing mining companies at a premier Canadian accounting firm.
Peter Hawley, Director – is President/CEO of Scorpio Gold Corporation and has over 30 years experience as a
professional geologist, with 22 of those years in the Val D’Or mining camp including the Noralartic, Kierens
and Marban mines – all of which are now part of Niogold’s current land holdings being re-evaluated by
NioGold.
Michele N. Marrandino, Director – brings 20 yrs experience in fund raising and diverse knowledge,
experience, in the oil & gas and mining industries.
Toby Lim, Director – is a practicing securities lawyer at Anfield Sujir Kennedy and Durno.
The opinions expressed in the “Bullpen Notes” newsletter are the opinions of the author and not Wolverton Securities Ltd. (“WSL”). The author is a
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