OTCPK:NOXOF - Post by User
Post by
nopooon Aug 28, 2013 9:46am
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Post# 21703062
NIOGOLD MINING RETAINS 100% OF THE MARBAN BLOCK PROPERTY
NIOGOLD MINING RETAINS 100% OF THE MARBAN BLOCK PROPERTYNiogold Mining Corp. has retained its 100-per-cent interest in the Marban block property, following notice that Aurizon Mines Ltd. will not proceed with the third year financing of the option agreement between NioGold and Aurizon.
The option agreement with Niogold would have required Aurizon to fund a further exploration budget of $8,400,000, followed by a resource payment based on the determined number of gold ounces discovered on the property, in order to complete Aurizon's earn in of a 50% interest.
"We are extremely pleased to again have full control and ownership of the Marban property, Niogold's President and CEO Mike Iverson stated. "Aurizon had previously incurred a total of $11,600,000 of exploration expenditures under the option agreement, which has grown the estimated measured and indicated gold resources by 255% to 1.53 million oz (32.1 million tonnes at 1.48 g/t) and the inferred gold resources by 165% to 599,000 oz (16.5 million tonnes at 1.13 g/t)."
"Preliminary metallurgical testing on the Marban deposit was very encouraging. We believe the project has good potential to deliver attractive economics and significant gold production from a combination of open pit and underground development," continued Mr. Iverson. "The Marban Block Property is centrally located in the active Malartic/Val-d'Or gold camps, which has established infrastructure, suppliers and personnel. We look forward to continuing development of the Marban Block Property, targeting the Marban, Norlartic and Kierens deposits, testing new prospective targets, and advancing the economic studies."