Under option agreements signed, in February, 2006, NioGold is acquiring a 100% interest in the Marban block of properties that consists of the contiguous past-producing Norlartic, First Canadian, Gold Hawk and Marban properties.

The properties cover 973 hectares and include 34 mining claims, 1 mining lease and 3 mining concessions. The acquisition gives NioGold control of a five-kilometre stretch of a gold producing segment of the Norbenite-Marbanite Deformation Zone, part of the Larder Lake – Cadillac Deformation Zone.

Gold mineralization is extensive over the Marban Block as it encompasses 6 distinct gold deposits, namely the past producing Norlartic, Kierens (First Canadian) and Marban mines and the North-North, North and Gold Hawk Zones. Past production from the Norlartic, Kierens and Marban mines amounted to 592,000 ounces of gold. Small tonnages of high-grade ore were also mined at the North Zone (16.5 g/t Au) and Gold Hawk Zone (14.0 g/t Au), which were accessed from the Norlartic and Kierens mines, respectively.

NioGold compiled all historical mine and drilling data and completed 23,000 m of drilling in 2006-07 that was directed at confirming historical resources as well as investigating the former Marban mine sector. The work led to the re-estimation of resources of the Norlartic, Kierens and North-North deposits and highlighted strong potential to outline new gold resources within the prospective geological units hosting the Marban mine.

Gold Resources

In June 2007, independents consultants Mine Development Associates reported NI 43-101 compliant indicated resources of 72,000 ounces gold and inferred resources of 270,000 ounces gold at the adjacent Norlartic and Kierens deposits (see table for details). The resources were based on historical drill holes and NioGold confirmation drill holes.

Outside of the Norlartic and Kierens deposits and within an area of 2 km by 1 km, the Marban Block holds historical resources of over 170,000 ounces of gold that NioGold is evaluating. In 1989, Aur Resources had estimated:

• 136,080 tonnes @ 6.86 g/t Au (30,000 ounces gold) at the North Zone;

• 254,016 tonnes @ 8.57 g/t Au (70,000 ounces gold) in Gold Hawk Veins #1 and #2; and

• 754,386 tonnes @ 2.85 g/t Au (70,000 ounces gold) at the North-North Zone.

These estimates are historical in nature, are not compliant with NI 43-101, and should not be relied upon. In 2006, NioGold completed 29 confirmation and extension drill holes on the North-North Zone. Golder Associated was contracted to re-estimate the North-North Zone resources compliant with NI 43-101 standards, which will be completed in the first quarter of 2008.

2008 Exploration Program

NioGold has budgeted for 25,000 m of drilling in 2008. Drilling is on-going on two priority targets: 1) the west extent of the Marban gold mineralized system where limited drilling has occurred in the past, and 2) the depth extent of the Norlartic and Kierens deposits to depth of up to 1,000 m.