Update to Investors

February 15, 2011

NioGold Mining Corporation (“NioGold”) is pleased to inform our investors on the results of the phase I diamond drilling program undertaken by Geomega Resources Inc. (TSX-V:GMA) (“Geomega”) on the Company’s Montviel rare earth element (REE) project. The Montviel property, located 200 kilometres north of the town of Val-d'Or in the Abitibi region of Quebec, is underlain by Montviel carbonatite complex, one of North America's largest known carbonatites.

The program is now well under way with five (5) drill holes completed, for 2,800 metres. Last week, Geomega released the results for the first hole, MVL-10-01, that started and ended in mineralised carbonatite returning 1.24% total rare earth oxides (TREO) over its entire 480 metres, from 21.0 to 501.0 metres down hole, including a higher-grade section of 2.03% TREO over 39.4 metres, from 266.6 to 306.0 metres.

The impressive intersection in hole MVL-10-01 was followed yesterday by the release of results for hole MVL-10-03, collared 300 metres west and on strike of hole MVL-10-01, which returned 1.38% TREO over the entire 512.7 metres, from 21.3 to 534.0 metres down hole, including 2.28% TREO over 51.8 metres, from 132.0 to 183.8 metres. True thickness is estimated to be 80% of core length. For Geomega latest drill results click on the following link
http://www.newswire.ca/en/releases/archive/February2011/14/c2388.html.

The results of holes MVL-10-01 and MVL-10-03 highlight the potential to define a large, near-surface REE deposit, with possible significant niobium and phosphate by-products.

Geomega Option
Geomega can earn an initial 50% interest in the Montviel and Pump Lake properties by expending C$500,000 and issuing 1,300,000 common shares in Year 1 and expending C$850,000 in Year 2. After earning the initial 50% interest, Geomega has the option to increase its interest in the Properties to 75% by expending an additional C$1,000,000 and issuing 200,000 common shares in Year 3 and expending C$1,000,000 in Year 4. Following the completion of the earn-in process, Geomega and NioGold will form a joint venture according to their proportionate interests in the Properties. Geomega will remain operator of the joint venture as long as its interest is greater or equal to 50%.

On or before the 7th anniversary of the agreement, Geomega can purchase the remaining 25% interest in the Properties by paying C$13,500,000 to NioGold in cash or common shares of Geomega. The remaining interest in the Montviel and Pump Lake properties can be purchased separately for C$9,000,000 and C$7,500,000 respectively. NioGold retains a 2% royalty on production, half of which can be purchased for C$1,000,000.

Malartic gold camp drilling
Three drill rigs are in operation on the Marban Block property to complete the first year 50,000-metre drilling program under the Aurizon Mines Ltd. option. Two drill rigs are busy on the Marban gold deposit and the third rig has commenced shallow drilling on the west portion of the Norlartic gold deposit. The first year program is mainly directed at better defining and increasing the near surface mineral resources at the Marban and Norlartic deposits.

The Company has budgeted for a minimum of 20,000 metres of exploration drilling for 2011 outside the Marban Block. The program will commence shortly, immediately following final approval of permits from Quebec government authorities. Several targets have been identified on the Company’s extensive land holdings with a priority given to investigate under-explored sectors where favourable geological and structural settings were identified from comprehensive compilation work. An initial 4,000 metres of drilling is planned to investigate sedimentary formations immediately to the north of the famous Cadillac fault and the Canadian Malartic, Barnat and Jeffrey Zone gold deposits being developed by Osisko Mining Corporation.

For further information please contact:

Dale Paruk
NioGold Mining
Tel: 604-662-4505
Toll-free 1-877-642-6200
Email: dparuk@niogold.com