NioGold Completes $7.5 Million Offering

December 23, 2010

Vancouver, BC – NioGold Mining Corporation (TSX-V: NOX). Further to its news releases of November 15 and December 16, 2010, NioGold is pleased to announce that it has closed its brokered private placement, led by Northern Securities Inc., for gross proceeds of $7,040,660 and a non-brokered President's List private placement for gross proceeds of $454,740. Due to demand, the offering was increased by $1 million over the originally planned $6.5 million.

NioGold issued a total of 6,566,843 Flow Through Common Shares at a price of $0.38 per share for gross proceeds of $2,495,400, and 15,625,000 Units at a price of $0.32 for gross proceeds of $5,000,000. Each Unit was comprised of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase a further common share at a price of $0.48 for a period of two years.

The Company paid a cash commission of $455,346 and issued 1,469,661 Agent's Options to Northern and its selling group. The Company also paid $5,229 and issued 13,760 Agent's Options in payment of finder's fees on President's List subscriptions. Each Agent's Option is exercisable to acquire a Unit at a price of $0.32 per Unit. 1,370,821 of the Agent's Options have a term of 14 months and may not be exercised in the first 6 months. The remaining 112,600 Agent's Options have a term of 24 months and no exercise restriction.

All securities issued are subject to a hold period expiring on April 24, 2011. The Company will use the proceeds for property exploration and for general working capital.

NioGold Mining Corporation – « On Canada’s Golden Highway »

NioGold Mining Corporation is a mineral exploration company focused on GOLD. The Company’s flagship projects are located in the Cadillac - Malartic - Val-d’Or stretch of the prolific Abitibi gold mining district, Quebec. The Cadillac - Malartic - Val-d’Or area has produced over 45M ounces of gold since the 1930’s and presently encompasses eight producing gold mines and a major mine development project (Canadian Malartic, Osisko Mining). NioGold’s land holdings within the Abitibi presently cover 115 km2 and encompass three former gold producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that collectively produced 600,000 ounces of gold. NioGold has outlined Indicated resources of 598,000 ounces gold and Inferred resources of 361,000 ounces gold in and around these deposits.

NioGold’s experienced and qualified technical team will ensure the successful advancement of the Company’s projects towards the highest quality mineral resources. NioGold invites you to visit the company website at www.niogold.com.

This news release was prepared by Rock Lefrançois, P.Geo. (OGQ), the Company’s President & COO and Qualified Person as defined by National Instrument 43-101. For information on NioGold Mining Corporation contact:

Michael A. Iverson, Chairman & CEO
[email protected]
Tel: (604) 856-9887
Toll-free: (877) 642-6200

Dale Paruk, Vice-President
[email protected]
Tel: (604) 662-4505