Mr. Michael Iverson reports

NIOGOLD INCREASES OFFERING TO $7.5 MILLION

Further to its news release in Stockwatch of Nov. 15, 2010, Niogold Mining Corp. has increased the brokered portion of its private placement by $1-million through the offering of an additional 3,125,000 units. Northern Securities Inc. is acting as lead agent on the brokered portion of the private placement, with a bought-deal commitment from Northern Financial Corp.

The terms of the brokered portion of the offering otherwise remain the same and will now consist of $5-million in units and $2-million in flow-through shares, at a price of 32 cents per unit and 38 cents per flow-through share. Each unit will consist of one common share and one-half of a warrant, with each whole warrant entitling the holder to acquire one common share at an exercise price of 48 cents for a period of two years. The company will also raise, on a non-brokered basis, up to an additional $500,000 through the issuance of flow-through shares at a price of 38 cents per flow-through share.

The offering remains subject to the approval of the TSX Venture Exchange, Northern's completion of due diligence and other customary closing conditions. All securities issued pursuant to the private placement will be subject to a four-month hold period. The funds raised from the offering will be used to finance exploration and for general working capital purposes.

We seek Safe Harbor.