Niblack Reprices Outstanding Stock Options

Niblack Mineral Development Inc. (TSX VENTURE:NIB) (the "Corporation") announces
that, in connection with our previously announced grant of stock options to
directors and officers on September 16, 2010, and due to current market
conditions, on September 15, 2010 it reduced the exercise price of 352,000 stock
options granted to non-insiders in 2006 and 2007 ranging from $1.25 to $2.25 per
common share to $0.28 per common share. The reduction of the exercise price is
subject to acceptance by the TSX Venture Exchange. 


About Niblack Mineral Development Inc. 

Niblack Mineral Development Inc. (TSX VENTURE:NIB) is an exploration and
development company with a number of mineral rich assets in South East Alaska.
The Corporation's principal asset is the Niblack advanced stage
copper-gold-zinc-silver project. This project is currently joint ventured to and
operated by Heatherdale Resources Limited (a Hunter Dickinson Company) which has
the right to earn up to a 70% interest in the project. 


Niblack Mineral Development Inc. is a member of the Discovery Group of
companies, for more information on the group visit www.discoveryexp.com.


On behalf of the Board

Niblack Mineral Development Inc. 

John Williamson, President, CEO & Director

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities and events or
developments that the company expects are forward looking statements. Although
the company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural resource exploration
and exploitation, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors
should review the Company's continuous disclosure filings that are available at
www.sedar.com.