NioCorp Performs Review of Development Work at Elk Creek
25 March 2014 - 12:49AM
Marketwired
NioCorp Performs Review of Development Work at Elk Creek
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2014) -
NioCorp Developments Ltd. ("NioCorp" or the "Company")
(TSX-VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to provide
a shareholder update concerning the Elk Creek niobium project.
Following the successful raise of over $5.5 million through two
private placements concluded in the past four months, members of
management have performed a thorough review of past work on the
project, and through the use of outside, accredited consultants,
are now finalizing plan specifics designed to fast track the
necessary work to better realize the value contained in the niobium
deposit. Included in the review will be an overall plan to develop
Elk Creek, including on-site and off-site work, and reviewing
personnel needs required to fulfill the objectives.
As part of this review, SRK Consulting ("SRK") of Lakewood,
Colorado have been contracted to perform a complete review of all
drilling data on the project with the aim of producing a scope of
work for upcoming operations. Included in this report will be
recommendations for an upcoming drill program designed to enhance
the classification of the deposit. The target will be to produce an
updated NI 43-101 report showing a sufficient quantity of material
in the Measured and Indicated category to satisfy managements'
desire for use in future corporate financing needs.
Management has been provided with initial, preliminary findings
from this report, with specific recommendations anticipated
shortly. Following receipt of the detailed recommendations, the
Company will commence a tendering and contract awarding process in
order to commence drilling as soon as equipment can be mobilized.
Drill permits remain in place from previous drilling activities
performed by the Company.
The Company has also entered into contracts with both SGS Canada
Inc., of Mississauga, Ontario, and Hazen Research Inc., of Golden,
Colorado to perform metallurgical processing studies on sample
material from the Elk Creek site. The goal of these programs will
be to establish detailed procedures for a mineral processing flow
show, modernizing and following up on the historic mineralogical
recovery procedures established by Molycorp in the 1980's.
Additional work on the project is also anticipated to commence over
the coming months, with specific scope of work details to be
announced as determined.
About the Company:
NioCorp are developing the only primary niobium deposit known to be
under development in the U.S., and the highest grade undeveloped
niobium deposit in North America, located near Elk Creek, Nebraska.
The Company has published an NI 43-101 resource of 19.3 Million
tonnes grading 0.67% Indicated, containing over 129,182 tonnes of
Nb2O5, and 83.3 Mt grading
0.63% Inferred, containing over 523,844 tonnes of
Nb2O5). Niobium is mainly
used in the form of Ferro-Niobium to produce HSLA (High Strength,
Low Alloy) steel, to produce lighter, stronger steel for use in
automotive, structural and pipeline industries. The U.S. imports
100% of its niobium needs.
ON BEHALF OF THE BOARD
Peter Dickie, Director, President and Corporate Secretary
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain statements contained in this press release may
constitute forward-looking statements. Such forward-looking
statements are based upon NioCorp's reasonable
expectations and business plan at the date hereof, which are
subject to change depending on economic, political and competitive
circumstances and contingencies. Readers are cautioned that such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause a change in such
assumptions and the actual outcomes and estimates to be materially
different from those estimated or anticipated future results,
achievements or position expressed or implied by those
forward-looking statements. Risks, uncertainties and other factors
that could cause NioCorp's plans or prospects to
change include changes in demand for and price of commodities (such
as fuel and electricity) and currencies; changes or disruptions in
the securities markets; legislative, political or economic
developments; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; the possibility that
actual results of work may differ from projections/expectations or
may not realize the perceived potential of
NioCorp's projects; risks of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated
expenses in development programs; operating or technical
difficulties in connection with exploration, mining or development
activities; the speculative nature of mineral exploration and
development, including the risks of diminishing quantities of
grades of reserves and resources; and the risks involved in the
exploration, development and mining business. NioCorp disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
NioCorp Developments Ltd.(604) 568-7365www.NioCorp.com
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