Niocan Announces Review of Strategic Alternatives

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2011) - Niocan Inc. ("Niocan" or the "Company") (TSX:NIO) announces today, that given the recent public expressions of interest from both Augyva Mining Resources ("Augyva") and Nio-Metals Holding LLC ("Nio-Metals"), the Special Committee appointed by the Company's Board of Directors has engaged Gryphon Partners as financial advisor to provide independent financial advice regarding Augyva's intentions and any possible business combination as proposed by Nio-Metals, as well as any other potential strategic alternatives available to the Company. Legal counsel to the Special Committee and the Company is Torys LLP.

About Niocan

Niocan's mission is to become a ferroniobium producer as soon as possible, following the issuance of a Certificate of Authorization from the Ministry of Sustainable Development, Environment and Parks for its Oka niobium property. Mining assets include mining rights in two (2) properties: 48 claims covering 1604 acres as well as surface rights on 231 acres at Oka and the Hudson Bay Great Whale Iron property covering 17,098 acres.

FORWARD LOOKING STATEMENT

Certain statements contained in this press release are forward-looking and are subject to numerous risks and uncertainties, know and unknown. For information identifying known risks and uncertainties, relating to the issuance by the Ministry of Environment of the Certificate of Authorization to build the mine in Oka, financial resources, market prices, exchange rates, politicosocial conflicts, competition, the purchase of the old St-Lawrence Columbium mine site from the Municipality of Oka should the Certificate of Authorization be issued, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk and Uncertainties Section of the Corporation's most recent Management's Discussion and Analysis, which may be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.